COWZ vs. SDY

Last updated Jun 4, 2026

COWZ (Pacer US Cash Cows 100 ETF) and SDY (SPDR S&P Dividend ETF) are both Mid Cap Value Equities funds - COWZ tracks the Pacer US Cash Cows 100 Index while SDY tracks the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 5 years, COWZ returned 10.57%/yr vs 5.97%/yr for SDY. Their correlation of 0.83 suggests significant overlap in exposure. COWZ charges 0.49%/yr vs 0.35%/yr for SDY.

Performance

COWZ vs. SDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows 100 ETF (COWZ) and SPDR S&P Dividend ETF (SDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COWZ achieves a 8.18% return, which is significantly higher than SDY's 7.49% return.

COWZ

• 1D: -0.34%
• 1M: 2.61%
• YTD: 8.18%
• 6M: 9.03%
• 1Y: 22.23%
• 3Y*: 14.44%
• 5Y*: 10.57%
• 10Y*: —

SDY

• 1D: -0.15%
• 1M: 0.81%
• YTD: 7.49%
• 6M: 7.45%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.97%
• 10Y*: 9.29%

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

COWZ vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COWZ Pacer US Cash Cows 100 ETF	8.18%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%
SDY SPDR S&P Dividend ETF	7.49%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between COWZ and SDY is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.83

The correlation between COWZ and SDY has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

COWZ vs. SDY - Sectors Allocation Comparison

Sectors	COWZ	SDY
Healthcare	21.8%	6.2%
Energy	16.9%	4.6%
Technology	16.0%	8.7%
Consumer Cyclical	11.7%	5.2%
Consumer Defensive	10.9%	17.1%
Communication Services	10.4%	3.5%
Industrials	8.4%	17.5%
Basic Materials	3.7%	6.4%
Financial Services	-	11.5%
Real Estate	-	4.6%
Utilities	-	14.8%

Return for Risk

COWZ vs. SDY — Risk / Return Rank

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

COWZ

COWZ Risk / Return Rank: 65
COWZ Sharpe Ratio Rank: 59
COWZ Sortino Ratio Rank: 62
COWZ Omega Ratio Rank: 57
COWZ Calmar Ratio Rank: 83
COWZ Martin Ratio Rank: 65

SDY

SDY Risk / Return Rank: 33
SDY Sharpe Ratio Rank: 33
SDY Sortino Ratio Rank: 36
SDY Omega Ratio Rank: 31
SDY Calmar Ratio Rank: 33
SDY Martin Ratio Rank: 31

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.

COWZ vs. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows 100 ETF (COWZ) and SPDR S&P Dividend ETF (SDY). 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.

	COWZ	SDY	Difference
Sharpe ratio Return per unit of total volatility	2.02	1.25	+0.77
Sortino ratio Return per unit of downside risk	2.98	1.92	+1.06
Omega ratio Gain probability vs. loss probability	1.36	1.22	+0.14
Calmar ratio Return relative to maximum drawdown	4.46	1.68	+2.79
Martin ratio Return relative to average drawdown	12.19	4.60	+7.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COWZ vs. SDY - Sharpe Ratio Comparison

The current COWZ Sharpe Ratio is 2.02, which is higher than the SDY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of COWZ and SDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COWZ	SDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.25	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.43	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.47	+0.18

Drawdowns

COWZ vs. SDY - Drawdown Comparison

The maximum COWZ drawdown since its inception was -38.63%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for COWZ and SDY.

Drawdown Indicators

	COWZ	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-38.63%	-54.75%	+16.12%
Max Drawdown (1Y) Largest decline over 1 year	-5.00%	-7.67%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-22.00%	-14.39%	-7.61%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-15.21%	-6.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.70%	—
Current Drawdown Current decline from peak	-0.91%	-4.07%	+3.16%
Average Drawdown Average peak-to-trough decline	-4.81%	-6.21%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.79%	-0.96%

Volatility

COWZ vs. SDY - Volatility Comparison

Pacer US Cash Cows 100 ETF (COWZ) and SPDR S&P Dividend ETF (SDY) have volatilities of 2.56% and 2.47%, 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

	COWZ	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	2.47%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	7.43%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	10.33%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	14.03%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	17.08%	+2.85%

COWZ vs. SDY - Expense Ratio Comparison

COWZ has a 0.49% expense ratio, which is higher than SDY's 0.35% expense ratio.

Dividends

COWZ vs. SDY - Dividend Comparison

COWZ's dividend yield for the trailing twelve months is around 1.99%, less than SDY's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	1.99%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both COWZ and SDY in my portfolio?

COWZ and SDY have a correlation of 0.74, 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 SDY?

COWZ has higher volatility (2.56%) compared to SDY (2.47%). In terms of maximum drawdown, COWZ dropped -38.63% vs SDY's -54.75%.

Which ETF is better, COWZ or SDY?

On 5-year performance, COWZ leads with 10.57% vs 5.97% for SDY. On fees, SDY is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWZ or SDY?

Over the 5-year period, COWZ has performed better with a 10.57% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWZ or SDY?

SDY is cheaper with a 0.35% expense ratio, compared with 0.49% for COWZ.

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

SDY has the higher dividend yield at 2.48%, compared with 1.99% for COWZ.

What is the main difference between COWZ and SDY?

COWZ tracks Pacer US Cash Cows 100 Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. They also come from different issuers: Pacer and State Street. Their fees differ too: 0.49% for COWZ and 0.35% for SDY.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (2.02 vs 1.25), 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.