ECOW vs. EMSF

Last updated Aug 2, 2026

ECOW (Pacer Emerging Markets Cash Cows 100 ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Equities funds. ECOW is passively managed, while EMSF is actively managed. Over the past year, ECOW returned 29.31% vs 42.52% for EMSF. Their 0.72 correlation means they have sometimes moved together and sometimes differently. ECOW charges 0.70%/yr vs 0.79%/yr for EMSF.

Performance

ECOW vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECOW achieves a 13.04% return, which is significantly lower than EMSF's 30.73% return.

ECOW

• 1D: -0.60%
• 1M: 3.22%
• 6M: 5.35%
• YTD: 13.04%
• 1Y: 29.31%
• 3Y*: 16.24%
• 5Y*: 7.26%
• 10Y*: —
• ALL TIME*: 7.35%

EMSF

• 1D: 0.83%
• 1M: -8.36%
• 6M: 17.49%
• YTD: 30.73%
• 1Y: 42.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ECOW Pacer Emerging Markets Cash Cows 100 ETF	$617.95K	$706.50K	$1.39M
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$80.02K	$93.23K	$184.42K

ECOW vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ECOW Pacer Emerging Markets Cash Cows 100 ETF	13.04%	32.50%	3.17%	6.69%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	30.73%	19.20%	-3.09%	0.98%

Correlation

The correlation between ECOW and EMSF is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.72

The correlation between ECOW and EMSF has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

ECOW vs. EMSF - Sectors Allocation Comparison

Sectors	ECOW	EMSF
Communication Services	15.2%	1.7%
Consumer Cyclical	13.9%	6.3%
Consumer Defensive	11.6%	3.6%
Basic Materials	11.2%	-
Industrials	10.7%	11.0%
Energy	10.4%	-
Utilities	6.9%	2.1%
Technology	4.2%	52.8%
Healthcare	3.7%	6.0%
Financial Services	-	15.0%
Real Estate	-	1.6%

Return for Risk

ECOW vs. EMSF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ECOW

ECOW Risk / Return Rank: 83
ECOW Sharpe Ratio Rank: 86
ECOW Sortino Ratio Rank: 83
ECOW Omega Ratio Rank: 84
ECOW Calmar Ratio Rank: 88
ECOW Martin Ratio Rank: 75

EMSF

EMSF Risk / Return Rank: 57
EMSF Sharpe Ratio Rank: 57
EMSF Sortino Ratio Rank: 52
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 60
EMSF Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ECOW vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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.

	ECOW	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.36	+0.66
Sortino ratio: Return per unit of downside risk	2.74	1.86	+0.89
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	3.56	2.10	+1.46
Martin ratio: Return relative to average drawdown	9.38	7.05	+2.33

ECOW vs. EMSF - Sharpe Ratio Comparison

The current ECOW Sharpe Ratio is 2.02, which is higher than the EMSF Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of ECOW and EMSF, 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

ECOW vs. EMSF - Drawdown Comparison

The maximum ECOW drawdown since its inception was -40.27%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ECOW and EMSF.

Drawdown Indicators

	ECOW	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-24.75%	-15.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-19.49%	+11.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.30%	—	—
Current Drawdown Current decline from peak	-3.58%	-15.62%	+12.04%
Average Drawdown Average peak-to-trough decline	-10.94%	-5.91%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	5.80%	-2.64%

Volatility

ECOW vs. EMSF - Volatility Comparison

The current volatility for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) is 3.51%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.79%. This indicates that ECOW experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECOW	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	10.79%	-7.28%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	26.54%	-14.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	30.10%	-15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	24.40%	-6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	24.40%	-4.36%

ECOW vs. EMSF - Expense Ratio Comparison

ECOW has a 0.70% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

ECOW vs. EMSF - Dividend Comparison

ECOW's dividend yield for the trailing twelve months is around 4.44%, more than EMSF's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.44%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.44%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECOW and EMSF in my portfolio?

ECOW and EMSF have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECOW or EMSF?

EMSF has higher volatility (10.79%) compared to ECOW (3.51%). In terms of maximum drawdown, ECOW dropped -40.27% vs EMSF's -24.75%.

Which ETF is better, ECOW or EMSF?

On 1-year performance, EMSF leads with 42.52% vs 29.31% for ECOW. On fees, ECOW is cheaper at 0.70% per year. On volatility, ECOW has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECOW or EMSF?

Over the 1-year period, EMSF has performed better with a 42.52% return vs 29.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECOW or EMSF?

ECOW is cheaper with a 0.70% expense ratio, compared with 0.79% for EMSF.

Which ETF pays a higher dividend yield, ECOW or EMSF?

ECOW has the higher dividend yield at 4.44%, compared with 1.44% for EMSF.

What is the main difference between ECOW and EMSF?

They also come from different issuers: Pacer and Matthews. Their fees differ too: 0.70% for ECOW and 0.79% for EMSF.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.02 vs 1.36), 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.