FEOE vs. ICOW

Last updated Jun 4, 2026

FEOE (First Eagle Overseas Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. FEOE is actively managed, while ICOW is passively managed. Over the past year, FEOE returned 32.06% vs 39.15% for ICOW. Their correlation of 0.81 suggests significant overlap in exposure. FEOE charges 0.50%/yr vs 0.65%/yr for ICOW.

Performance

FEOE vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Overseas Equity ETF (FEOE) 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, FEOE achieves a 11.79% return, which is significantly lower than ICOW's 17.35% return.

FEOE

• 1D: -1.24%
• 1M: 4.06%
• YTD: 11.79%
• 6M: 14.94%
• 1Y: 32.06%
• 3Y*: —
• 5Y*: —
• 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)

FEOE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEOE First Eagle Overseas Equity ETF	11.79%	41.33%	-0.42%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	1.21%

Correlation

The correlation between FEOE and ICOW is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.81

The correlation between FEOE and ICOW has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

FEOE vs. ICOW - Sectors Allocation Comparison

Sectors	FEOE	ICOW
Consumer Defensive	21.4%	8.5%
Industrials	15.3%	28.7%
Financial Services	13.4%	-
Technology	12.7%	6.2%
Consumer Cyclical	11.7%	11.6%
Basic Materials	10.4%	5.4%
Energy	8.0%	23.7%
Healthcare	3.8%	7.1%
Real Estate	2.6%	-
Communication Services	0.7%	8.9%
Utilities	-	-

Return for Risk

FEOE vs. ICOW — Risk / Return Rank

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

FEOE

FEOE Risk / Return Rank: 61
FEOE Sharpe Ratio Rank: 68
FEOE Sortino Ratio Rank: 63
FEOE Omega Ratio Rank: 67
FEOE Calmar Ratio Rank: 54
FEOE Martin Ratio Rank: 54

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.

FEOE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Overseas Equity ETF (FEOE) 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.

	FEOE	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.87	-0.63
Sortino ratio: Return per unit of downside risk	2.91	3.72	-0.81
Omega ratio: Gain probability vs. loss probability	1.40	1.50	-0.10
Calmar ratio: Return relative to maximum drawdown	2.62	4.91	-2.28
Martin ratio: Return relative to average drawdown	9.34	17.54	-8.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEOE vs. ICOW - Sharpe Ratio Comparison

The current FEOE Sharpe Ratio is 2.24, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FEOE 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

	FEOE	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.87	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.38	0.55	+1.83

Drawdowns

FEOE vs. ICOW - Drawdown Comparison

The maximum FEOE drawdown since its inception was -12.27%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for FEOE and ICOW.

Drawdown Indicators

	FEOE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-43.49%	+31.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-8.02%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-2.86%	-0.64%	-2.22%
Average Drawdown Average peak-to-trough decline	-1.78%	-7.59%	+5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	2.24%	+1.20%

Volatility

FEOE vs. ICOW - Volatility Comparison

First Eagle Overseas Equity ETF (FEOE) has a higher volatility of 4.68% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that FEOE's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEOE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.41%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	10.59%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	13.73%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	16.64%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	18.47%	-2.84%

FEOE vs. ICOW - Expense Ratio Comparison

FEOE has a 0.50% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

FEOE vs. ICOW - Dividend Comparison

FEOE's dividend yield for the trailing twelve months is around 1.37%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEOE First Eagle Overseas Equity ETF	1.37%	1.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both FEOE and ICOW in my portfolio?

FEOE and ICOW have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEOE or ICOW?

FEOE has higher volatility (4.68%) compared to ICOW (4.41%). In terms of maximum drawdown, FEOE dropped -12.27% vs ICOW's -43.49%.

Which ETF is better, FEOE or ICOW?

On 1-year performance, ICOW leads with 39.15% vs 32.06% for FEOE. On fees, FEOE is cheaper at 0.50% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEOE or ICOW?

Over the 1-year period, ICOW has performed better with a 39.15% return vs 32.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEOE or ICOW?

FEOE is cheaper with a 0.50% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.12%, compared with 1.37% for FEOE.

What is the main difference between FEOE and ICOW?

They also come from different issuers: First Eagle and Pacer. Their fees differ too: 0.50% for FEOE and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.24), 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.