XSMO vs. CALF

Last updated Aug 2, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and CALF (Pacer US Small Cap Cash Cows ETF) are both exchange-traded funds - XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index, while CALF is a Small Cap Value Equities fund tracking the Pacer US Small Cap Cash Cows Index. Both are passively managed. Over the past 5 years, XSMO returned 11.40%/yr vs 6.29%/yr for CALF. Their correlation of 0.80 means they have usually moved in the same direction. XSMO charges 0.36%/yr vs 0.59%/yr for CALF.

Performance

XSMO vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) 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, XSMO achieves a 20.85% return, which is significantly lower than CALF's 22.50% return.

XSMO

• 1D: -0.23%
• 1M: -4.08%
• 6M: 14.13%
• YTD: 20.85%
• 1Y: 30.10%
• 3Y*: 20.56%
• 5Y*: 11.40%
• 10Y*: 13.85%
• ALL TIME*: 9.09%

CALF

• 1D: -0.40%
• 1M: 4.89%
• 6M: 19.77%
• YTD: 22.50%
• 1Y: 39.59%
• 3Y*: 8.57%
• 5Y*: 6.29%
• 10Y*: —
• ALL TIME*: 10.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CALF Pacer US Small Cap Cash Cows ETF	$20.38M	$24.48M	$25.33M
XSMO Invesco S&P SmallCap Momentum ETF	$20.63M	$21.90M	$21.28M

XSMO vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSMO Invesco S&P SmallCap Momentum ETF	20.85%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-3.44%	10.09%
CALF Pacer US Small Cap Cash Cows ETF	22.50%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	18.18%	-10.06%	5.78%

Correlation

The correlation between XSMO and CALF is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.80

Over the past year, the correlation between XSMO and CALF has dropped to 0.52 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

XSMO vs. CALF - Sectors Allocation Comparison

Sectors	XSMO	CALF
Industrials	19.8%	9.3%
Technology	17.8%	23.4%
Healthcare	16.9%	11.6%
Financial Services	13.4%	0.2%
Consumer Cyclical	9.0%	23.2%
Basic Materials	6.0%	4.2%
Real Estate	4.6%	1.8%
Communication Services	4.0%	7.6%
Utilities	3.4%	-
Energy	2.7%	13.7%
Consumer Defensive	2.5%	5.3%

Return for Risk

XSMO vs. CALF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XSMO

XSMO Risk / Return Rank: 68
XSMO Sharpe Ratio Rank: 62
XSMO Sortino Ratio Rank: 65
XSMO Omega Ratio Rank: 57
XSMO Calmar Ratio Rank: 82
XSMO Martin Ratio Rank: 74

CALF

CALF Risk / Return Rank: 92
CALF Sharpe Ratio Rank: 91
CALF Sortino Ratio Rank: 92
CALF Omega Ratio Rank: 89
CALF Calmar Ratio Rank: 96
CALF Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XSMO vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) 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.

	XSMO	CALF	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.30	-0.87
Sortino ratio: Return per unit of downside risk	2.15	3.30	-1.15
Omega ratio: Gain probability vs. loss probability	1.25	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	3.02	6.13	-3.11
Martin ratio: Return relative to average drawdown	9.15	17.68	-8.53

XSMO vs. CALF - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.43, which is lower than the CALF Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of XSMO 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

XSMO vs. CALF - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than CALF's maximum drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for XSMO and CALF.

Drawdown Indicators

	XSMO	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-47.58%	-10.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-6.02%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-34.22%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-34.22%	+4.60%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	—	—
Current Drawdown Current decline from peak	-7.34%	-1.88%	-5.46%
Average Drawdown Average peak-to-trough decline	-11.07%	-10.57%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.09%	+1.02%

Volatility

XSMO vs. CALF - Volatility Comparison

Invesco S&P SmallCap Momentum ETF (XSMO) has a higher volatility of 5.63% compared to Pacer US Small Cap Cash Cows ETF (CALF) at 5.09%. This indicates that XSMO'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

	XSMO	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.09%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	11.64%	+3.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.92%	16.13%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	23.23%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	25.89%	-1.76%

XSMO vs. CALF - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is lower than CALF's 0.59% expense ratio.

Dividends

XSMO vs. CALF - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.55%, less than CALF's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALF Pacer US Small Cap Cash Cows ETF	1.12%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.55%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both XSMO and CALF in my portfolio?

XSMO and CALF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or CALF?

XSMO has higher volatility (5.63%) compared to CALF (5.09%). In terms of maximum drawdown, XSMO dropped -58.06% vs CALF's -47.58%.

Which ETF is better, XSMO or CALF?

On 5-year performance, XSMO leads with 11.40% vs 6.29% for CALF. On fees, XSMO is cheaper at 0.36% per year. On volatility, CALF has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or CALF?

Over the 5-year period, XSMO has performed better with a 11.40% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or CALF?

XSMO is cheaper with a 0.36% expense ratio, compared with 0.59% for CALF.

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

CALF has the higher dividend yield at 1.12%, compared with 0.55% for XSMO.

What is the main difference between XSMO and CALF?

XSMO is categorized as Momentum, while CALF is Small Cap Value Equities. XSMO tracks S&P SmallCap 600 Momentum Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.36% for XSMO and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.30 vs 1.43), 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.