SPGP vs. CALF

Last updated Jun 13, 2026

SPGP (Invesco S&P 500 GARP ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, SPGP returned 7.97%/yr vs 3.80%/yr for CALF. A 0.77 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.59%/yr for CALF.

Performance

SPGP vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and Pacer US Small Cap Cash Cows 100 ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGP achieves a 6.06% return, which is significantly lower than CALF's 14.10% return.

SPGP

• 1D: 0.84%
• 1M: 2.86%
• YTD: 6.06%
• 6M: 5.64%
• 1Y: 16.85%
• 3Y*: 11.97%
• 5Y*: 7.97%
• 10Y*: 15.11%

CALF

• 1D: 0.46%
• 1M: 7.83%
• YTD: 14.10%
• 6M: 11.90%
• 1Y: 30.59%
• 3Y*: 9.56%
• 5Y*: 3.80%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPGP vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP Invesco S&P 500 GARP ETF	6.06%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	14.84%
CALF Pacer US Small Cap Cash Cows 100 ETF	14.10%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between SPGP and CALF is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.77

The correlation between SPGP and CALF has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

SPGP vs. CALF - Sectors Allocation Comparison

Sectors	SPGP	CALF
Technology	22.8%	29.7%
Financial Services	22.2%	0.2%
Consumer Cyclical	18.0%	28.3%
Industrials	16.8%	5.9%
Energy	7.1%	10.3%
Communication Services	6.6%	8.8%
Healthcare	3.8%	9.4%
Real Estate	2.7%	1.6%
Basic Materials	-	1.6%
Consumer Defensive	-	4.3%
Utilities	-	-

Return for Risk

SPGP vs. CALF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPGP

SPGP Risk / Return Rank: 34
SPGP Sharpe Ratio Rank: 33
SPGP Sortino Ratio Rank: 33
SPGP Omega Ratio Rank: 30
SPGP Calmar Ratio Rank: 33
SPGP Martin Ratio Rank: 39

CALF

CALF Risk / Return Rank: 73
CALF Sharpe Ratio Rank: 64
CALF Sortino Ratio Rank: 68
CALF Omega Ratio Rank: 62
CALF Calmar Ratio Rank: 90
CALF Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPGP vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and Pacer US Small Cap Cash Cows 100 ETF (CALF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPGP	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.84	-0.81
Sortino ratio: Return per unit of downside risk	1.57	2.69	-1.12
Omega ratio: Gain probability vs. loss probability	1.19	1.33	-0.14
Calmar ratio: Return relative to maximum drawdown	1.45	4.77	-3.31
Martin ratio: Return relative to average drawdown	5.54	13.43	-7.89

SPGP vs. CALF - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 1.04, which is lower than the CALF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SPGP and CALF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPGP vs. CALF - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for SPGP and CALF.

Drawdown Indicators

	SPGP	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-47.58%	+5.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-6.15%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-34.22%	+11.35%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-34.22%	+11.35%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-1.05%	-1.29%	+0.24%
Average Drawdown Average peak-to-trough decline	-4.35%	-10.71%	+6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.18%	+0.74%

Volatility

SPGP vs. CALF - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 5.43% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.93%. This indicates that SPGP's price experiences larger fluctuations and is considered to be riskier than CALF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	4.93%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	10.67%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.63%	15.90%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	23.43%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	25.99%	-4.76%

SPGP vs. CALF - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

SPGP vs. CALF - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.88%, less than CALF's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows 100 ETF	1.20%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
SPGP Invesco S&P 500 GARP ETF	0.88%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and CALF in my portfolio?

SPGP and CALF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or CALF?

SPGP has higher volatility (5.43%) compared to CALF (4.93%). In terms of maximum drawdown, SPGP dropped -42.08% vs CALF's -47.58%.

Which ETF is better, SPGP or CALF?

On 5-year performance, SPGP leads with 7.97% vs 3.80% for CALF. On fees, SPGP is cheaper at 0.36% per year. On volatility, CALF has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or CALF?

Over the 5-year period, SPGP has performed better with a 7.97% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or CALF?

SPGP is cheaper with a 0.36% expense ratio, compared with 0.59% for CALF.

Which ETF pays a higher dividend yield, SPGP or CALF?

CALF has the higher dividend yield at 1.20%, compared with 0.88% for SPGP.

What is the main difference between SPGP and CALF?

SPGP is categorized as Multi-factor, while CALF is Small Cap Blend Equities. SPGP tracks S&P 500 GARP Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.36% for SPGP and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.84 vs 1.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.