USAI vs. CALF

Last updated Jun 4, 2026

USAI (Pacer American Energy Independence ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - USAI is a Energy Equities fund tracking the American Energy Independence 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, USAI returned 18.33%/yr vs 4.12%/yr for CALF. A 0.56 correlation means they provide meaningful diversification when combined. USAI charges 0.75%/yr vs 0.59%/yr for CALF.

Performance

USAI vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer American Energy Independence ETF (USAI) 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, USAI achieves a 22.18% return, which is significantly higher than CALF's 13.34% return.

USAI

• 1D: 0.05%
• 1M: -3.14%
• YTD: 22.18%
• 6M: 21.52%
• 1Y: 19.24%
• 3Y*: 25.97%
• 5Y*: 18.33%
• 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)

USAI vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAI Pacer American Energy Independence ETF	22.18%	0.69%	43.99%	14.21%	19.82%	37.10%	-15.10%	21.63%	-17.31%	3.69%
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%	-10.06%	1.03%

Correlation

The correlation between USAI and CALF is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017	0.56

Over the past year, the correlation between USAI and CALF has dropped to 0.06 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

USAI vs. CALF - Sectors Allocation Comparison

Sectors	USAI	CALF
Energy	97.8%	10.3%
Utilities	2.1%	-
Basic Materials	-	1.6%
Communication Services	-	8.8%
Consumer Cyclical	-	28.3%
Consumer Defensive	-	4.3%
Financial Services	-	0.2%
Healthcare	-	9.4%
Industrials	-	5.9%
Real Estate	-	1.6%
Technology	-	29.7%

Return for Risk

USAI vs. CALF — Risk / Return Rank

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

USAI

USAI Risk / Return Rank: 34
USAI Sharpe Ratio Rank: 33
USAI Sortino Ratio Rank: 32
USAI Omega Ratio Rank: 31
USAI Calmar Ratio Rank: 44
USAI Martin Ratio Rank: 32

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.

USAI vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer American Energy Independence ETF (USAI) 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.

	USAI	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.93	-0.70
Sortino ratio: Return per unit of downside risk	1.72	2.82	-1.11
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	2.15	4.94	-2.79
Martin ratio: Return relative to average drawdown	4.85	14.08	-9.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USAI vs. CALF - Sharpe Ratio Comparison

The current USAI Sharpe Ratio is 1.23, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of USAI 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

	USAI	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.93	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.18	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.37	+0.13

Drawdowns

USAI vs. CALF - Drawdown Comparison

The maximum USAI drawdown since its inception was -65.25%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for USAI and CALF.

Drawdown Indicators

	USAI	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-65.25%	-47.58%	-17.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-6.15%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.22%	-34.22%	+16.00%
Max Drawdown (5Y) Largest decline over 5 years	-20.68%	-34.22%	+13.54%
Current Drawdown Current decline from peak	-5.98%	-1.95%	-4.03%
Average Drawdown Average peak-to-trough decline	-9.36%	-10.74%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	2.15%	+1.83%

Volatility

USAI vs. CALF - Volatility Comparison

Pacer American Energy Independence ETF (USAI) has a higher volatility of 6.52% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that USAI'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

	USAI	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	4.92%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	10.47%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	15.84%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.56%	23.44%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	26.02%	+1.29%

USAI vs. CALF - Expense Ratio Comparison

USAI has a 0.75% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

USAI vs. CALF - Dividend Comparison

USAI's dividend yield for the trailing twelve months is around 4.19%, 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%
USAI Pacer American Energy Independence ETF	4.19%	5.03%	3.62%	4.99%	5.41%	6.15%	7.67%	6.50%	5.56%	0.08%

Frequently Asked Questions

Can I hold both USAI and CALF in my portfolio?

USAI and CALF have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAI or CALF?

USAI has higher volatility (6.52%) compared to CALF (4.92%). In terms of maximum drawdown, USAI dropped -65.25% vs CALF's -47.58%.

Which ETF is better, USAI or CALF?

On 5-year performance, USAI leads with 18.33% vs 4.12% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USAI or CALF?

Over the 5-year period, USAI has performed better with a 18.33% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USAI or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 0.75% for USAI.

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

USAI has the higher dividend yield at 4.19%, compared with 1.28% for CALF.

What is the main difference between USAI and CALF?

USAI is categorized as Energy Equities, while CALF is Small Cap Blend Equities. USAI tracks American Energy Independence Index, while CALF tracks Pacer US Small Cap Cash Cows Index. Their fees differ too: 0.75% for USAI and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 1.23), 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.