COWG vs. FEMG

Last updated Jun 4, 2026

COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. COWG is passively managed, while FEMG is actively managed. A 0.73 correlation means they provide meaningful diversification when combined. COWG charges 0.49%/yr vs 0.23%/yr for FEMG.

Performance

COWG vs. FEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COWG

• 1D: 0.07%
• 1M: 8.17%
• YTD: 12.50%
• 6M: 12.76%
• 1Y: 13.36%
• 3Y*: 24.53%
• 5Y*: —
• 10Y*: —

FEMG

• 1D: -0.84%
• 1M: 3.74%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COWG vs. FEMG - Yearly Performance Comparison

	2026 (YTD)
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	8.97%
FEMG Fidelity Enhanced Mid Cap Growth ETF	4.23%

Correlation

The correlation between COWG and FEMG is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 1, 2026	0.73

COWG vs. FEMG - Sectors Allocation Comparison

Sectors	COWG	FEMG
Technology	48.5%	24.0%
Healthcare	21.0%	12.6%
Energy	8.4%	3.3%
Basic Materials	6.5%	0.7%
Communication Services	5.2%	2.7%
Industrials	3.6%	26.5%
Consumer Cyclical	3.2%	17.4%
Consumer Defensive	2.0%	1.4%
Utilities	1.5%	2.9%
Financial Services	-	6.0%
Real Estate	-	1.8%

Return for Risk

COWG vs. FEMG — Risk / Return Rank

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

COWG

COWG Risk / Return Rank: 24
COWG Sharpe Ratio Rank: 23
COWG Sortino Ratio Rank: 23
COWG Omega Ratio Rank: 22
COWG Calmar Ratio Rank: 26
COWG Martin Ratio Rank: 26

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.

COWG vs. FEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). 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.

	COWG	FEMG	Difference
Sharpe ratio: Return per unit of total volatility	0.84	—	—
Sortino ratio: Return per unit of downside risk	1.24	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.24	—	—
Martin ratio: Return relative to average drawdown	3.64	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	COWG	FEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	4.78	-3.60

Drawdowns

COWG vs. FEMG - Drawdown Comparison

The maximum COWG drawdown since its inception was -23.60%, which is greater than FEMG's maximum drawdown of -3.29%. Use the drawdown chart below to compare losses from any high point for COWG and FEMG.

Drawdown Indicators

	COWG	FEMG	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-3.29%	-20.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	—	—
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-3.28%	-0.96%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	—	—

Volatility

Volatility by Period

	COWG	FEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	12.29%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	12.29%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	12.29%	+6.82%

COWG vs. FEMG - Expense Ratio Comparison

COWG has a 0.49% expense ratio, which is higher than FEMG's 0.23% expense ratio.

Dividends

COWG vs. FEMG - Dividend Comparison

COWG's dividend yield for the trailing twelve months is around 0.30%, while FEMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.30%	0.32%	0.40%	0.47%
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COWG and FEMG in my portfolio?

COWG and FEMG 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 ETF is better, COWG or FEMG?

On fees, FEMG is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COWG or FEMG?

FEMG is cheaper with a 0.23% expense ratio, compared with 0.49% for COWG.

Which ETF pays a higher dividend yield, COWG or FEMG?

COWG has the higher dividend yield at 0.30%, compared with 0.00% for FEMG.

What is the main difference between COWG and FEMG?

They also come from different issuers: Pacer and Fidelity. Their fees differ too: 0.49% for COWG and 0.23% for FEMG.