COWZ vs. ICOW

Last updated Aug 4, 2026

COWZ (Pacer US Cash Cows 100 ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index, 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 5 years, COWZ returned 11.04%/yr vs 10.22%/yr for ICOW. Their 0.69 correlation means they have sometimes moved together and sometimes differently. COWZ charges 0.49%/yr vs 0.65%/yr for ICOW.

Performance

COWZ vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows 100 ETF (COWZ) 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, COWZ achieves a 12.39% return, which is significantly lower than ICOW's 14.28% return.

COWZ

• 1D: 0.58%
• 1M: 5.50%
• 6M: 8.21%
• YTD: 12.39%
• 1Y: 24.54%
• 3Y*: 11.99%
• 5Y*: 11.04%
• 10Y*: —
• ALL TIME*: 13.03%

ICOW

• 1D: 0.48%
• 1M: 4.05%
• 6M: 7.50%
• YTD: 14.28%
• 1Y: 32.36%
• 3Y*: 16.62%
• 5Y*: 10.22%
• 10Y*: —
• ALL TIME*: 9.60%

*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)
COWZ Pacer US Cash Cows 100 ETF	$63.88M	$58.45M	$60.21M
ICOW Pacer Developed Markets International Cash Cows 100 ETF	$9.61M	$8.09M	$8.95M

COWZ vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COWZ Pacer US Cash Cows 100 ETF	12.39%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	14.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	14.28%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.93%

Correlation

The correlation between COWZ and ICOW is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.69

Over the past year, the correlation between COWZ and ICOW has dropped to 0.48 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

COWZ vs. ICOW - Sectors Allocation Comparison

Sectors	COWZ	ICOW
Technology	22.9%	7.7%
Healthcare	19.9%	8.3%
Consumer Cyclical	14.3%	14.4%
Energy	11.2%	11.9%
Consumer Defensive	10.6%	10.1%
Communication Services	8.8%	12.7%
Industrials	8.4%	25.2%
Basic Materials	4.0%	9.9%
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

COWZ vs. ICOW — Risk / Return Rank

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

COWZ

COWZ Risk / Return Rank: 87
COWZ Sharpe Ratio Rank: 87
COWZ Sortino Ratio Rank: 89
COWZ Omega Ratio Rank: 85
COWZ Calmar Ratio Rank: 91
COWZ Martin Ratio Rank: 85

ICOW

ICOW Risk / Return Rank: 85
ICOW Sharpe Ratio Rank: 89
ICOW Sortino Ratio Rank: 85
ICOW Omega Ratio Rank: 87
ICOW Calmar Ratio Rank: 88
ICOW Martin Ratio Rank: 77

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.

COWZ vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows 100 ETF (COWZ) 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.

	COWZ	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.24	-0.15
Sortino ratio: Return per unit of downside risk	3.08	2.92	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	4.14	3.64	+0.50
Martin ratio: Return relative to average drawdown	12.12	10.11	+2.01

COWZ vs. ICOW - Sharpe Ratio Comparison

The current COWZ Sharpe Ratio is 2.09, which is comparable to the ICOW Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of COWZ 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

COWZ vs. ICOW - Drawdown Comparison

The maximum COWZ drawdown since its inception was -38.63%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for COWZ and ICOW.

Drawdown Indicators

	COWZ	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-38.63%	-43.49%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.95%	-8.92%	+2.97%
Max Drawdown (3Y) Largest decline over 3 years	-22.00%	-14.81%	-7.19%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-27.79%	+5.79%
Current Drawdown Current decline from peak	-0.83%	-3.23%	+2.40%
Average Drawdown Average peak-to-trough decline	-4.76%	-7.55%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.21%	-1.18%

Volatility

COWZ vs. ICOW - Volatility Comparison

Pacer US Cash Cows 100 ETF (COWZ) has a higher volatility of 4.86% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 3.29%. This indicates that COWZ's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWZ	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	3.29%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	11.96%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	14.55%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	16.74%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	18.44%	+1.42%

COWZ vs. ICOW - Expense Ratio Comparison

COWZ has a 0.49% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

COWZ vs. ICOW - Dividend Comparison

COWZ's dividend yield for the trailing twelve months is around 1.84%, less than ICOW's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
COWZ Pacer US Cash Cows 100 ETF	1.84%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.23%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%

Frequently Asked Questions

Can I hold both COWZ and ICOW in my portfolio?

COWZ and ICOW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COWZ or ICOW?

COWZ has higher volatility (4.86%) compared to ICOW (3.29%). In terms of maximum drawdown, COWZ dropped -38.63% vs ICOW's -43.49%.

Which ETF is better, COWZ or ICOW?

On 5-year performance, COWZ leads with 11.04% vs 10.22% for ICOW. On fees, COWZ is cheaper at 0.49% per year. On volatility, ICOW has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWZ or ICOW?

Over the 5-year period, COWZ has performed better with a 11.04% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWZ or ICOW?

COWZ is cheaper with a 0.49% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.23%, compared with 1.84% for COWZ.

What is the main difference between COWZ and ICOW?

COWZ is categorized as Mid Cap Value Equities, while ICOW is Foreign Large Cap Equities. COWZ tracks Pacer US Cash Cows 100 Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.49% for COWZ and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.24 vs 2.09), 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.