Nutrient intake during the pre-weaning period has short and long-term effects on the health and performance of calves. Following birth and colostrum feeding, many calves are fed a commercial milk replacer (MR) formulated to have a significantly lower energy content than whole milk. The objective of this study was to evaluate the health and performance of male calves fed a MR with similar milk components of a Holstein cow (26% CP and 32% fat) (WMF), compared with an accelerated MR formulation (26% CP and 17% fat) (AMF). All calves enrolled (n = 240) were sourced from 35 local dairy farms and were approximately 7 d of age. Calves were randomized at arrival, fed individually for the first 28 d, and then commingled into groups of 5 consecutive calves of the same treatment group until d 49. MR was fed twice daily and refusals were monitored and recorded. On average, each calf consumed 0.58 kg of MR daily on a dry matter basis. Calf starter (18% CP) was offered throughout the trial and all intakes were recorded. Calves were observed daily for signs of respiratory disease and fecal scores were recorded individually for the first 14 d. Body weights were recorded at arrival and on d 49. A total of 10 calves (8%) died in the WMF group, whereas 2 calves (2%) died in the AMF group. No differences were observed between groups with respect to diarrhea or respiratory disease treatment. The mean average daily gain (ADG) from arrival to d 49 was 0.63 kg for the enrolled calves. A mixed linear regression model was built to evaluate the impact of the MR formulation on ADG. Calves fed the WMF had a 0.13 kg per day (P < 0.001) reduction in ADG when compared with the AMF group. If calves were treated for diarrhea during the trial, they had a 0.15 kg per day (P < 0.001) reduction in ADG compared with those that were not treated. It also found that calves that weighed >51 kg at arrival, gained 0.16 kg per day (P = 0.01) more than calves <44 kg at arrival. The outcome indicates that calf performance is compromised when feeding a MR formulated with equivalent CP and fat components of milk from a Holstein cow.