COWG vs. FOWF

Last updated Aug 4, 2026

COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) and FOWF (Pacer Solactive Whitney Future of Warfare ETF) are both exchange-traded funds - COWG is a Large Cap Growth Equities fund tracking the Pacer US Large Cap Cash Cows Growth Leaders Index, while FOWF is a Industrials Equities fund tracking the Solactive Whitney Future of Warfare Index. Both are passively managed. Over the past year, COWG returned 11.63% vs 23.56% for FOWF. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.49% expense ratio.

Performance

COWG vs. FOWF - 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 Pacer Solactive Whitney Future of Warfare ETF (FOWF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COWG achieves a 8.98% return, which is significantly lower than FOWF's 16.05% return.

COWG

• 1D: 1.13%
• 1M: -1.45%
• 6M: 8.27%
• YTD: 8.98%
• 1Y: 11.63%
• 3Y*: 21.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.19%

FOWF

• 1D: 2.04%
• 1M: 4.76%
• 6M: 7.86%
• YTD: 16.05%
• 1Y: 23.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.70%

*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)
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	$10.53M	$9.94M	$10.56M
FOWF Pacer Solactive Whitney Future of Warfare ETF	$21.21K	$63.68K	$90.22K

COWG vs. FOWF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	8.98%	10.24%	-3.72%
FOWF Pacer Solactive Whitney Future of Warfare ETF	16.05%	29.15%	-2.02%

Correlation

The correlation between COWG and FOWF is 0.60, 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.	0.60
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.64

The correlation between COWG and FOWF has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

COWG vs. FOWF - Sectors Allocation Comparison

Sectors	COWG	FOWF
Technology	59.8%	30.9%
Healthcare	13.1%	-
Communication Services	8.6%	5.0%
Energy	6.7%	-
Basic Materials	3.4%	1.9%
Industrials	3.1%	60.9%
Consumer Defensive	2.7%	-
Consumer Cyclical	2.7%	1.2%
Utilities	1.4%	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

COWG vs. FOWF — Risk / Return Rank

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

COWG

COWG Risk / Return Rank: 29
COWG Sharpe Ratio Rank: 27
COWG Sortino Ratio Rank: 27
COWG Omega Ratio Rank: 26
COWG Calmar Ratio Rank: 32
COWG Martin Ratio Rank: 31

FOWF

FOWF Risk / Return Rank: 60
FOWF Sharpe Ratio Rank: 63
FOWF Sortino Ratio Rank: 66
FOWF Omega Ratio Rank: 57
FOWF Calmar Ratio Rank: 61
FOWF Martin Ratio Rank: 55

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.

COWG vs. FOWF - 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 Pacer Solactive Whitney Future of Warfare ETF (FOWF). 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.

	COWG	FOWF	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.60	-0.95
Sortino ratio: Return per unit of downside risk	1.00	2.39	-1.39
Omega ratio: Gain probability vs. loss probability	1.12	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	1.08	2.35	-1.27
Martin ratio: Return relative to average drawdown	2.90	6.98	-4.08

COWG vs. FOWF - Sharpe Ratio Comparison

The current COWG Sharpe Ratio is 0.65, which is lower than the FOWF Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of COWG and FOWF, 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

COWG vs. FOWF - Drawdown Comparison

The maximum COWG drawdown since its inception was -23.60%, which is greater than FOWF's maximum drawdown of -12.29%. Use the drawdown chart below to compare losses from any high point for COWG and FOWF.

Drawdown Indicators

	COWG	FOWF	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-12.29%	-11.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-10.08%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	—	—
Current Drawdown Current decline from peak	-4.53%	0.00%	-4.53%
Average Drawdown Average peak-to-trough decline	-3.30%	-2.15%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	3.38%	+0.64%

Volatility

COWG vs. FOWF - Volatility Comparison

Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) has a higher volatility of 5.34% compared to Pacer Solactive Whitney Future of Warfare ETF (FOWF) at 4.32%. This indicates that COWG's price experiences larger fluctuations and is considered to be riskier than FOWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWG	FOWF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	4.32%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	12.09%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	14.84%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	16.84%	+2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	16.84%	+2.49%

COWG vs. FOWF - Expense Ratio Comparison

Both COWG and FOWF have an expense ratio of 0.49%.

Dividends

COWG vs. FOWF - Dividend Comparison

COWG's dividend yield for the trailing twelve months is around 0.37%, less than FOWF's 0.71% yield.

Position	TTM	2025	2024	2023
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.37%	0.32%	0.40%	0.47%
FOWF Pacer Solactive Whitney Future of Warfare ETF	0.71%	0.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COWG and FOWF in my portfolio?

COWG and FOWF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COWG or FOWF?

COWG has higher volatility (5.34%) compared to FOWF (4.32%). In terms of maximum drawdown, COWG dropped -23.60% vs FOWF's -12.29%.

Which ETF is better, COWG or FOWF?

On 1-year performance, FOWF leads with 23.56% vs 11.63% for COWG. Both ETFs have the same 0.49% expense ratio. On volatility, FOWF has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWG or FOWF?

Over the 1-year period, FOWF has performed better with a 23.56% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWG or FOWF?

COWG and FOWF have the same expense ratio: 0.49% per year.

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

FOWF has the higher dividend yield at 0.71%, compared with 0.37% for COWG.

What is the main difference between COWG and FOWF?

COWG is categorized as Large Cap Growth Equities, while FOWF is Industrials Equities. COWG tracks Pacer US Large Cap Cash Cows Growth Leaders Index, while FOWF tracks Solactive Whitney Future of Warfare Index.

Which has better risk-adjusted returns?

FOWF currently has the higher Sharpe Ratio (1.60 vs 0.65), 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.