CVIE vs. ICOW

Last updated Jun 24, 2026

CVIE (Calvert International Responsible Index ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 3 years, CVIE returned 21.33%/yr vs 16.87%/yr for ICOW. Their correlation of 0.82 suggests significant overlap in exposure. CVIE charges 0.18%/yr vs 0.65%/yr for ICOW.

Performance

CVIE vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) 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, CVIE achieves a 18.12% return, which is significantly higher than ICOW's 8.64% return.

CVIE

• 1D: -3.25%
• 1M: 2.53%
• YTD: 18.12%
• 6M: 18.23%
• 1Y: 35.53%
• 3Y*: 21.33%
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

CVIE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.12%	33.23%	5.37%	9.62%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-2.59%	10.44%

Correlation

The correlation between CVIE and ICOW is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.82

The correlation between CVIE and ICOW has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

CVIE vs. ICOW - Sectors Allocation Comparison

Sectors	CVIE	ICOW
Technology	27.1%	7.8%
Financial Services	23.4%	-
Industrials	14.6%	29.1%
Healthcare	6.9%	6.7%
Consumer Cyclical	6.1%	12.7%
Basic Materials	5.9%	5.6%
Consumer Defensive	5.1%	8.1%
Communication Services	3.8%	8.7%
Utilities	2.8%	-
Real Estate	1.2%	-
Energy	0.9%	21.3%

Return for Risk

CVIE vs. ICOW — Risk / Return Rank

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

CVIE

CVIE Risk / Return Rank: 64
CVIE Sharpe Ratio Rank: 66
CVIE Sortino Ratio Rank: 62
CVIE Omega Ratio Rank: 65
CVIE Calmar Ratio Rank: 61
CVIE Martin Ratio Rank: 65

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

CVIE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) 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.

	CVIE	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.91	+0.09
Sortino ratio: Return per unit of downside risk	2.70	2.52	+0.17
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	2.81	3.51	-0.70
Martin ratio: Return relative to average drawdown	11.01	11.46	-0.45

CVIE vs. ICOW - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 1.99, which is comparable to the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CVIE 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

CVIE vs. ICOW - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for CVIE and ICOW.

Drawdown Indicators

	CVIE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-43.49%	+29.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-8.02%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-14.81%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-3.25%	-8.01%	+4.76%
Average Drawdown Average peak-to-trough decline	-2.62%	-7.56%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	2.45%	+0.78%

Volatility

CVIE vs. ICOW - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 7.84% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 5.85%. This indicates that CVIE'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

	CVIE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	5.85%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	11.90%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	14.75%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.77%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	18.51%	-2.75%

CVIE vs. ICOW - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

CVIE vs. ICOW - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.36%, which matches ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVIE Calvert International Responsible Index ETF	2.36%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%

Frequently Asked Questions

Can I hold both CVIE and ICOW in my portfolio?

CVIE and ICOW have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVIE or ICOW?

CVIE has higher volatility (7.84%) compared to ICOW (5.85%). In terms of maximum drawdown, CVIE dropped -13.52% vs ICOW's -43.49%.

Which ETF is better, CVIE or ICOW?

On 3-year performance, CVIE leads with 21.33% vs 16.87% for ICOW. On fees, CVIE is cheaper at 0.18% per year. On volatility, ICOW has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or ICOW?

Over the 3-year period, CVIE has performed better with a 21.33% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or ICOW?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.65% for ICOW.

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

CVIE and ICOW have nearly identical dividend yields, around 2.36%.

What is the main difference between CVIE and ICOW?

CVIE tracks Calvert International Responsible Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Calvert and Pacer. Their fees differ too: 0.18% for CVIE and 0.65% for ICOW.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.99 vs 1.91), 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.