DFRA vs. GCOW

Last updated Jun 4, 2026

DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both Large Cap Value Equities funds - DFRA tracks the FCF Yield Enhanced Real Asset Index - Benchmark TR Net while GCOW tracks the Pacer Global Cash Cows Dividends Index. Both are passively managed. Over the past 3 years, DFRA returned 12.75%/yr vs 17.41%/yr for GCOW. A 0.78 correlation means they provide meaningful diversification when combined. DFRA charges 0.69%/yr vs 0.60%/yr for GCOW.

Performance

DFRA vs. GCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Pacer Global Cash Cows Dividend ETF (GCOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFRA achieves a 8.60% return, which is significantly lower than GCOW's 12.18% return.

DFRA

• 1D: -0.14%
• 1M: -2.02%
• YTD: 8.60%
• 6M: 8.04%
• 1Y: 15.09%
• 3Y*: 12.75%
• 5Y*: —
• 10Y*: —

GCOW

• 1D: -0.56%
• 1M: 0.09%
• YTD: 12.18%
• 6M: 13.23%
• 1Y: 27.12%
• 3Y*: 17.41%
• 5Y*: 12.34%
• 10Y*: 9.91%

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

DFRA vs. GCOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	8.60%	6.64%	7.05%	18.89%	7.42%	3.86%
GCOW Pacer Global Cash Cows Dividend ETF	12.18%	27.34%	3.52%	13.95%	5.49%	4.19%

Correlation

The correlation between DFRA and GCOW is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.78

The correlation between DFRA and GCOW shifts across timeframes, from 0.64 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

DFRA vs. GCOW - Sectors Allocation Comparison

Sectors	DFRA	GCOW
Industrials	35.7%	12.4%
Energy	26.3%	24.4%
Basic Materials	18.5%	7.3%
Real Estate	12.1%	-
Consumer Defensive	3.2%	17.1%
Utilities	2.8%	4.1%
Technology	1.5%	0.9%
Communication Services	-	14.6%
Consumer Cyclical	-	4.6%
Financial Services	-	-
Healthcare	-	14.6%

Return for Risk

DFRA vs. GCOW — Risk / Return Rank

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

DFRA

DFRA Risk / Return Rank: 29
DFRA Sharpe Ratio Rank: 29
DFRA Sortino Ratio Rank: 27
DFRA Omega Ratio Rank: 29
DFRA Calmar Ratio Rank: 27
DFRA Martin Ratio Rank: 31

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 79
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW Martin Ratio Rank: 77

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.

DFRA vs. GCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Pacer Global Cash Cows Dividend ETF (GCOW). 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.

	DFRA	GCOW	Difference
Sharpe ratio: Return per unit of total volatility	1.03	2.52	-1.49
Sortino ratio: Return per unit of downside risk	1.47	3.63	-2.16
Omega ratio: Gain probability vs. loss probability	1.19	1.44	-0.25
Calmar ratio: Return relative to maximum drawdown	1.30	5.71	-4.41
Martin ratio: Return relative to average drawdown	4.50	15.05	-10.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFRA vs. GCOW - Sharpe Ratio Comparison

The current DFRA Sharpe Ratio is 1.03, which is lower than the GCOW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DFRA and GCOW, 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

	DFRA	GCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	2.52	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.59	+0.09

Drawdowns

DFRA vs. GCOW - Drawdown Comparison

The maximum DFRA drawdown since its inception was -19.35%, smaller than the maximum GCOW drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for DFRA and GCOW.

Drawdown Indicators

	DFRA	GCOW	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-37.64%	+18.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-4.77%	-6.87%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-12.35%	-7.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.64%	—
Current Drawdown Current decline from peak	-7.31%	-2.73%	-4.58%
Average Drawdown Average peak-to-trough decline	-3.96%	-5.84%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.81%	+1.55%

Volatility

DFRA vs. GCOW - Volatility Comparison

Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) has a higher volatility of 4.52% compared to Pacer Global Cash Cows Dividend ETF (GCOW) at 2.85%. This indicates that DFRA's price experiences larger fluctuations and is considered to be riskier than GCOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFRA	GCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.85%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	7.99%	+4.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	10.81%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	13.49%	+4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	16.20%	+1.32%

DFRA vs. GCOW - Expense Ratio Comparison

DFRA has a 0.69% expense ratio, which is higher than GCOW's 0.60% expense ratio.

Dividends

DFRA vs. GCOW - Dividend Comparison

DFRA's dividend yield for the trailing twelve months is around 4.20%, less than GCOW's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.20%	2.86%	10.13%	4.70%	8.40%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
GCOW Pacer Global Cash Cows Dividend ETF	4.43%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%

Frequently Asked Questions

Can I hold both DFRA and GCOW in my portfolio?

DFRA and GCOW have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFRA or GCOW?

DFRA has higher volatility (4.52%) compared to GCOW (2.85%). In terms of maximum drawdown, DFRA dropped -19.35% vs GCOW's -37.64%.

Which ETF is better, DFRA or GCOW?

On 3-year performance, GCOW leads with 17.41% vs 12.75% for DFRA. On fees, GCOW is cheaper at 0.60% per year. On volatility, GCOW has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFRA or GCOW?

Over the 3-year period, GCOW has performed better with a 17.41% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFRA or GCOW?

GCOW is cheaper with a 0.60% expense ratio, compared with 0.69% for DFRA.

Which ETF pays a higher dividend yield, DFRA or GCOW?

GCOW has the higher dividend yield at 4.43%, compared with 4.20% for DFRA.

What is the main difference between DFRA and GCOW?

DFRA tracks FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while GCOW tracks Pacer Global Cash Cows Dividends Index. They also come from different issuers: Donoghue Forlines and Pacer. Their fees differ too: 0.69% for DFRA and 0.60% for GCOW.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.52 vs 1.03), 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.