AVSE vs. ECOW

Last updated Aug 4, 2026

AVSE (Avantis Responsible Emerging Markets Equity ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - AVSE tracks the MSCI Emerging Markets Index while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 3 years, AVSE returned 20.73%/yr vs 17.21%/yr for ECOW. Their correlation of 0.80 means they have usually moved in the same direction. AVSE charges 0.33%/yr vs 0.70%/yr for ECOW.

Performance

AVSE vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Responsible Emerging Markets Equity ETF (AVSE) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSE achieves a 17.48% return, which is significantly higher than ECOW's 12.88% return.

AVSE

• 1D: 1.03%
• 1M: -2.96%
• 6M: 8.96%
• YTD: 17.48%
• 1Y: 32.99%
• 3Y*: 20.73%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.59%

ECOW

• 1D: -0.14%
• 1M: 3.07%
• 6M: 4.72%
• YTD: 12.88%
• 1Y: 29.12%
• 3Y*: 17.21%
• 5Y*: 6.83%
• 10Y*: —
• ALL TIME*: 7.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVSE Avantis Responsible Emerging Markets Equity ETF	$1.09M	$1.10M	$1.10M
ECOW Pacer Emerging Markets Cash Cows 100 ETF	$573.24K	$693.96K	$1.37M

AVSE vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVSE Avantis Responsible Emerging Markets Equity ETF	17.48%	32.54%	8.29%	16.01%	-14.43%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.88%	32.50%	3.17%	15.79%	-17.43%

Correlation

The correlation between AVSE and ECOW is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.80

The correlation between AVSE and ECOW has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

AVSE vs. ECOW - Sectors Allocation Comparison

Sectors	AVSE	ECOW
Technology	44.0%	4.2%
Financial Services	22.8%	-
Consumer Cyclical	9.4%	13.9%
Industrials	6.7%	10.7%
Communication Services	5.4%	15.2%
Healthcare	3.4%	3.7%
Basic Materials	2.7%	11.2%
Consumer Defensive	2.3%	11.6%
Real Estate	2.2%	-
Utilities	1.1%	6.9%
Energy	0.1%	10.4%

Return for Risk

AVSE vs. ECOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVSE

AVSE Risk / Return Rank: 56
AVSE Sharpe Ratio Rank: 54
AVSE Sortino Ratio Rank: 51
AVSE Omega Ratio Rank: 58
AVSE Calmar Ratio Rank: 61
AVSE Martin Ratio Rank: 56

ECOW

ECOW Risk / Return Rank: 80
ECOW Sharpe Ratio Rank: 82
ECOW Sortino Ratio Rank: 80
ECOW Omega Ratio Rank: 81
ECOW Calmar Ratio Rank: 86
ECOW Martin Ratio Rank: 72

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVSE vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Responsible Emerging Markets Equity ETF (AVSE) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVSE	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.98	-0.60
Sortino ratio: Return per unit of downside risk	1.91	2.70	-0.80
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.24	3.50	-1.27
Martin ratio: Return relative to average drawdown	7.01	9.20	-2.19

AVSE vs. ECOW - Sharpe Ratio Comparison

The current AVSE Sharpe Ratio is 1.39, which is lower than the ECOW Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of AVSE and ECOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVSE vs. ECOW - Drawdown Comparison

The maximum AVSE drawdown since its inception was -26.28%, smaller than the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for AVSE and ECOW.

Drawdown Indicators

	AVSE	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-26.28%	-40.27%	+13.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-8.35%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-18.77%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.30%	—
Current Drawdown Current decline from peak	-10.34%	-3.72%	-6.62%
Average Drawdown Average peak-to-trough decline	-6.82%	-10.93%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	3.17%	+1.55%

Volatility

AVSE vs. ECOW - Volatility Comparison

Avantis Responsible Emerging Markets Equity ETF (AVSE) has a higher volatility of 9.16% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 3.45%. This indicates that AVSE's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSE	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	3.45%	+5.71%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	11.82%	+10.03%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	14.78%	+9.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	17.73%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	20.03%	-0.98%

AVSE vs. ECOW - Expense Ratio Comparison

AVSE has a 0.33% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

AVSE vs. ECOW - Dividend Comparison

AVSE's dividend yield for the trailing twelve months is around 2.14%, less than ECOW's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVSE Avantis Responsible Emerging Markets Equity ETF	2.14%	2.68%	3.03%	3.20%	1.27%	0.00%	0.00%	0.00%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.45%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%

Frequently Asked Questions

Can I hold both AVSE and ECOW in my portfolio?

AVSE and ECOW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVSE or ECOW?

AVSE has higher volatility (9.16%) compared to ECOW (3.45%). In terms of maximum drawdown, AVSE dropped -26.28% vs ECOW's -40.27%.

Which ETF is better, AVSE or ECOW?

On 3-year performance, AVSE leads with 20.73% vs 17.21% for ECOW. On fees, AVSE is cheaper at 0.33% per year. On volatility, ECOW has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVSE or ECOW?

Over the 3-year period, AVSE has performed better with a 20.73% return vs 17.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVSE or ECOW?

AVSE is cheaper with a 0.33% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, AVSE or ECOW?

ECOW has the higher dividend yield at 4.45%, compared with 2.14% for AVSE.

What is the main difference between AVSE and ECOW?

AVSE tracks MSCI Emerging Markets Index, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: Avantis and Pacer. Their fees differ too: 0.33% for AVSE and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (1.98 vs 1.39), 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.