DVYE vs. COWZ

Last updated Jun 5, 2026

DVYE (iShares Emerging Markets Dividend ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - DVYE is a Emerging Markets Equities fund tracking the Dow Jones Emerging Markets Select Dividend Index, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, DVYE returned 4.84%/yr vs 10.60%/yr for COWZ. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

DVYE vs. COWZ - Performance Comparison

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

Returns By Period

In the year-to-date period, DVYE achieves a 10.74% return, which is significantly higher than COWZ's 8.30% return.

DVYE

• 1D: 0.23%
• 1M: -2.08%
• YTD: 10.74%
• 6M: 11.14%
• 1Y: 28.60%
• 3Y*: 22.07%
• 5Y*: 4.84%
• 10Y*: 7.81%

COWZ

• 1D: 0.11%
• 1M: 2.05%
• YTD: 8.30%
• 6M: 8.95%
• 1Y: 22.75%
• 3Y*: 14.62%
• 5Y*: 10.60%
• 10Y*: —

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

DVYE vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVYE iShares Emerging Markets Dividend ETF	10.74%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	27.04%
COWZ Pacer US Cash Cows 100 ETF	8.30%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between DVYE and COWZ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.55

The correlation between DVYE and COWZ shifts across timeframes, from 0.44 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

DVYE vs. COWZ - Sectors Allocation Comparison

Sectors	DVYE	COWZ
Financial Services	28.4%	-
Energy	19.1%	16.9%
Industrials	16.8%	8.4%
Basic Materials	8.6%	3.7%
Utilities	7.4%	-
Technology	7.3%	16.0%
Consumer Cyclical	4.3%	11.7%
Real Estate	3.7%	-
Consumer Defensive	2.4%	10.9%
Communication Services	1.9%	10.4%
Healthcare	-	21.8%

Return for Risk

DVYE vs. COWZ — Risk / Return Rank

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

DVYE

DVYE Risk / Return Rank: 66
DVYE Sharpe Ratio Rank: 61
DVYE Sortino Ratio Rank: 58
DVYE Omega Ratio Rank: 58
DVYE Calmar Ratio Rank: 83
DVYE Martin Ratio Rank: 69

COWZ

COWZ Risk / Return Rank: 69
COWZ Sharpe Ratio Rank: 63
COWZ Sortino Ratio Rank: 67
COWZ Omega Ratio Rank: 61
COWZ Calmar Ratio Rank: 85
COWZ Martin Ratio Rank: 68

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.

DVYE vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Dividend ETF (DVYE) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	DVYE	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.06	-0.06
Sortino ratio: Return per unit of downside risk	2.71	3.05	-0.33
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	4.42	4.57	-0.15
Martin ratio: Return relative to average drawdown	12.61	12.47	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVYE vs. COWZ - Sharpe Ratio Comparison

The current DVYE Sharpe Ratio is 2.01, which is comparable to the COWZ Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DVYE and COWZ, 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

	DVYE	COWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.06	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.60	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.65	-0.49

Drawdowns

DVYE vs. COWZ - Drawdown Comparison

The maximum DVYE drawdown since its inception was -47.42%, which is greater than COWZ's maximum drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for DVYE and COWZ.

Drawdown Indicators

	DVYE	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-47.42%	-38.63%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-5.00%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-22.00%	+7.37%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	-22.00%	-18.89%
Max Drawdown (10Y) Largest decline over 10 years	-40.89%	—	—
Current Drawdown Current decline from peak	-3.83%	-0.80%	-3.03%
Average Drawdown Average peak-to-trough decline	-15.37%	-4.80%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.83%	+0.44%

Volatility

DVYE vs. COWZ - Volatility Comparison

iShares Emerging Markets Dividend ETF (DVYE) has a higher volatility of 5.48% compared to Pacer US Cash Cows 100 ETF (COWZ) at 2.50%. This indicates that DVYE's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVYE	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	2.50%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	7.12%	+4.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	11.08%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	17.63%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	19.92%	-1.53%

DVYE vs. COWZ - Expense Ratio Comparison

Both DVYE and COWZ have an expense ratio of 0.49%.

Dividends

DVYE vs. COWZ - Dividend Comparison

DVYE's dividend yield for the trailing twelve months is around 5.11%, more than COWZ's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	2.16%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
DVYE iShares Emerging Markets Dividend ETF	5.11%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%

Frequently Asked Questions

Can I hold both DVYE and COWZ in my portfolio?

DVYE and COWZ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVYE or COWZ?

DVYE has higher volatility (5.48%) compared to COWZ (2.50%). In terms of maximum drawdown, DVYE dropped -47.42% vs COWZ's -38.63%.

Which ETF is better, DVYE or COWZ?

On 5-year performance, COWZ leads with 10.60% vs 4.84% for DVYE. Both ETFs have the same 0.49% expense ratio. On volatility, COWZ has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVYE or COWZ?

Over the 5-year period, COWZ has performed better with a 10.60% return vs 4.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVYE or COWZ?

DVYE and COWZ have the same expense ratio: 0.49% per year.

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

DVYE has the higher dividend yield at 5.11%, compared with 2.16% for COWZ.

What is the main difference between DVYE and COWZ?

DVYE is categorized as Emerging Markets Equities, while COWZ is Mid Cap Value Equities. DVYE tracks Dow Jones Emerging Markets Select Dividend Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: iShares and Pacer.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (2.06 vs 2.01), 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.