ESGN vs. ICOW

Last updated Jun 4, 2026

ESGN (Columbia Sustainable International Equity Income ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - ESGN tracks the MSCI Beta ADV Sust Intl Equity Income 100 while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, ESGN returned 11.72%/yr vs 10.06%/yr for ICOW. Their correlation of 0.82 suggests significant overlap in exposure. ESGN charges 0.45%/yr vs 0.65%/yr for ICOW.

Performance

ESGN vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Sustainable International Equity Income ETF (ESGN) 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, ESGN achieves a 7.02% return, which is significantly lower than ICOW's 17.35% return.

ESGN

• 1D: -0.99%
• 1M: 1.18%
• YTD: 7.02%
• 6M: 10.22%
• 1Y: 25.77%
• 3Y*: 19.65%
• 5Y*: 11.72%
• 10Y*: —

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)

ESGN vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESGN Columbia Sustainable International Equity Income ETF	7.02%	39.85%	6.02%	20.88%	-5.95%	10.18%	-0.52%	15.83%	-18.30%	9.50%
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 ESGN and ICOW is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.82

The correlation between ESGN and ICOW has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

ESGN vs. ICOW - Sectors Allocation Comparison

Sectors	ESGN	ICOW
Industrials	15.8%	28.7%
Financial Services	15.4%	-
Energy	13.0%	23.7%
Utilities	9.3%	-
Technology	7.0%	6.2%
Consumer Cyclical	6.6%	11.6%
Healthcare	3.9%	7.1%
Consumer Defensive	3.5%	8.5%
Basic Materials	1.9%	5.4%
Communication Services	1.2%	8.9%
Real Estate	0.2%	-

Return for Risk

ESGN vs. ICOW — Risk / Return Rank

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

ESGN

ESGN Risk / Return Rank: 57
ESGN Sharpe Ratio Rank: 57
ESGN Sortino Ratio Rank: 56
ESGN Omega Ratio Rank: 57
ESGN Calmar Ratio Rank: 55
ESGN Martin Ratio Rank: 58

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.

ESGN vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Sustainable International Equity Income ETF (ESGN) 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.

	ESGN	ICOW	Difference
Sharpe ratio Return per unit of total volatility	1.93	2.87	-0.94
Sortino ratio Return per unit of downside risk	2.67	3.72	-1.05
Omega ratio Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio Return relative to maximum drawdown	2.71	4.91	-2.20
Martin ratio Return relative to average drawdown	9.97	17.54	-7.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESGN vs. ICOW - Sharpe Ratio Comparison

The current ESGN Sharpe Ratio is 1.93, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of ESGN 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

	ESGN	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.87	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.61	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.55	+0.05

Drawdowns

ESGN vs. ICOW - Drawdown Comparison

The maximum ESGN drawdown since its inception was -41.71%, roughly equal to the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for ESGN and ICOW.

Drawdown Indicators

	ESGN	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-41.71%	-43.49%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-8.02%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.38%	-14.81%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-28.48%	+3.97%
Current Drawdown Current decline from peak	-3.77%	-0.64%	-3.13%
Average Drawdown Average peak-to-trough decline	-7.06%	-7.59%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.24%	+0.35%

Volatility

ESGN vs. ICOW - Volatility Comparison

The current volatility for Columbia Sustainable International Equity Income ETF (ESGN) is 3.92%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 4.41%. This indicates that ESGN experiences smaller price fluctuations and is considered to be less risky than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGN	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	4.41%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	10.62%	10.59%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	13.73%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	16.64%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	18.47%	-2.16%

ESGN vs. ICOW - Expense Ratio Comparison

ESGN has a 0.45% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

ESGN vs. ICOW - Dividend Comparison

ESGN's dividend yield for the trailing twelve months is around 9.22%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGN Columbia Sustainable International Equity Income ETF	9.22%	9.76%	3.11%	3.27%	3.57%	3.43%	2.64%	3.34%	7.25%	4.63%	2.52%
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%

Frequently Asked Questions

Can I hold both ESGN and ICOW in my portfolio?

ESGN and ICOW have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESGN or ICOW?

ICOW has higher volatility (4.41%) compared to ESGN (3.92%). In terms of maximum drawdown, ESGN dropped -41.71% vs ICOW's -43.49%.

Which ETF is better, ESGN or ICOW?

On 5-year performance, ESGN leads with 11.72% vs 10.06% for ICOW. On fees, ESGN is cheaper at 0.45% per year. On volatility, ESGN has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGN or ICOW?

Over the 5-year period, ESGN has performed better with a 11.72% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGN or ICOW?

ESGN is cheaper with a 0.45% expense ratio, compared with 0.65% for ICOW.

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

ESGN has the higher dividend yield at 9.22%, compared with 2.12% for ICOW.

What is the main difference between ESGN and ICOW?

ESGN tracks MSCI Beta ADV Sust Intl Equity Income 100, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Ameriprise Financial and Pacer. Their fees differ too: 0.45% for ESGN and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.93), 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.