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EEM vs. ECOW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. ECOW

Last updated Aug 6, 2026
Documentation

EEM (iShares MSCI Emerging Markets ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - EEM tracks the MSCI Emerging Markets Index (Net) while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, EEM returned 7.31%/yr vs 7.13%/yr for ECOW. Their 0.71 correlation means they have sometimes moved together and sometimes differently. EEM charges 0.72%/yr vs 0.70%/yr for ECOW.

Performance

EEM vs. ECOW - Performance Comparison

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

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Returns By Period

In the year-to-date period, EEM achieves a 20.75% return, which is significantly higher than ECOW's 13.45% return.

EEM

1D
-0.42%
1M
-2.74%
6M
12.35%
YTD
20.75%
1Y
37.20%
3Y*
20.30%
5Y*
7.31%
10Y*
8.37%
ALL TIME*
9.98%

ECOW

1D
-0.17%
1M
1.77%
6M
4.22%
YTD
13.45%
1Y
28.00%
3Y*
17.40%
5Y*
7.13%
10Y*
—
ALL TIME*
7.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ECOW

Pacer Emerging Markets Cash Cows 100 ETF
$523.36K$605.45K$1.33M

EEM

iShares MSCI Emerging Markets ETF
$1.66B$1.55B$1.89B

EEM vs. ECOW - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EEM
iShares MSCI Emerging Markets ETF		20.75%33.98%6.49%8.95%-20.56%-3.63%17.02%4.43%
ECOW
Pacer Emerging Markets Cash Cows 100 ETF		13.45%32.50%3.17%15.79%-19.28%7.47%-2.51%10.37%

Correlation

The correlation between EEM and ECOW is 0.73, 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.

0.73

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (All Time)
Calculated using the full available price history since May 6, 2019

0.71

The correlation between EEM and ECOW has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

EEM vs. ECOW - Sectors Allocation Comparison

Sectors
EEM
ECOW

Technology

45.9%
4.2%

Financial Services

18.2%

-

Consumer Cyclical

7.4%
13.9%

Industrials

6.2%
10.7%

Communication Services

6.0%
15.2%

Basic Materials

5.4%
11.2%

Energy

3.2%
10.4%

Consumer Defensive

2.5%
11.6%

Healthcare

2.5%
3.7%

Utilities

1.8%
6.9%

Real Estate

1.0%

-

Technology

EEM
45.9%
ECOW
4.2%

Financial Services

EEM
18.2%
ECOW

-

Consumer Cyclical

EEM
7.4%
ECOW
13.9%

Industrials

EEM
6.2%
ECOW
10.7%

Communication Services

EEM
6.0%
ECOW
15.2%

Basic Materials

EEM
5.4%
ECOW
11.2%

Energy

EEM
3.2%
ECOW
10.4%

Consumer Defensive

EEM
2.5%
ECOW
11.6%

Healthcare

EEM
2.5%
ECOW
3.7%

Utilities

EEM
1.8%
ECOW
6.9%

Real Estate

EEM
1.0%
ECOW

-

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets ETF

Pacer Emerging Markets Cash Cows 100 ETF

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. VXUSEEM vs. IS3N.DEEEM vs. EEMSEEM vs. SPEM
Often compared with ECOW:
ECOW vs. EYLDECOW vs. EEMSECOW vs. FEDDXECOW vs. DFEVXECOW vs. MOTIECOW vs. DEMECOW vs. COWZ

Return for Risk

EEM vs. ECOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EEM
EEM Risk / Return Rank: 5757
Overall Rank
EEM Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 5050
Sortino Ratio Rank
EEM Omega Ratio Rank: 5757
Omega Ratio Rank
EEM Calmar Ratio Rank: 6666
Calmar Ratio Rank
EEM Martin Ratio Rank: 5959
Martin Ratio Rank
ECOW
ECOW Risk / Return Rank: 7373
Overall Rank
ECOW Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ECOW Sortino Ratio Rank: 7171
Sortino Ratio Rank
ECOW Omega Ratio Rank: 7474
Omega Ratio Rank
ECOW Calmar Ratio Rank: 8282
Calmar Ratio Rank
ECOW Martin Ratio Rank: 6565
Martin Ratio Rank
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.

EEM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

EEMECOWDifference
Sharpe ratioReturn per unit of total volatility
1.52
1.91

-0.39

Sortino ratioReturn per unit of downside risk
2.05
2.61

-0.57

Omega ratioGain probability vs. loss probability

1.29

1.35

-0.06

Calmar ratioReturn relative to maximum drawdown

2.62

3.37

-0.75

Martin ratioReturn relative to average drawdown

7.91

8.81

-0.90

EEM vs. ECOW - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 1.52, which is comparable to the ECOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of EEM and ECOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEM vs. ECOW - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, which is greater than ECOW's maximum drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for EEM and ECOW.

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Drawdown Indicators

EEMECOWDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-40.27%

-26.16%

Max Drawdown (1Y)

Largest decline over 1 year

-14.24%

-8.35%

-5.89%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-18.77%

+1.48%

Max Drawdown (5Y)

Largest decline over 5 years

-35.01%

-33.30%

-1.71%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

—

—

Current Drawdown

Current decline from peak

-7.71%

-3.23%

-4.48%

Average Drawdown

Average peak-to-trough decline

-15.95%

-10.92%

-5.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.71%

3.18%

+1.53%

Volatility

EEM vs. ECOW - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 8.53% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 2.92%. This indicates that EEM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMECOWDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.53%

2.92%

+5.61%

Volatility (6M)

Calculated over the trailing 6-month period

22.42%

11.80%

+10.62%

Volatility (1Y)

Calculated over the trailing 1-year period

24.55%

14.75%

+9.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.87%

17.73%

+2.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.81%

20.02%

+0.79%

EEM vs. ECOW - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is higher than ECOW's 0.70% expense ratio.

Dividends

EEM vs. ECOW - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.70%, less than ECOW's 4.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ECOW
Pacer Emerging Markets Cash Cows 100 ETF		4.42%5.20%7.35%5.46%7.50%4.39%3.35%8.08%0.00%0.00%0.00%0.00%
EEM
iShares MSCI Emerging Markets ETF		1.70%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%

Frequently Asked Questions

EEM and ECOW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (8.53%) compared to ECOW (2.92%). In terms of maximum drawdown, EEM dropped -66.43% vs ECOW's -40.27%.

On 5-year performance, EEM leads with 7.31% vs 7.13% for ECOW. On fees, ECOW is cheaper at 0.70% per year. On volatility, ECOW has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EEM has performed better with a 7.31% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ECOW is cheaper with a 0.70% expense ratio, compared with 0.72% for EEM.

ECOW has the higher dividend yield at 4.42%, compared with 1.70% for EEM.

EEM tracks MSCI Emerging Markets Index (Net), while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.72% for EEM and 0.70% for ECOW.

ECOW currently has the higher Sharpe Ratio (1.91 vs 1.52), 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.

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