ZIG vs. CALF

Last updated Jun 4, 2026

ZIG (Acquirers Fund) and CALF (Pacer US Small Cap Cash Cows 100 ETF) are both exchange-traded funds - ZIG is a Large Cap Blend Equities fund tracking the Acquirer's 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, ZIG returned 9.39%/yr vs 4.12%/yr for CALF. Their correlation of 0.81 suggests significant overlap in exposure. ZIG charges 1.85%/yr vs 0.59%/yr for CALF.

Performance

ZIG vs. CALF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acquirers Fund (ZIG) 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, ZIG achieves a 8.67% return, which is significantly lower than CALF's 13.34% return.

ZIG

• 1D: -0.01%
• 1M: 1.00%
• YTD: 8.67%
• 6M: 5.36%
• 1Y: 16.94%
• 3Y*: 14.07%
• 5Y*: 9.39%
• 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)

ZIG vs. CALF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZIG Acquirers Fund	8.67%	-2.67%	11.34%	36.70%	-17.34%	37.38%	-15.76%	9.07%
CALF Pacer US Small Cap Cash Cows 100 ETF	13.34%	2.33%	-7.41%	35.43%	-15.20%	40.68%	16.55%	11.61%

Correlation

The correlation between ZIG and CALF is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 16, 2019	0.81

The correlation between ZIG and CALF has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

ZIG vs. CALF - Sectors Allocation Comparison

Sectors	ZIG	CALF
Consumer Cyclical	38.5%	28.3%
Energy	15.3%	10.3%
Basic Materials	13.4%	1.6%
Consumer Defensive	10.1%	4.3%
Industrials	7.0%	5.9%
Financial Services	6.9%	0.2%
Healthcare	4.3%	9.4%
Technology	4.1%	29.7%
Communication Services	-	8.8%
Real Estate	-	1.6%
Utilities	-	-

Return for Risk

ZIG vs. CALF — Risk / Return Rank

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

ZIG

ZIG Risk / Return Rank: 28
ZIG Sharpe Ratio Rank: 26
ZIG Sortino Ratio Rank: 30
ZIG Omega Ratio Rank: 26
ZIG Calmar Ratio Rank: 28
ZIG Martin Ratio Rank: 29

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.

ZIG vs. CALF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acquirers Fund (ZIG) 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.

	ZIG	CALF	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.93	-0.98
Sortino ratio: Return per unit of downside risk	1.60	2.82	-1.23
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.16
Calmar ratio: Return relative to maximum drawdown	1.37	4.94	-3.57
Martin ratio: Return relative to average drawdown	4.12	14.08	-9.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZIG vs. CALF - Sharpe Ratio Comparison

The current ZIG Sharpe Ratio is 0.95, which is lower than the CALF Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of ZIG 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

	ZIG	CALF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.93	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.18	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.37	-0.02

Drawdowns

ZIG vs. CALF - Drawdown Comparison

The maximum ZIG drawdown since its inception was -37.14%, smaller than the maximum CALF drawdown of -47.58%. Use the drawdown chart below to compare losses from any high point for ZIG and CALF.

Drawdown Indicators

	ZIG	CALF	Difference
Max Drawdown Largest peak-to-trough decline	-37.14%	-47.58%	+10.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-6.15%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-29.75%	-34.22%	+4.47%
Max Drawdown (5Y) Largest decline over 5 years	-29.75%	-34.22%	+4.47%
Current Drawdown Current decline from peak	-5.64%	-1.95%	-3.69%
Average Drawdown Average peak-to-trough decline	-9.74%	-10.74%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	2.15%	+1.97%

Volatility

ZIG vs. CALF - Volatility Comparison

The current volatility for Acquirers Fund (ZIG) is 2.97%, while Pacer US Small Cap Cash Cows 100 ETF (CALF) has a volatility of 4.92%. This indicates that ZIG 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

	ZIG	CALF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	4.92%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	10.47%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	15.84%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	23.44%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	26.02%	-3.88%

ZIG vs. CALF - Expense Ratio Comparison

ZIG has a 1.85% expense ratio, which is higher than CALF's 0.59% expense ratio.

Dividends

ZIG vs. CALF - Dividend Comparison

ZIG's dividend yield for the trailing twelve months is around 1.76%, 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%
ZIG Acquirers Fund	1.76%	1.91%	1.96%	1.07%	1.26%	0.18%	0.18%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZIG and CALF in my portfolio?

ZIG and CALF have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZIG or CALF?

CALF has higher volatility (4.92%) compared to ZIG (2.97%). In terms of maximum drawdown, ZIG dropped -37.14% vs CALF's -47.58%.

Which ETF is better, ZIG or CALF?

On 5-year performance, ZIG leads with 9.39% vs 4.12% for CALF. On fees, CALF is cheaper at 0.59% per year. On volatility, ZIG has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZIG or CALF?

Over the 5-year period, ZIG has performed better with a 9.39% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZIG or CALF?

CALF is cheaper with a 0.59% expense ratio, compared with 1.85% for ZIG.

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

ZIG has the higher dividend yield at 1.76%, compared with 1.28% for CALF.

What is the main difference between ZIG and CALF?

ZIG is categorized as Large Cap Blend Equities, while CALF is Small Cap Blend Equities. ZIG tracks Acquirer's Index, while CALF tracks Pacer US Small Cap Cash Cows Index. They also come from different issuers: Acquirers Funds and Pacer. Their fees differ too: 1.85% for ZIG and 0.59% for CALF.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (1.93 vs 0.95), 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.