ECH vs. ICOW

Last updated Jun 4, 2026

ECH (iShares MSCI Chile ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - ECH tracks the MSCI Chile Investable Market Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, ECH returned 10.98%/yr vs 10.06%/yr for ICOW. A 0.55 correlation means they provide meaningful diversification when combined. ECH charges 0.59%/yr vs 0.65%/yr for ICOW.

Performance

ECH vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Chile ETF (ECH) 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, ECH achieves a -1.19% return, which is significantly lower than ICOW's 17.35% return.

ECH

• 1D: -1.65%
• 1M: -0.47%
• YTD: -1.19%
• 6M: 3.73%
• 1Y: 29.60%
• 3Y*: 14.12%
• 5Y*: 10.98%
• 10Y*: 4.25%

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)

ECH vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECH iShares MSCI Chile ETF	-1.19%	65.41%	-8.67%	9.01%	25.12%	-19.80%	-7.13%	-17.79%	-18.98%	22.19%
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 ECH and ICOW is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.55

The correlation between ECH and ICOW has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

ECH vs. ICOW - Sectors Allocation Comparison

Sectors	ECH	ICOW
Financial Services	24.6%	-
Basic Materials	21.0%	5.4%
Industrials	14.4%	28.7%
Utilities	12.3%	-
Consumer Cyclical	10.7%	11.6%
Real Estate	9.2%	-
Consumer Defensive	6.3%	8.5%
Communication Services	1.6%	8.9%
Energy	-	23.7%
Healthcare	-	7.1%
Technology	-	6.2%

Return for Risk

ECH vs. ICOW — Risk / Return Rank

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

ECH

ECH Risk / Return Rank: 30
ECH Sharpe Ratio Rank: 33
ECH Sortino Ratio Rank: 31
ECH Omega Ratio Rank: 31
ECH Calmar Ratio Rank: 31
ECH Martin Ratio Rank: 27

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.

ECH vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Chile ETF (ECH) 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.

	ECH	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.87	-1.67
Sortino ratio: Return per unit of downside risk	1.70	3.72	-2.02
Omega ratio: Gain probability vs. loss probability	1.21	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	1.51	4.91	-3.39
Martin ratio: Return relative to average drawdown	3.82	17.54	-13.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ECH vs. ICOW - Sharpe Ratio Comparison

The current ECH Sharpe Ratio is 1.20, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of ECH 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

	ECH	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	2.87	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.61	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.55	-0.50

Drawdowns

ECH vs. ICOW - Drawdown Comparison

The maximum ECH drawdown since its inception was -74.08%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for ECH and ICOW.

Drawdown Indicators

	ECH	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-74.08%	-43.49%	-30.59%
Max Drawdown (1Y) Largest decline over 1 year	-19.65%	-8.02%	-11.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.59%	-14.81%	-10.78%
Max Drawdown (5Y) Largest decline over 5 years	-26.06%	-28.48%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	-66.89%	—	—
Current Drawdown Current decline from peak	-26.58%	-0.64%	-25.94%
Average Drawdown Average peak-to-trough decline	-37.52%	-7.59%	-29.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	2.24%	+5.52%

Volatility

ECH vs. ICOW - Volatility Comparison

iShares MSCI Chile ETF (ECH) has a higher volatility of 7.72% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that ECH'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

	ECH	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	4.41%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	20.29%	10.59%	+9.70%
Volatility (1Y) Calculated over the trailing 1-year period	24.85%	13.73%	+11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.51%	16.64%	+10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.21%	18.47%	+8.74%

ECH vs. ICOW - Expense Ratio Comparison

ECH has a 0.59% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

ECH vs. ICOW - Dividend Comparison

ECH's dividend yield for the trailing twelve months is around 2.04%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECH iShares MSCI Chile ETF	2.04%	2.01%	3.12%	4.77%	6.73%	5.49%	2.16%	2.47%	2.37%	1.42%	1.85%	2.13%
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 ECH and ICOW in my portfolio?

ECH and ICOW have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECH or ICOW?

ECH has higher volatility (7.72%) compared to ICOW (4.41%). In terms of maximum drawdown, ECH dropped -74.08% vs ICOW's -43.49%.

Which ETF is better, ECH or ICOW?

On 5-year performance, ECH leads with 10.98% vs 10.06% for ICOW. On fees, ECH is cheaper at 0.59% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECH or ICOW?

Over the 5-year period, ECH has performed better with a 10.98% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECH or ICOW?

ECH is cheaper with a 0.59% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.12%, compared with 2.04% for ECH.

What is the main difference between ECH and ICOW?

ECH tracks MSCI Chile Investable Market Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.59% for ECH and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.20), 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.