FCVT vs. COWZ

Last updated Jun 4, 2026

FCVT (First Trust SSI Strategic Convertible Securities ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - FCVT is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. FCVT is actively managed, while COWZ is passively managed. Over the past 5 years, FCVT returned 7.58%/yr vs 10.57%/yr for COWZ. A 0.58 correlation means they provide meaningful diversification when combined. FCVT charges 0.95%/yr vs 0.49%/yr for COWZ.

Performance

FCVT vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SSI Strategic Convertible Securities ETF (FCVT) 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, FCVT achieves a 25.61% return, which is significantly higher than COWZ's 8.18% return.

FCVT

• 1D: -1.20%
• 1M: 7.08%
• YTD: 25.61%
• 6M: 25.00%
• 1Y: 47.07%
• 3Y*: 21.35%
• 5Y*: 7.58%
• 10Y*: 12.36%

COWZ

• 1D: -0.34%
• 1M: 2.61%
• YTD: 8.18%
• 6M: 9.03%
• 1Y: 22.23%
• 3Y*: 14.44%
• 5Y*: 10.57%
• 10Y*: —

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

FCVT vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVT First Trust SSI Strategic Convertible Securities ETF	25.61%	19.60%	11.92%	7.12%	-20.88%	4.23%	51.02%	22.30%	-2.28%	12.66%
COWZ Pacer US Cash Cows 100 ETF	8.18%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between FCVT and COWZ is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.58

Over the past year, the correlation between FCVT and COWZ has dropped to 0.35 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

FCVT vs. COWZ - Sectors Allocation Comparison

Sectors	FCVT	COWZ
Utilities	1.3%	-
Consumer Cyclical	0.7%	11.7%
Financial Services	0.7%	-
Healthcare	0.7%	21.8%
Basic Materials	-	3.7%
Communication Services	-	10.4%
Consumer Defensive	-	10.9%
Energy	-	16.9%
Industrials	-	8.4%
Real Estate	-	-
Technology	-	16.0%

Return for Risk

FCVT vs. COWZ — Risk / Return Rank

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

FCVT

FCVT Risk / Return Rank: 87
FCVT Sharpe Ratio Rank: 88
FCVT Sortino Ratio Rank: 83
FCVT Omega Ratio Rank: 82
FCVT Calmar Ratio Rank: 90
FCVT Martin Ratio Rank: 90

COWZ

COWZ Risk / Return Rank: 65
COWZ Sharpe Ratio Rank: 59
COWZ Sortino Ratio Rank: 62
COWZ Omega Ratio Rank: 57
COWZ Calmar Ratio Rank: 83
COWZ Martin Ratio Rank: 65

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.

FCVT vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) 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.

	FCVT	COWZ	Difference
Sharpe ratio Return per unit of total volatility	2.97	2.02	+0.95
Sortino ratio Return per unit of downside risk	3.76	2.98	+0.78
Omega ratio Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio Return relative to maximum drawdown	5.58	4.46	+1.12
Martin ratio Return relative to average drawdown	20.90	12.19	+8.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCVT vs. COWZ - Sharpe Ratio Comparison

The current FCVT Sharpe Ratio is 2.97, which is higher than the COWZ Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FCVT 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.

Sharpe Ratios by Period

	FCVT	COWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	2.02	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.60	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.65	+0.03

Drawdowns

FCVT vs. COWZ - Drawdown Comparison

The maximum FCVT drawdown since its inception was -31.79%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for FCVT and COWZ.

Drawdown Indicators

	FCVT	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.79%	-38.63%	+6.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-5.00%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-22.00%	+6.94%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	-22.00%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	—	—
Current Drawdown Current decline from peak	-1.20%	-0.91%	-0.29%
Average Drawdown Average peak-to-trough decline	-10.36%	-4.81%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.83%	+0.43%

Volatility

FCVT vs. COWZ - Volatility Comparison

First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 6.07% compared to Pacer US Cash Cows 100 ETF (COWZ) at 2.56%. This indicates that FCVT'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

	FCVT	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	2.56%	+3.51%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	7.12%	+5.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	11.13%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	17.63%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.85%	19.93%	-5.08%

FCVT vs. COWZ - Expense Ratio Comparison

FCVT has a 0.95% expense ratio, which is higher than COWZ's 0.49% expense ratio.

Dividends

FCVT vs. COWZ - Dividend Comparison

FCVT's dividend yield for the trailing twelve months is around 1.19%, less than COWZ's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	1.99%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
FCVT First Trust SSI Strategic Convertible Securities ETF	1.19%	1.98%	1.30%	1.76%	3.71%	23.07%	1.72%	1.60%	1.85%	2.18%	1.88%	0.59%

Frequently Asked Questions

Can I hold both FCVT and COWZ in my portfolio?

FCVT and COWZ have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVT or COWZ?

FCVT has higher volatility (6.07%) compared to COWZ (2.56%). In terms of maximum drawdown, FCVT dropped -31.79% vs COWZ's -38.63%.

Which ETF is better, FCVT or COWZ?

On 5-year performance, COWZ leads with 10.57% vs 7.58% for FCVT. On fees, COWZ is cheaper at 0.49% per year. On volatility, COWZ has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCVT or COWZ?

Over the 5-year period, COWZ has performed better with a 10.57% return vs 7.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCVT or COWZ?

COWZ is cheaper with a 0.49% expense ratio, compared with 0.95% for FCVT.

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

COWZ has the higher dividend yield at 1.99%, compared with 1.19% for FCVT.

What is the main difference between FCVT and COWZ?

FCVT is categorized as Preferred Stock/Convertible Bonds, while COWZ is Mid Cap Value Equities. They also come from different issuers: First Trust and Pacer. Their fees differ too: 0.95% for FCVT and 0.49% for COWZ.

Which has better risk-adjusted returns?

FCVT currently has the higher Sharpe Ratio (2.97 vs 2.02), 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.