FCFY vs. COWZ

Last updated Jun 24, 2026

FCFY (First Trust S&P 500 Diversified Free Cash Flow ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - FCFY is a Large Cap Value Equities fund tracking the S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past year, FCFY returned 12.29% vs 15.76% for COWZ. Their correlation of 0.88 suggests significant overlap in exposure. FCFY charges 0.60%/yr vs 0.49%/yr for COWZ.

Performance

FCFY vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCFY achieves a -2.67% return, which is significantly lower than COWZ's 3.27% return.

FCFY

• 1D: -0.24%
• 1M: -4.10%
• YTD: -2.67%
• 6M: -3.49%
• 1Y: 12.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COWZ

• 1D: 0.59%
• 1M: -3.72%
• YTD: 3.27%
• 6M: 2.69%
• 1Y: 15.76%
• 3Y*: 12.38%
• 5Y*: 9.90%
• 10Y*: —

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

FCFY vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	-2.67%	16.76%	11.28%	11.06%
COWZ Pacer US Cash Cows 100 ETF	3.27%	8.98%	10.64%	5.01%

Correlation

The correlation between FCFY and COWZ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.88

The correlation between FCFY and COWZ has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

FCFY vs. COWZ - Sectors Allocation Comparison

Sectors	FCFY	COWZ
Technology	40.9%	16.0%
Financial Services	10.7%	-
Consumer Cyclical	9.9%	11.7%
Healthcare	9.8%	21.8%
Communication Services	9.2%	10.4%
Industrials	5.6%	8.4%
Consumer Defensive	4.8%	10.9%
Energy	3.4%	16.9%
Utilities	2.2%	-
Real Estate	1.9%	-
Basic Materials	1.6%	3.7%

Return for Risk

FCFY vs. COWZ — Risk / Return Rank

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

FCFY

FCFY Risk / Return Rank: 22
FCFY Sharpe Ratio Rank: 23
FCFY Sortino Ratio Rank: 22
FCFY Omega Ratio Rank: 21
FCFY Calmar Ratio Rank: 23
FCFY Martin Ratio Rank: 23

COWZ

COWZ Risk / Return Rank: 45
COWZ Sharpe Ratio Rank: 41
COWZ Sortino Ratio Rank: 42
COWZ Omega Ratio Rank: 39
COWZ Calmar Ratio Rank: 56
COWZ Martin Ratio Rank: 48

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.

FCFY vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	FCFY	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.39	-0.63
Sortino ratio: Return per unit of downside risk	1.18	2.05	-0.88
Omega ratio: Gain probability vs. loss probability	1.14	1.25	-0.11
Calmar ratio: Return relative to maximum drawdown	1.03	2.66	-1.62
Martin ratio: Return relative to average drawdown	2.67	7.92	-5.25

FCFY vs. COWZ - Sharpe Ratio Comparison

The current FCFY Sharpe Ratio is 0.76, which is lower than the COWZ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FCFY and COWZ, 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

FCFY vs. COWZ - Drawdown Comparison

The maximum FCFY drawdown since its inception was -21.36%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for FCFY and COWZ.

Drawdown Indicators

	FCFY	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-21.36%	-38.63%	+17.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-5.95%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.00%	—
Current Drawdown Current decline from peak	-7.64%	-5.40%	-2.24%
Average Drawdown Average peak-to-trough decline	-3.52%	-4.80%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	2.00%	+2.62%

Volatility

FCFY vs. COWZ - Volatility Comparison

First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) has a higher volatility of 5.46% compared to Pacer US Cash Cows 100 ETF (COWZ) at 3.97%. This indicates that FCFY's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCFY	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	3.97%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	7.53%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.33%	11.38%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	17.64%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	19.90%	-2.38%

FCFY vs. COWZ - Expense Ratio Comparison

FCFY has a 0.60% expense ratio, which is higher than COWZ's 0.49% expense ratio.

Dividends

FCFY vs. COWZ - Dividend Comparison

FCFY's dividend yield for the trailing twelve months is around 1.52%, less than COWZ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
COWZ Pacer US Cash Cows 100 ETF	2.00%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	1.52%	1.48%	1.76%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCFY and COWZ in my portfolio?

FCFY and COWZ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCFY or COWZ?

FCFY has higher volatility (5.46%) compared to COWZ (3.97%). In terms of maximum drawdown, FCFY dropped -21.36% vs COWZ's -38.63%.

Which ETF is better, FCFY or COWZ?

On 1-year performance, COWZ leads with 15.76% vs 12.29% for FCFY. On fees, COWZ is cheaper at 0.49% per year. On volatility, COWZ has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCFY or COWZ?

Over the 1-year period, COWZ has performed better with a 15.76% return vs 12.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCFY or COWZ?

COWZ is cheaper with a 0.49% expense ratio, compared with 0.60% for FCFY.

Which ETF pays a higher dividend yield, FCFY or COWZ?

COWZ has the higher dividend yield at 2.00%, compared with 1.52% for FCFY.

What is the main difference between FCFY and COWZ?

FCFY is categorized as Large Cap Value Equities, while COWZ is Mid Cap Value Equities. FCFY tracks S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: First Trust and Pacer. Their fees differ too: 0.60% for FCFY and 0.49% for COWZ.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (1.39 vs 0.76), 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.