TCV vs. CALF

Last updated Jul 10, 2026

TCV (Towle Value ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both Small Cap Value Equities funds. TCV is actively managed, while CALF is passively managed. A 0.68 correlation means they provide meaningful diversification when combined. TCV charges 0.85%/yr vs 0.59%/yr for CALF.

Performance

TCV vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and Pacer US Small Cap Cash Cows ETF (CALF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCV achieves a 24.97% return, which is significantly higher than CALF's 16.59% return.

TCV

• 1D: 0.94%
• 1M: 2.06%
• 6M: 16.12%
• YTD: 24.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALF

• 1D: 0.69%
• 1M: 3.13%
• 6M: 12.56%
• YTD: 16.59%
• 1Y: 26.62%
• 3Y*: 9.33%
• 5Y*: 4.64%
• 10Y*: —

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

TCV vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	24.97%	2.99%
CALF Pacer US Small Cap Cash Cows ETF	16.59%	10.97%

Correlation

The correlation between TCV 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 (All Time) Calculated using the full available price history since Jul 17, 2025	0.68

Return for Risk

TCV vs. CALF — Risk / Return Rank

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

TCV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CALF

CALF Risk / Return Rank: 73
CALF Sharpe Ratio Rank: 65
CALF Sortino Ratio Rank: 68
CALF Omega Ratio Rank: 62
CALF Calmar Ratio Rank: 90
CALF Martin Ratio Rank: 79

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.

TCV vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and Pacer US Small Cap Cash Cows 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.

	TCV	CALF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.67	—
Sortino ratio: Return per unit of downside risk	—	2.45	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	4.35	—
Martin ratio: Return relative to average drawdown	—	11.78	—

Drawdowns

TCV vs. CALF - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for TCV and CALF.

Drawdown Indicators

	TCV	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-47.58%	+35.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.22%	—
Current Drawdown Current decline from peak	-0.69%	-0.57%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.35%	-10.64%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.27%	—

Volatility

Volatility by Period

	TCV	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	15.98%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	23.30%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	25.93%	-4.67%

TCV vs. CALF - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

TCV vs. CALF - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.58%, less than CALF's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALF Pacer US Small Cap Cash Cows ETF	1.18%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%
TCV Towle Value ETF	0.58%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCV and CALF in my portfolio?

TCV 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 ETF is better, TCV or CALF?

On fees, CALF is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCV or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.85% for TCV.

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

CALF has the higher dividend yield at 1.18%, compared with 0.58% for TCV.

What is the main difference between TCV and CALF?

They also come from different issuers: Towle and Pacer. Their fees differ too: 0.85% for TCV and 0.59% for CALF.