CALF vs SPY
Pacer US Small Cap Cash Cows ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CALF delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CALF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $3.6B | $789.1B | |
| Dividend Yield | 1.20% | 1.01% | |
| Holdings | 202 | 505 | |
| YTD Return | +25.55% | +13.68% | |
| 1Y Return | +36.47% | +21.53% | |
| 3Y Return (annualized) | +10.18% | +21.44% | |
| 5Y Return (annualized) | +6.00% | +13.18% | |
| Volatility (annualized) | 23.4% | 15.3% | |
| Max Drawdown | -47.6% | -56.5% | |
| Fund Family | Pacer ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 16, 2017 | Jan 22, 1993 |
CALF vs SPY Performance
Pacer US Small Cap Cash Cows ETF (CALF) is a ETF from Pacer ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CALF returned +36.47% while SPY returned +21.53%. Year to date, CALF is up 25.55% versus a gain of 13.68% for SPY.
Over three years, CALF compounded at +10.18% per year against +21.44% for SPY; over five years the annualized figures are +6.00% and +13.18% respectively. Across the full 9-year window we track, CALF has the edge at +10.64% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CALF has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -47.6% for CALF and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CALF charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, CALF currently yields 1.20% against 1.01% for SPY.
Holdings Overlap
CALF and SPY share 15 holdings out of 689 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CALF or SPY?
CALF has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, CALF or SPY?
Over the past year CALF returned +36.47% vs +21.53% for SPY, so CALF leads on 1-year performance. Over the longest common window we track (9 years), CALF annualized +10.64% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CALF or SPY?
CALF has been the more volatile fund at 23.4% annualized versus 15.3% for SPY. Worst drawdown: CALF -47.6% vs SPY -56.5%.
Should I hold both CALF and SPY?
CALF and SPY have a monthly-return correlation of 0.78, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CALF and SPY?
CALF and SPY share 15 common holdings with a 0.4% weight overlap. Combined, they hold 689 unique securities.
Which pays a higher dividend, CALF or SPY?
CALF yields 1.20% while SPY yields 1.01%, so CALF currently pays the higher dividend yield.
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