SZNE vs. CALF

Last updated Jun 4, 2026

SZNE (Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - SZNE is a Large Cap Growth Equities fund tracking the Pacer CFRA-Stovall Equal Weight Seasonal Rotation 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, SZNE returned 1.44%/yr vs 4.12%/yr for CALF. A 0.70 correlation means they provide meaningful diversification when combined. SZNE charges 0.60%/yr vs 0.59%/yr for CALF.

Performance

SZNE vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) 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, SZNE achieves a 9.68% return, which is significantly lower than CALF's 13.34% return.

SZNE

• 1D: 0.00%
• 1M: 0.07%
• YTD: 9.68%
• 6M: 10.60%
• 1Y: 12.73%
• 3Y*: 3.38%
• 5Y*: 1.44%
• 10Y*: —

CALF

• 1D: -1.12%
• 1M: 4.91%
• YTD: 13.34%
• 6M: 12.53%
• 1Y: 30.24%
• 3Y*: 10.69%
• 5Y*: 4.12%
• 10Y*: —

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

SZNE vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	9.68%	-3.44%	2.05%	6.53%	-12.33%	26.36%	4.03%	35.75%	-6.90%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-19.10%

Correlation

The correlation between SZNE and CALF is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.70

The correlation between SZNE and CALF has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

SZNE vs. CALF - Sectors Allocation Comparison

Sectors	SZNE	CALF
Consumer Cyclical	29.7%	28.3%
Technology	25.3%	29.7%
Industrials	23.6%	5.9%
Basic Materials	20.3%	1.6%
Communication Services	0.5%	8.8%
Energy	0.3%	10.3%
Utilities	0.3%	-
Consumer Defensive	-	4.3%
Financial Services	-	0.2%
Healthcare	-	9.4%
Real Estate	-	1.6%

Return for Risk

SZNE vs. CALF — Risk / Return Rank

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

SZNE

SZNE Risk / Return Rank: 31
SZNE Sharpe Ratio Rank: 30
SZNE Sortino Ratio Rank: 30
SZNE Omega Ratio Rank: 29
SZNE Calmar Ratio Rank: 32
SZNE Martin Ratio Rank: 34

CALF

CALF Risk / Return Rank: 66
CALF Sharpe Ratio Rank: 56
CALF Sortino Ratio Rank: 58
CALF Omega Ratio Rank: 54
CALF Calmar Ratio Rank: 86
CALF Martin Ratio Rank: 73

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.

SZNE vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) 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.

	SZNE	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.93	-0.87
Sortino ratio: Return per unit of downside risk	1.61	2.82	-1.21
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	1.58	4.94	-3.36
Martin ratio: Return relative to average drawdown	5.14	14.08	-8.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SZNE vs. CALF - Sharpe Ratio Comparison

The current SZNE Sharpe Ratio is 1.06, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SZNE 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.

Sharpe Ratios by Period

	SZNE	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	1.93	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.18	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.37	-0.03

Drawdowns

SZNE vs. CALF - Drawdown Comparison

The maximum SZNE drawdown since its inception was -39.79%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for SZNE and CALF.

Drawdown Indicators

	SZNE	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-39.79%	-47.58%	+7.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-6.15%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-22.92%	-34.22%	+11.30%
Max Drawdown (5Y) Largest decline over 5 years	-22.92%	-34.22%	+11.30%
Current Drawdown Current decline from peak	-1.15%	-1.95%	+0.80%
Average Drawdown Average peak-to-trough decline	-7.33%	-10.74%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.15%	+0.89%

Volatility

SZNE vs. CALF - Volatility Comparison

The current volatility for Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) is 2.73%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that SZNE 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

	SZNE	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	4.92%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	10.47%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	15.84%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	23.44%	-6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	26.02%	-5.92%

SZNE vs. CALF - Expense Ratio Comparison

SZNE has a 0.60% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

SZNE vs. CALF - Dividend Comparison

SZNE's dividend yield for the trailing twelve months is around 1.37%, more than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows 100 ETF	1.28%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	1.37%	1.47%	1.20%	1.21%	1.11%	0.79%	1.37%	0.90%	0.68%	0.00%

Frequently Asked Questions

Can I hold both SZNE and CALF in my portfolio?

SZNE and CALF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SZNE or CALF?

CALF has higher volatility (4.92%) compared to SZNE (2.73%). In terms of maximum drawdown, SZNE dropped -39.79% vs CALF's -47.58%.

Which ETF is better, SZNE or CALF?

On 5-year performance, CALF leads with 4.12% vs 1.44% for SZNE. On fees, CALF is cheaper at 0.59% per year. On volatility, SZNE has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZNE or CALF?

Over the 5-year period, CALF has performed better with a 4.12% return vs 1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZNE or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.60% for SZNE.

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

SZNE has the higher dividend yield at 1.37%, compared with 1.28% for CALF.

What is the main difference between SZNE and CALF?

SZNE is categorized as Large Cap Growth Equities, while CALF is Small Cap Blend Equities. SZNE tracks Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.60% for SZNE and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 1.06), 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.