SYLD vs. CALF

Last updated Jun 13, 2026

SYLD (Cambria Shareholder Yield ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - SYLD is a Mid Cap Value Equities fund actively managed by Cambria, while CALF is a Small Cap Blend Equities fund tracking the Pacer US Small Cap Cash Cows Index. SYLD is actively managed, while CALF is passively managed. Over the past 5 years, SYLD returned 6.52%/yr vs 3.80%/yr for CALF. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

SYLD vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Shareholder Yield ETF (SYLD) 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, SYLD achieves a 17.19% return, which is significantly higher than CALF's 14.10% return.

SYLD

• 1D: 0.98%
• 1M: 4.18%
• YTD: 17.19%
• 6M: 13.91%
• 1Y: 29.68%
• 3Y*: 12.81%
• 5Y*: 6.52%
• 10Y*: 13.58%

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)

SYLD vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SYLD Cambria Shareholder Yield ETF	17.19%	3.94%	3.37%	16.46%	-6.14%	48.59%	13.61%	26.98%	-13.51%	14.20%
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 SYLD and CALF is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.88

The correlation between SYLD and CALF has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

SYLD vs. CALF - Sectors Allocation Comparison

Sectors	SYLD	CALF
Consumer Cyclical	22.9%	28.3%
Financial Services	22.7%	0.2%
Energy	17.7%	10.3%
Industrials	8.1%	5.9%
Basic Materials	7.9%	1.6%
Consumer Defensive	6.8%	4.3%
Communication Services	6.0%	8.8%
Healthcare	5.6%	9.4%
Technology	2.3%	29.7%
Real Estate	-	1.6%
Utilities	-	-

Return for Risk

SYLD vs. CALF — Risk / Return Rank

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

SYLD

SYLD Risk / Return Rank: 69
SYLD Sharpe Ratio Rank: 63
SYLD Sortino Ratio Rank: 70
SYLD Omega Ratio Rank: 59
SYLD Calmar Ratio Rank: 85
SYLD Martin Ratio Rank: 69

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.

SYLD vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Shareholder Yield ETF (SYLD) 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.

	SYLD	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.84	-0.03
Sortino ratio: Return per unit of downside risk	2.75	2.69	+0.06
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	4.07	4.77	-0.69
Martin ratio: Return relative to average drawdown	11.04	13.43	-2.39

SYLD vs. CALF - Sharpe Ratio Comparison

The current SYLD Sharpe Ratio is 1.81, which is comparable to the CALF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SYLD 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

SYLD vs. CALF - Drawdown Comparison

The maximum SYLD drawdown since its inception was -45.36%, roughly equal to the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for SYLD and CALF.

Drawdown Indicators

	SYLD	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-45.36%	-47.58%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.15%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-26.62%	-34.22%	+7.60%
Max Drawdown (5Y) Largest decline over 5 years	-26.62%	-34.22%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	-45.36%	—	—
Current Drawdown Current decline from peak	0.00%	-1.29%	+1.29%
Average Drawdown Average peak-to-trough decline	-5.65%	-10.71%	+5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.18%	+0.37%

Volatility

SYLD vs. CALF - Volatility Comparison

The current volatility for Cambria Shareholder Yield ETF (SYLD) is 3.35%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.93%. This indicates that SYLD experiences smaller price fluctuations and is considered to be less risky than CALF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SYLD	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	4.93%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	10.67%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	15.90%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	23.43%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	25.99%	-3.04%

SYLD vs. CALF - Expense Ratio Comparison

Both SYLD and CALF have an expense ratio of 0.59%.

Dividends

SYLD vs. CALF - Dividend Comparison

SYLD's dividend yield for the trailing twelve months is around 1.81%, more 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%
SYLD Cambria Shareholder Yield ETF	1.81%	2.25%	2.04%	1.92%	2.20%	2.37%	1.99%	2.08%	2.52%	1.57%	1.92%	6.93%

Frequently Asked Questions

Can I hold both SYLD and CALF in my portfolio?

SYLD and CALF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SYLD or CALF?

CALF has higher volatility (4.93%) compared to SYLD (3.35%). In terms of maximum drawdown, SYLD dropped -45.36% vs CALF's -47.58%.

Which ETF is better, SYLD or CALF?

On 5-year performance, SYLD leads with 6.52% vs 3.80% for CALF. Both ETFs have the same 0.59% expense ratio. On volatility, SYLD has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SYLD or CALF?

Over the 5-year period, SYLD has performed better with a 6.52% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SYLD or CALF?

SYLD and CALF have the same expense ratio: 0.59% per year.

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

SYLD has the higher dividend yield at 1.81%, compared with 1.20% for CALF.

What is the main difference between SYLD and CALF?

SYLD is categorized as Mid Cap Value Equities, while CALF is Small Cap Blend Equities. They also come from different issuers: Cambria and Pacer.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.84 vs 1.81), 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.