FEIG vs. MILK

Last updated Jun 24, 2026

FEIG (FlexShares ESG & Climate Investment Grade Corporate Core Index Fund) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - FEIG tracks the Northern Trust ESG & Climate Investment Grade U.S. Corporate Core TR while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, FEIG returned 4.85% vs 7.66% for MILK. Their correlation of 0.93 suggests significant overlap in exposure. FEIG charges 0.12%/yr vs 0.49%/yr for MILK.

Performance

FEIG vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (FEIG) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEIG achieves a 0.68% return, which is significantly lower than MILK's 2.49% return.

FEIG

• 1D: 0.16%
• 1M: 0.73%
• YTD: 0.68%
• 6M: 0.82%
• 1Y: 4.85%
• 3Y*: 4.96%
• 5Y*: —
• 10Y*: —

MILK

• 1D: 0.11%
• 1M: 0.97%
• YTD: 2.49%
• 6M: 2.57%
• 1Y: 7.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEIG vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEIG FlexShares ESG & Climate Investment Grade Corporate Core Index Fund	0.68%	7.31%	-1.13%
MILK Pacer US Cash Cows Bond ETF	2.49%	7.49%	-1.49%

Correlation

The correlation between FEIG and MILK is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.93

The correlation between FEIG and MILK has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

FEIG vs. MILK — Risk / Return Rank

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

FEIG

FEIG Risk / Return Rank: 34
FEIG Sharpe Ratio Rank: 33
FEIG Sortino Ratio Rank: 33
FEIG Omega Ratio Rank: 30
FEIG Calmar Ratio Rank: 37
FEIG Martin Ratio Rank: 36

MILK

MILK Risk / Return Rank: 46
MILK Sharpe Ratio Rank: 47
MILK Sortino Ratio Rank: 47
MILK Omega Ratio Rank: 45
MILK Calmar Ratio Rank: 45
MILK Martin Ratio Rank: 47

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.

FEIG vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (FEIG) and Pacer US Cash Cows Bond ETF (MILK). 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.

	FEIG	MILK	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.50	-0.38
Sortino ratio: Return per unit of downside risk	1.65	2.17	-0.52
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.74	2.05	-0.32
Martin ratio: Return relative to average drawdown	5.15	7.38	-2.23

FEIG vs. MILK - Sharpe Ratio Comparison

The current FEIG Sharpe Ratio is 1.11, which is comparable to the MILK Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FEIG and MILK, 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

FEIG vs. MILK - Drawdown Comparison

The maximum FEIG drawdown since its inception was -22.26%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for FEIG and MILK.

Drawdown Indicators

	FEIG	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-22.26%	-6.16%	-16.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-3.75%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-6.67%	—	—
Current Drawdown Current decline from peak	-1.36%	-0.23%	-1.13%
Average Drawdown Average peak-to-trough decline	-9.42%	-1.13%	-8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.04%	-0.10%

Volatility

FEIG vs. MILK - Volatility Comparison

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (FEIG) and Pacer US Cash Cows Bond ETF (MILK) have volatilities of 1.20% and 1.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEIG	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.26%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	3.80%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	5.15%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.37%	6.69%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.37%	6.69%	+0.68%

FEIG vs. MILK - Expense Ratio Comparison

FEIG has a 0.12% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

FEIG vs. MILK - Dividend Comparison

FEIG's dividend yield for the trailing twelve months is around 4.74%, less than MILK's 7.02% yield.

Position	TTM	2025	2024	2023	2022	2021
FEIG FlexShares ESG & Climate Investment Grade Corporate Core Index Fund	4.74%	4.84%	4.65%	4.21%	2.99%	0.55%
MILK Pacer US Cash Cows Bond ETF	7.02%	6.97%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEIG and MILK in my portfolio?

With a correlation of 0.94, FEIG and MILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEIG or MILK?

MILK has higher volatility (1.26%) compared to FEIG (1.20%). In terms of maximum drawdown, FEIG dropped -22.26% vs MILK's -6.16%.

Which ETF is better, FEIG or MILK?

On 1-year performance, MILK leads with 7.66% vs 4.85% for FEIG. On fees, FEIG is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEIG or MILK?

Over the 1-year period, MILK has performed better with a 7.66% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEIG or MILK?

FEIG is cheaper with a 0.12% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, FEIG or MILK?

MILK has the higher dividend yield at 7.02%, compared with 4.74% for FEIG.

What is the main difference between FEIG and MILK?

FEIG tracks Northern Trust ESG & Climate Investment Grade U.S. Corporate Core TR, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: FlexShares and Pacer. Their fees differ too: 0.12% for FEIG and 0.49% for MILK.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.50 vs 1.11), 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.