VTWO vs. CALF

Last updated Jun 4, 2026

VTWO (Vanguard Russell 2000 ETF) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both Small Cap Blend Equities funds - VTWO tracks the Russell 2000 Index while CALF tracks the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, VTWO returned 6.28%/yr vs 4.12%/yr for CALF. Their correlation of 0.87 suggests significant overlap in exposure. VTWO charges 0.10%/yr vs 0.59%/yr for CALF.

Performance

VTWO vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 ETF (VTWO) 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, VTWO achieves a 17.08% return, which is significantly higher than CALF's 13.34% return.

VTWO

• 1D: -1.38%
• 1M: 3.51%
• YTD: 17.08%
• 6M: 15.89%
• 1Y: 39.34%
• 3Y*: 18.11%
• 5Y*: 6.28%
• 10Y*: 11.07%

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)

VTWO vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTWO Vanguard Russell 2000 ETF	17.08%	12.90%	11.55%	17.08%	-20.49%	14.79%	20.22%	25.81%	-11.15%	9.02%
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%	5.78%

Correlation

The correlation between VTWO and CALF is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.87

The correlation between VTWO and CALF shifts across timeframes, from 0.72 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

VTWO vs. CALF - Sectors Allocation Comparison

Sectors	VTWO	CALF
Industrials	17.7%	5.9%
Technology	17.0%	29.7%
Healthcare	16.5%	9.4%
Financial Services	15.7%	0.2%
Consumer Cyclical	8.4%	28.3%
Real Estate	6.1%	1.6%
Energy	6.1%	10.3%
Basic Materials	4.8%	1.6%
Utilities	2.9%	-
Communication Services	2.4%	8.8%
Consumer Defensive	2.4%	4.3%

Return for Risk

VTWO vs. CALF — Risk / Return Rank

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

VTWO

VTWO Risk / Return Rank: 62
VTWO Sharpe Ratio Rank: 60
VTWO Sortino Ratio Rank: 60
VTWO Omega Ratio Rank: 54
VTWO Calmar Ratio Rank: 71
VTWO Martin Ratio Rank: 68

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.

VTWO vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 ETF (VTWO) 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.

	VTWO	CALF	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.93	+0.14
Sortino ratio: Return per unit of downside risk	2.88	2.82	+0.05
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.60	4.94	-1.34
Martin ratio: Return relative to average drawdown	12.79	14.08	-1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTWO vs. CALF - Sharpe Ratio Comparison

The current VTWO Sharpe Ratio is 2.07, which is comparable to the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VTWO 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

	VTWO	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.93	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.18	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.37	+0.15

Drawdowns

VTWO vs. CALF - Drawdown Comparison

The maximum VTWO drawdown since its inception was -41.19%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for VTWO and CALF.

Drawdown Indicators

	VTWO	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-41.19%	-47.58%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-6.15%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-27.57%	-34.22%	+6.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-34.22%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-41.19%	—	—
Current Drawdown Current decline from peak	-1.50%	-1.95%	+0.45%
Average Drawdown Average peak-to-trough decline	-8.39%	-10.74%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.15%	+0.93%

Volatility

VTWO vs. CALF - Volatility Comparison

Vanguard Russell 2000 ETF (VTWO) has a higher volatility of 5.73% compared to Pacer US Small Cap Cash Cows 100 ETF (CALF) at 4.92%. This indicates that VTWO'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

	VTWO	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	4.92%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	10.47%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	15.84%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	23.44%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	26.02%	-2.94%

VTWO vs. CALF - Expense Ratio Comparison

VTWO has a 0.10% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

VTWO vs. CALF - Dividend Comparison

VTWO's dividend yield for the trailing twelve months is around 1.08%, less than CALF's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VTWO Vanguard Russell 2000 ETF	1.08%	1.25%	1.21%	1.45%	1.48%	1.13%	0.92%	1.36%	1.41%	1.18%	1.27%	1.23%

Frequently Asked Questions

Can I hold both VTWO and CALF in my portfolio?

VTWO and CALF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTWO or CALF?

VTWO has higher volatility (5.73%) compared to CALF (4.92%). In terms of maximum drawdown, VTWO dropped -41.19% vs CALF's -47.58%.

Which ETF is better, VTWO or CALF?

On 5-year performance, VTWO leads with 6.28% vs 4.12% for CALF. On fees, VTWO is cheaper at 0.10% 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, VTWO or CALF?

Over the 5-year period, VTWO has performed better with a 6.28% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTWO or CALF?

VTWO is cheaper with a 0.10% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.28%, compared with 1.08% for VTWO.

What is the main difference between VTWO and CALF?

VTWO tracks Russell 2000 Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Vanguard and Pacer. Their fees differ too: 0.10% for VTWO and 0.59% for CALF.

Which has better risk-adjusted returns?

VTWO currently has the higher Sharpe Ratio (2.07 vs 1.93), 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.