CALF vs SPY
Pacer US Small Cap Cash Cows ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CALF or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. CALF led over 1Y, SPY over 3Y, 5Y and the full window. CALF is less concentrated, with 20.1% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CALF | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $4.0B | $814.4B |
| Dividend Yield | 1.12% | 1.01% |
| Holdings | 200 | 505 |
| YTD Return | +28.28%Best | +13.34% |
| 1Y Return | +31.63%Best | +19.97% |
| 3Y Return (annualized) | +11.70% | +21.20%Best |
| 5Y Return (annualized) | +7.34% | +12.81%Best |
| Volatility (annualized) | 23.3% | 15.9%Best |
| Max Drawdown | -47.6% | -34.1%Best |
| $10,000 over 5 years | $14,250 | $18,270Best |
| Top 10 Weight | 20.1%Best | 38.0% |
| Fund Family | Pacer ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Jun 16, 2017 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 19, 2017 to Sep 4, 2026 (9.2 years).
CALF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.2 years both funds cover.
CALF vs SPY Performance
Pacer US Small Cap Cash Cows ETF (CALF) is an ETF from Pacer ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CALF returned +31.63% while SPY returned +19.97%. Year to date, CALF is up 28.28% versus a gain of 13.34% for SPY.
Over three years, CALF compounded at +11.70% per year against +21.20% for SPY; over five years the annualized figures are +7.34% and +12.81% respectively. Across the full 9-year window we track, SPY has the edge at +14.18% annualized vs +10.83%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CALF has been the more volatile fund, with annualized monthly volatility of 23.3% compared with 15.9% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 1.12% against 1.01% for SPY.
Holdings Overlap
24.0% of CALF's money is in holdings SPY also owns. 0.4% of SPY's money is in holdings CALF also owns.
CALF and SPY share little of their money.
15 positions in common, counted across the 199 positions we hold weights for in CALF and 504 in SPY, against full books of 200 and 505.
What only one of them owns
Our book lists 481 positions for SPY that do not appear in our book for CALF (99.0% of the fund), and 179 for CALF that do not appear in SPY (72.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CALF | Weight in SPY | Difference |
|---|---|---|---|
| EXPEExpedia Group Inc (consumer Discretionary) | 2.53% | 0.05% | 2.48% |
| OMCOmnicom Group Inc. | 1.94% | 0.04% | 1.90% |
| BIIBBiogen Inc. Com | 1.90% | 0.05% | 1.85% |
| EXEExpand Energy Corp | 1.91% | 0.03% | 1.88% |
| EQTEQT Corp. | 1.85% | 0.05% | 1.80% |
| LDOSLeidos Holdings, Inc. | 1.86% | 0.02% | 1.84% |
| GDDYGodaddy Inc. Class A | 1.80% | 0.02% | 1.78% |
| BBYBest Buy Co. Inc. | 1.65% | 0.03% | 1.62% |
| CFCf Industries Holdings Inc. | 1.63% | 0.03% | 1.60% |
| INCYIncyte Corp. | 1.48% | 0.03% | 1.45% |
24.0% of CALF is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $50 a year on a $10,000 investment.
Which performed better, CALF or SPY?
Over the past year CALF returned +31.63% vs +19.97% for SPY, so CALF leads on 1-year performance. Over the longest common window we track (9 years), CALF annualized +10.83% vs +14.18% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CALF or SPY?
CALF has been the more volatile fund at 23.3% annualized versus 15.9% for SPY. Worst drawdown: CALF -47.6% vs SPY -34.1%.
Should I hold both CALF and SPY?
CALF and SPY have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CALF and SPY?
24.0% of CALF's money is in holdings SPY also owns. 0.4% of SPY's is in holdings CALF also owns. They hold 15 positions in common, counted across the 199 positions we hold weights for in CALF and 504 in SPY.
Which pays a higher dividend, CALF or SPY?
CALF yields 1.12% while SPY yields 1.01%, so CALF currently pays the higher dividend yield.
Is SPY better than CALF?
SPY has a lower expense ratio. CALF led over 1Y, SPY over 3Y, 5Y and the full window. CALF is less concentrated, with 20.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.