COWG vs. QWLD

Last updated Aug 4, 2026

COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds - COWG tracks the Pacer US Large Cap Cash Cows Growth Leaders Index while QWLD tracks the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 3 years, COWG returned 21.15%/yr vs 16.43%/yr for QWLD. Their 0.76 correlation means they have sometimes moved together and sometimes differently. COWG charges 0.49%/yr vs 0.30%/yr for QWLD.

Performance

COWG vs. QWLD - 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 SPDR MSCI World StrategicFactors ETF (QWLD). 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 QWLD's 10.03% 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%

QWLD

• 1D: 0.58%
• 1M: 2.22%
• 6M: 5.89%
• YTD: 10.03%
• 1Y: 19.80%
• 3Y*: 16.43%
• 5Y*: 10.04%
• 10Y*: 11.64%
• ALL TIME*: 10.53%

*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
QWLD SPDR MSCI World StrategicFactors ETF	$247.86K	$289.30K	$1.06M

COWG vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	8.98%	10.24%	34.99%	20.69%	-0.68%
QWLD SPDR MSCI World StrategicFactors ETF	10.03%	17.93%	14.44%	19.59%	-0.63%

Correlation

The correlation between COWG and QWLD is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.76

The correlation between COWG and QWLD has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

COWG vs. QWLD - Sectors Allocation Comparison

Sectors	COWG	QWLD
Technology	59.8%	24.9%
Healthcare	13.1%	13.2%
Communication Services	8.6%	9.5%
Energy	6.7%	3.4%
Basic Materials	3.4%	2.5%
Industrials	3.1%	10.9%
Consumer Defensive	2.7%	8.1%
Consumer Cyclical	2.7%	6.3%
Utilities	1.4%	3.8%
Financial Services	-	16.5%
Real Estate	-	1.0%

Return for Risk

COWG vs. QWLD — 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

QWLD

QWLD Risk / Return Rank: 81
QWLD Sharpe Ratio Rank: 85
QWLD Sortino Ratio Rank: 85
QWLD Omega Ratio Rank: 83
QWLD Calmar Ratio Rank: 72
QWLD Martin Ratio Rank: 82

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. QWLD - 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 SPDR MSCI World StrategicFactors ETF (QWLD). 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	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.06	-1.41
Sortino ratio: Return per unit of downside risk	1.00	2.91	-1.91
Omega ratio: Gain probability vs. loss probability	1.12	1.37	-0.25
Calmar ratio: Return relative to maximum drawdown	1.08	2.60	-1.52
Martin ratio: Return relative to average drawdown	2.90	11.35	-8.45

COWG vs. QWLD - Sharpe Ratio Comparison

The current COWG Sharpe Ratio is 0.65, which is lower than the QWLD Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of COWG and QWLD, 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. QWLD - Drawdown Comparison

The maximum COWG drawdown since its inception was -23.60%, smaller than the maximum QWLD drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for COWG and QWLD.

Drawdown Indicators

	COWG	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-31.89%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-7.66%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	-12.40%	-11.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.89%	—
Current Drawdown Current decline from peak	-4.53%	0.00%	-4.53%
Average Drawdown Average peak-to-trough decline	-3.30%	-3.66%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	1.75%	+2.27%

Volatility

COWG vs. QWLD - Volatility Comparison

Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) has a higher volatility of 5.34% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.28%. This indicates that COWG's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWG	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	2.28%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	7.74%	+6.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	9.70%	+8.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	13.51%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	15.12%	+4.21%

COWG vs. QWLD - Expense Ratio Comparison

COWG has a 0.49% expense ratio, which is higher than QWLD's 0.30% expense ratio.

Dividends

COWG vs. QWLD - Dividend Comparison

COWG's dividend yield for the trailing twelve months is around 0.37%, less than QWLD's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.37%	0.32%	0.40%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QWLD SPDR MSCI World StrategicFactors ETF	1.78%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both COWG and QWLD in my portfolio?

COWG and QWLD have a correlation of 0.67, 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 QWLD?

COWG has higher volatility (5.34%) compared to QWLD (2.28%). In terms of maximum drawdown, COWG dropped -23.60% vs QWLD's -31.89%.

Which ETF is better, COWG or QWLD?

On 3-year performance, COWG leads with 21.15% vs 16.43% for QWLD. On fees, QWLD is cheaper at 0.30% per year. On volatility, QWLD has been the lower-risk option at 2.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWG or QWLD?

Over the 3-year period, COWG has performed better with a 21.15% return vs 16.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWG or QWLD?

QWLD is cheaper with a 0.30% expense ratio, compared with 0.49% for COWG.

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

QWLD has the higher dividend yield at 1.78%, compared with 0.37% for COWG.

What is the main difference between COWG and QWLD?

COWG tracks Pacer US Large Cap Cash Cows Growth Leaders Index, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: Pacer and State Street. Their fees differ too: 0.49% for COWG and 0.30% for QWLD.

Which has better risk-adjusted returns?

QWLD currently has the higher Sharpe Ratio (2.06 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.