ECOW vs. USOY

Last updated Jun 4, 2026

ECOW (Pacer Emerging Markets Cash Cows 100 ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - ECOW is a Emerging Markets Equities fund tracking the Pacer Emerging Markets Cash Cows 100 Index, while USOY is a Derivative Income fund actively managed by Defiance. ECOW is passively managed, while USOY is actively managed. Over the past year, ECOW returned 35.35% vs 57.29% for USOY. At a -0.00 correlation, their price movements are largely independent. ECOW charges 0.70%/yr vs 1.22%/yr for USOY.

Performance

ECOW vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECOW achieves a 13.10% return, which is significantly lower than USOY's 62.18% return.

ECOW

• 1D: -1.50%
• 1M: -0.42%
• YTD: 13.10%
• 6M: 12.29%
• 1Y: 35.35%
• 3Y*: 19.90%
• 5Y*: 6.12%
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ECOW vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ECOW Pacer Emerging Markets Cash Cows 100 ETF	13.10%	32.50%	-3.17%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between ECOW and USOY is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.00

The correlation between ECOW and USOY shifts across timeframes, from -0.26 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ECOW vs. USOY — Risk / Return Rank

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

ECOW

ECOW Risk / Return Rank: 77
ECOW Sharpe Ratio Rank: 76
ECOW Sortino Ratio Rank: 72
ECOW Omega Ratio Rank: 76
ECOW Calmar Ratio Rank: 81
ECOW Martin Ratio Rank: 79

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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.

ECOW vs. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and Defiance Oil Enhanced Options Income ETF (USOY). 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.

	ECOW	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.89	+0.61
Sortino ratio: Return per unit of downside risk	3.30	2.30	+1.00
Omega ratio: Gain probability vs. loss probability	1.46	1.35	+0.11
Calmar ratio: Return relative to maximum drawdown	4.25	4.03	+0.23
Martin ratio: Return relative to average drawdown	15.39	7.74	+7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ECOW vs. USOY - Sharpe Ratio Comparison

The current ECOW Sharpe Ratio is 2.50, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ECOW and USOY, 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

	ECOW	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.89	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.99	-0.62

Drawdowns

ECOW vs. USOY - Drawdown Comparison

The maximum ECOW drawdown since its inception was -40.27%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for ECOW and USOY.

Drawdown Indicators

	ECOW	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-17.46%	-22.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-14.29%	+5.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.67%	—	—
Current Drawdown Current decline from peak	-3.53%	-5.11%	+1.58%
Average Drawdown Average peak-to-trough decline	-11.07%	-6.47%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	7.42%	-5.12%

Volatility

ECOW vs. USOY - Volatility Comparison

The current volatility for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) is 4.66%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that ECOW experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECOW	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	11.62%	-6.96%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	27.18%	-16.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.19%	30.44%	-16.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	26.13%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	26.13%	-6.00%

ECOW vs. USOY - Expense Ratio Comparison

ECOW has a 0.70% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

ECOW vs. USOY - Dividend Comparison

ECOW's dividend yield for the trailing twelve months is around 4.60%, less than USOY's 54.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.60%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECOW and USOY in my portfolio?

ECOW and USOY have a correlation of -0.26, 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 USOY?

USOY has higher volatility (11.62%) compared to ECOW (4.66%). In terms of maximum drawdown, ECOW dropped -40.27% vs USOY's -17.46%.

Which ETF is better, ECOW or USOY?

On 1-year performance, USOY leads with 57.29% vs 35.35% for ECOW. On fees, ECOW is cheaper at 0.70% per year. On volatility, ECOW has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECOW or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 35.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECOW or USOY?

ECOW is cheaper with a 0.70% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 4.60% for ECOW.

What is the main difference between ECOW and USOY?

ECOW is categorized as Emerging Markets Equities, while USOY is Derivative Income. They also come from different issuers: Pacer and Defiance. Their fees differ too: 0.70% for ECOW and 1.22% for USOY.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.50 vs 1.89), 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.