AVSD vs. ICOW

Last updated Jun 4, 2026

AVSD (Avantis Responsible International Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - AVSD tracks the MSCI World ex USA IMI while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 3 years, AVSD returned 19.59%/yr vs 20.17%/yr for ICOW. Their correlation of 0.86 suggests significant overlap in exposure. AVSD charges 0.23%/yr vs 0.65%/yr for ICOW.

Performance

AVSD vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Responsible International Equity ETF (AVSD) 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, AVSD achieves a 7.97% return, which is significantly lower than ICOW's 17.35% return.

AVSD

• 1D: -0.89%
• 1M: 3.73%
• YTD: 7.97%
• 6M: 11.12%
• 1Y: 23.43%
• 3Y*: 19.59%
• 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)

AVSD vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVSD Avantis Responsible International Equity ETF	7.97%	37.07%	6.69%	17.49%	-9.69%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.86%

Correlation

The correlation between AVSD and ICOW is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.86

The correlation between AVSD and ICOW has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

AVSD vs. ICOW - Sectors Allocation Comparison

Sectors	AVSD	ICOW
Financial Services	32.2%	-
Industrials	16.8%	28.7%
Consumer Cyclical	12.0%	11.6%
Technology	9.7%	6.2%
Healthcare	7.9%	7.1%
Basic Materials	5.9%	5.4%
Consumer Defensive	5.0%	8.5%
Communication Services	4.9%	8.9%
Utilities	2.8%	-
Real Estate	2.6%	-
Energy	0.4%	23.7%

Return for Risk

AVSD vs. ICOW — Risk / Return Rank

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

AVSD

AVSD Risk / Return Rank: 43
AVSD Sharpe Ratio Rank: 44
AVSD Sortino Ratio Rank: 44
AVSD Omega Ratio Rank: 44
AVSD Calmar Ratio Rank: 38
AVSD Martin Ratio Rank: 44

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.

AVSD vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Responsible International Equity ETF (AVSD) 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.

	AVSD	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.87	-1.32
Sortino ratio: Return per unit of downside risk	2.24	3.72	-1.48
Omega ratio: Gain probability vs. loss probability	1.28	1.50	-0.22
Calmar ratio: Return relative to maximum drawdown	1.86	4.91	-3.04
Martin ratio: Return relative to average drawdown	7.20	17.54	-10.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVSD vs. ICOW - Sharpe Ratio Comparison

The current AVSD Sharpe Ratio is 1.55, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of AVSD 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

	AVSD	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.87	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.55	+0.24

Drawdowns

AVSD vs. ICOW - Drawdown Comparison

The maximum AVSD drawdown since its inception was -25.56%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for AVSD and ICOW.

Drawdown Indicators

	AVSD	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-25.56%	-43.49%	+17.93%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-8.02%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-14.81%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-1.38%	-0.64%	-0.74%
Average Drawdown Average peak-to-trough decline	-4.92%	-7.59%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.24%	+1.02%

Volatility

AVSD vs. ICOW - Volatility Comparison

Avantis Responsible International Equity ETF (AVSD) has a higher volatility of 4.90% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that AVSD's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSD	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	4.41%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	10.59%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	13.73%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	16.64%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	18.47%	-1.81%

AVSD vs. ICOW - Expense Ratio Comparison

AVSD has a 0.23% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

AVSD vs. ICOW - Dividend Comparison

AVSD's dividend yield for the trailing twelve months is around 2.44%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVSD Avantis Responsible International Equity ETF	2.44%	2.54%	3.25%	2.53%	1.35%	0.00%	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 AVSD and ICOW in my portfolio?

AVSD and ICOW have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVSD or ICOW?

AVSD has higher volatility (4.90%) compared to ICOW (4.41%). In terms of maximum drawdown, AVSD dropped -25.56% vs ICOW's -43.49%.

Which ETF is better, AVSD or ICOW?

On 3-year performance, ICOW leads with 20.17% vs 19.59% for AVSD. On fees, AVSD is cheaper at 0.23% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVSD or ICOW?

Over the 3-year period, ICOW has performed better with a 20.17% return vs 19.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVSD or ICOW?

AVSD is cheaper with a 0.23% expense ratio, compared with 0.65% for ICOW.

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

AVSD has the higher dividend yield at 2.44%, compared with 2.12% for ICOW.

What is the main difference between AVSD and ICOW?

AVSD tracks MSCI World ex USA IMI, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Avantis and Pacer. Their fees differ too: 0.23% for AVSD and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.55), 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.