DWM vs. ICOW

Last updated Jun 4, 2026

DWM (WisdomTree International Equity Fund) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - DWM tracks the WisdomTree International Equity Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, DWM returned 9.61%/yr vs 10.06%/yr for ICOW. Their correlation of 0.87 suggests significant overlap in exposure. DWM charges 0.48%/yr vs 0.65%/yr for ICOW.

Performance

DWM vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Equity Fund (DWM) 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, DWM achieves a 7.43% return, which is significantly lower than ICOW's 17.35% return.

DWM

• 1D: -0.76%
• 1M: 2.23%
• YTD: 7.43%
• 6M: 10.04%
• 1Y: 20.93%
• 3Y*: 17.97%
• 5Y*: 9.61%
• 10Y*: 8.50%

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

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

DWM vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWM WisdomTree International Equity Fund	7.43%	34.83%	4.15%	16.63%	-9.04%	10.76%	-2.33%	18.98%	-13.53%	8.24%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.98%

Correlation

The correlation between DWM 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.87

The correlation between DWM and ICOW has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

DWM vs. ICOW - Sectors Allocation Comparison

Sectors	DWM	ICOW
Industrials	21.1%	28.7%
Financial Services	20.7%	-
Consumer Cyclical	10.4%	11.6%
Healthcare	8.6%	7.1%
Technology	8.2%	6.2%
Consumer Defensive	7.5%	8.5%
Communication Services	5.5%	8.9%
Utilities	5.5%	-
Basic Materials	5.3%	5.4%
Energy	4.0%	23.7%
Real Estate	3.2%	-

Return for Risk

DWM vs. ICOW — Risk / Return Rank

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

DWM

DWM Risk / Return Rank: 42
DWM Sharpe Ratio Rank: 41
DWM Sortino Ratio Rank: 42
DWM Omega Ratio Rank: 42
DWM Calmar Ratio Rank: 39
DWM Martin Ratio Rank: 43

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

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.

DWM vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Equity Fund (DWM) 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.

	DWM	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.87	-1.38
Sortino ratio: Return per unit of downside risk	2.16	3.72	-1.56
Omega ratio: Gain probability vs. loss probability	1.27	1.50	-0.23
Calmar ratio: Return relative to maximum drawdown	1.92	4.91	-2.98
Martin ratio: Return relative to average drawdown	7.08	17.54	-10.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWM vs. ICOW - Sharpe Ratio Comparison

The current DWM Sharpe Ratio is 1.48, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of DWM 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.

Sharpe Ratios by Period

	DWM	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.87	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.61	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.55	-0.28

Drawdowns

DWM vs. ICOW - Drawdown Comparison

The maximum DWM drawdown since its inception was -62.10%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for DWM and ICOW.

Drawdown Indicators

	DWM	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-62.10%	-43.49%	-18.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-8.02%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.69%	-14.81%	+2.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-28.48%	+2.84%
Max Drawdown (10Y) Largest decline over 10 years	-37.82%	—	—
Current Drawdown Current decline from peak	-2.78%	-0.64%	-2.14%
Average Drawdown Average peak-to-trough decline	-13.50%	-7.59%	-5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.24%	+0.72%

Volatility

DWM vs. ICOW - Volatility Comparison

WisdomTree International Equity Fund (DWM) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 4.43% and 4.41%, 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

	DWM	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.41%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	10.59%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.19%	13.73%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.28%	16.64%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	18.47%	-1.88%

DWM vs. ICOW - Expense Ratio Comparison

DWM has a 0.48% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

DWM vs. ICOW - Dividend Comparison

DWM's dividend yield for the trailing twelve months is around 2.76%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWM WisdomTree International Equity Fund	2.76%	3.06%	3.86%	4.15%	4.36%	3.64%	2.74%	3.46%	3.86%	2.99%	3.43%	3.55%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.12%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWM and ICOW in my portfolio?

DWM 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, DWM or ICOW?

DWM has higher volatility (4.43%) compared to ICOW (4.41%). In terms of maximum drawdown, DWM dropped -62.10% vs ICOW's -43.49%.

Which ETF is better, DWM or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 9.61% for DWM. On fees, DWM is cheaper at 0.48% 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, DWM or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWM or ICOW?

DWM is cheaper with a 0.48% expense ratio, compared with 0.65% for ICOW.

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

DWM has the higher dividend yield at 2.76%, compared with 2.12% for ICOW.

What is the main difference between DWM and ICOW?

DWM tracks WisdomTree International Equity Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: WisdomTree and Pacer. Their fees differ too: 0.48% for DWM and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.48), 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.