CAFG vs. ICOW

Last updated Aug 2, 2026

CAFG (Pacer US Small Cap Cash Cows Growth Leaders ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - CAFG is a Small Cap Growth Equities fund tracking the Pacer US Small Cap Cash Cows Growth Leaders Index - Benchmark TR Gross, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 3 years, CAFG returned 13.68%/yr vs 15.95%/yr for ICOW. Their 0.53 correlation means they have sometimes moved together and sometimes differently. CAFG charges 0.59%/yr vs 0.65%/yr for ICOW.

Performance

CAFG vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) 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, CAFG achieves a 32.10% return, which is significantly higher than ICOW's 13.73% return.

CAFG

• 1D: -0.06%
• 1M: -0.21%
• 6M: 24.42%
• YTD: 32.10%
• 1Y: 40.63%
• 3Y*: 13.68%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.10%

ICOW

• 1D: -1.20%
• 1M: 3.55%
• 6M: 7.19%
• YTD: 13.73%
• 1Y: 31.73%
• 3Y*: 15.95%
• 5Y*: 10.30%
• 10Y*: —
• ALL TIME*: 9.55%

*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)
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF	$199.75K	$415.31K	$236.72K
ICOW Pacer Developed Markets International Cash Cows 100 ETF	$9.84M	$8.25M	$8.96M

CAFG vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF	32.10%	0.17%	6.95%	21.26%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	13.73%	36.95%	-2.59%	8.55%

Correlation

The correlation between CAFG and ICOW is 0.54, 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.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (All Time) Calculated using the full available price history since May 2, 2023	0.53

The correlation between CAFG and ICOW has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

CAFG vs. ICOW - Sectors Allocation Comparison

Sectors	CAFG	ICOW
Technology	29.7%	7.7%
Healthcare	19.1%	8.3%
Industrials	14.8%	25.2%
Energy	11.4%	11.9%
Consumer Cyclical	8.1%	14.4%
Communication Services	7.2%	12.7%
Consumer Defensive	6.4%	10.1%
Basic Materials	3.2%	9.9%
Utilities	1.4%	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

CAFG vs. ICOW — Risk / Return Rank

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

CAFG

CAFG Risk / Return Rank: 91
CAFG Sharpe Ratio Rank: 90
CAFG Sortino Ratio Rank: 90
CAFG Omega Ratio Rank: 87
CAFG Calmar Ratio Rank: 94
CAFG Martin Ratio Rank: 92

ICOW

ICOW Risk / Return Rank: 86
ICOW Sharpe Ratio Rank: 89
ICOW Sortino Ratio Rank: 86
ICOW Omega Ratio Rank: 87
ICOW Calmar Ratio Rank: 88
ICOW Martin Ratio Rank: 78

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.

CAFG vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) 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.

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.

	CAFG	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.17	+0.09
Sortino ratio: Return per unit of downside risk	3.18	2.85	+0.33
Omega ratio: Gain probability vs. loss probability	1.38	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	4.85	3.54	+1.31
Martin ratio: Return relative to average drawdown	15.92	9.84	+6.08

CAFG vs. ICOW - Sharpe Ratio Comparison

The current CAFG Sharpe Ratio is 2.26, which is comparable to the ICOW Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of CAFG 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.

Drawdowns

CAFG vs. ICOW - Drawdown Comparison

The maximum CAFG drawdown since its inception was -23.66%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for CAFG and ICOW.

Drawdown Indicators

	CAFG	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-43.49%	+19.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.92%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	-14.81%	-8.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-1.47%	-3.70%	+2.23%
Average Drawdown Average peak-to-trough decline	-5.32%	-7.55%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	3.20%	-0.73%

Volatility

CAFG vs. ICOW - Volatility Comparison

The current volatility for Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) is 3.12%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 3.79%. This indicates that CAFG experiences smaller price fluctuations and is considered to be less risky than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAFG	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	3.79%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	12.07%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	14.55%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	16.74%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	18.44%	+0.88%

CAFG vs. ICOW - Expense Ratio Comparison

CAFG has a 0.59% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

CAFG vs. ICOW - Dividend Comparison

CAFG's dividend yield for the trailing twelve months is around 0.30%, less than ICOW's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF	0.30%	0.35%	0.36%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.24%	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 CAFG and ICOW in my portfolio?

CAFG and ICOW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAFG or ICOW?

ICOW has higher volatility (3.79%) compared to CAFG (3.12%). In terms of maximum drawdown, CAFG dropped -23.66% vs ICOW's -43.49%.

Which ETF is better, CAFG or ICOW?

On 3-year performance, ICOW leads with 15.95% vs 13.68% for CAFG. On fees, CAFG is cheaper at 0.59% per year. On volatility, CAFG has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAFG or ICOW?

Over the 3-year period, ICOW has performed better with a 15.95% return vs 13.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAFG or ICOW?

CAFG is cheaper with a 0.59% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.24%, compared with 0.30% for CAFG.

What is the main difference between CAFG and ICOW?

CAFG is categorized as Small Cap Growth Equities, while ICOW is Foreign Large Cap Equities. CAFG tracks Pacer US Small Cap Cash Cows Growth Leaders Index - Benchmark TR Gross, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.59% for CAFG and 0.65% for ICOW.

Which has better risk-adjusted returns?

CAFG currently has the higher Sharpe Ratio (2.26 vs 2.17), 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.