CEFA vs. ICOW

Last updated Jun 24, 2026

CEFA (Global X S&P Catholic Values Developed ex-U.S. ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - CEFA tracks the S&P Developed ex-U.S. Catholic Values Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, CEFA returned 6.74%/yr vs 8.76%/yr for ICOW. A 0.72 correlation means they provide meaningful diversification when combined. CEFA charges 0.35%/yr vs 0.65%/yr for ICOW.

Performance

CEFA vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) 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, CEFA achieves a 7.16% return, which is significantly lower than ICOW's 8.64% return.

CEFA

• 1D: -2.25%
• 1M: 0.25%
• YTD: 7.16%
• 6M: 6.74%
• 1Y: 20.65%
• 3Y*: 15.05%
• 5Y*: 6.74%
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

CEFA vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	7.16%	26.46%	5.03%	17.40%	-16.66%	7.97%	21.61%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-2.59%	18.94%	-7.98%	11.52%	28.99%

Correlation

The correlation between CEFA and ICOW is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.72

The correlation between CEFA and ICOW has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

CEFA vs. ICOW - Sectors Allocation Comparison

Sectors	CEFA	ICOW
Financial Services	24.0%	-
Industrials	16.5%	29.1%
Technology	12.8%	7.8%
Healthcare	9.9%	6.7%
Consumer Cyclical	8.3%	12.7%
Consumer Defensive	6.2%	8.1%
Basic Materials	5.8%	5.6%
Energy	3.7%	21.3%
Communication Services	3.2%	8.7%
Utilities	2.9%	-
Real Estate	1.0%	-

Return for Risk

CEFA vs. ICOW — Risk / Return Rank

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

CEFA

CEFA Risk / Return Rank: 39
CEFA Sharpe Ratio Rank: 38
CEFA Sortino Ratio Rank: 39
CEFA Omega Ratio Rank: 38
CEFA Calmar Ratio Rank: 38
CEFA Martin Ratio Rank: 43

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

CEFA vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) 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.

	CEFA	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.91	-0.61
Sortino ratio: Return per unit of downside risk	1.88	2.52	-0.65
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.80	3.51	-1.71
Martin ratio: Return relative to average drawdown	6.57	11.46	-4.89

CEFA vs. ICOW - Sharpe Ratio Comparison

The current CEFA Sharpe Ratio is 1.29, which is lower than the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CEFA 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

CEFA vs. ICOW - Drawdown Comparison

The maximum CEFA drawdown since its inception was -31.97%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for CEFA and ICOW.

Drawdown Indicators

	CEFA	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-43.49%	+11.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-8.02%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-14.81%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-31.97%	-27.79%	-4.18%
Current Drawdown Current decline from peak	-2.29%	-8.01%	+5.72%
Average Drawdown Average peak-to-trough decline	-7.00%	-7.56%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.45%	+0.70%

Volatility

CEFA vs. ICOW - Volatility Comparison

Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 5.65% and 5.85%, 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

	CEFA	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	5.85%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	11.90%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.03%	14.75%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	16.77%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	18.51%	-1.24%

CEFA vs. ICOW - Expense Ratio Comparison

CEFA has a 0.35% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

CEFA vs. ICOW - Dividend Comparison

CEFA's dividend yield for the trailing twelve months is around 2.67%, more than ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	2.67%	2.86%	3.26%	2.35%	2.35%	3.49%	0.84%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	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 CEFA and ICOW in my portfolio?

CEFA and ICOW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFA or ICOW?

ICOW has higher volatility (5.85%) compared to CEFA (5.65%). In terms of maximum drawdown, CEFA dropped -31.97% vs ICOW's -43.49%.

Which ETF is better, CEFA or ICOW?

On 5-year performance, ICOW leads with 8.76% vs 6.74% for CEFA. On fees, CEFA is cheaper at 0.35% per year. On volatility, CEFA has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFA or ICOW?

Over the 5-year period, ICOW has performed better with a 8.76% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFA or ICOW?

CEFA is cheaper with a 0.35% expense ratio, compared with 0.65% for ICOW.

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

CEFA has the higher dividend yield at 2.67%, compared with 2.35% for ICOW.

What is the main difference between CEFA and ICOW?

CEFA tracks S&P Developed ex-U.S. Catholic Values Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Global X and Pacer. Their fees differ too: 0.35% for CEFA and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.91 vs 1.29), 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.