AVIV vs. ICOW

Last updated Jun 4, 2026

AVIV (Avantis International Large Cap Value ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - AVIV tracks the MSCI World ex-U.S. Value Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 3 years, AVIV returned 22.17%/yr vs 20.17%/yr for ICOW. Their correlation of 0.93 suggests significant overlap in exposure. AVIV charges 0.25%/yr vs 0.65%/yr for ICOW.

Performance

AVIV vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Large Cap Value ETF (AVIV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVIV achieves a 11.50% return, which is significantly lower than ICOW's 17.35% return.

AVIV

• 1D: -0.79%
• 1M: 3.32%
• YTD: 11.50%
• 6M: 14.88%
• 1Y: 32.31%
• 3Y*: 22.17%
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

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

AVIV vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVIV Avantis International Large Cap Value ETF	11.50%	41.80%	4.30%	18.47%	-8.26%	1.93%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.98%	0.90%

Correlation

The correlation between AVIV and ICOW is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.93

The correlation between AVIV and ICOW has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

AVIV vs. ICOW - Sectors Allocation Comparison

Sectors	AVIV	ICOW
Financial Services	27.5%	-
Industrials	17.3%	28.7%
Energy	14.2%	23.7%
Basic Materials	12.4%	5.4%
Consumer Cyclical	10.2%	11.6%
Healthcare	4.8%	7.1%
Communication Services	4.6%	8.9%
Technology	3.5%	6.2%
Consumer Defensive	3.4%	8.5%
Utilities	1.1%	-
Real Estate	1.0%	-

Return for Risk

AVIV vs. ICOW — Risk / Return Rank

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

AVIV

AVIV Risk / Return Rank: 66
AVIV Sharpe Ratio Rank: 68
AVIV Sortino Ratio Rank: 68
AVIV Omega Ratio Rank: 69
AVIV Calmar Ratio Rank: 60
AVIV Martin Ratio Rank: 64

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

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.

AVIV vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Large Cap Value ETF (AVIV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). 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.

	AVIV	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.87	-0.56
Sortino ratio: Return per unit of downside risk	3.16	3.72	-0.56
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	3.01	4.91	-1.90
Martin ratio: Return relative to average drawdown	11.87	17.54	-5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVIV vs. ICOW - Sharpe Ratio Comparison

The current AVIV Sharpe Ratio is 2.31, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of AVIV and ICOW, 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

	AVIV	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.87	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.55	+0.27

Drawdowns

AVIV vs. ICOW - Drawdown Comparison

The maximum AVIV drawdown since its inception was -27.69%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for AVIV and ICOW.

Drawdown Indicators

	AVIV	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-27.69%	-43.49%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-8.02%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.13%	-14.81%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-1.39%	-0.64%	-0.75%
Average Drawdown Average peak-to-trough decline	-5.12%	-7.59%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.24%	+0.49%

Volatility

AVIV vs. ICOW - Volatility Comparison

Avantis International Large Cap Value ETF (AVIV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 4.33% and 4.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVIV	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.41%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	10.59%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	13.73%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	16.64%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	18.47%	-1.59%

AVIV vs. ICOW - Expense Ratio Comparison

AVIV has a 0.25% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

AVIV vs. ICOW - Dividend Comparison

AVIV's dividend yield for the trailing twelve months is around 2.82%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVIV Avantis International Large Cap Value ETF	2.82%	3.01%	3.46%	3.64%	2.84%	0.57%	0.00%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.12%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%

Frequently Asked Questions

Can I hold both AVIV and ICOW in my portfolio?

AVIV and ICOW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVIV or ICOW?

ICOW has higher volatility (4.41%) compared to AVIV (4.33%). In terms of maximum drawdown, AVIV dropped -27.69% vs ICOW's -43.49%.

Which ETF is better, AVIV or ICOW?

On 3-year performance, AVIV leads with 22.17% vs 20.17% for ICOW. On fees, AVIV is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVIV or ICOW?

Over the 3-year period, AVIV has performed better with a 22.17% return vs 20.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVIV or ICOW?

AVIV is cheaper with a 0.25% expense ratio, compared with 0.65% for ICOW.

Which ETF pays a higher dividend yield, AVIV or ICOW?

AVIV has the higher dividend yield at 2.82%, compared with 2.12% for ICOW.

What is the main difference between AVIV and ICOW?

AVIV tracks MSCI World ex-U.S. Value Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Avantis and Pacer. Their fees differ too: 0.25% for AVIV and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.31), 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.