FID vs. ICOW

Last updated Jun 4, 2026

FID (First Trust S&P International Dividend Aristocrats ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - FID tracks the S&P International Dividend Aristocrats Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, FID returned 7.74%/yr vs 10.06%/yr for ICOW. A 0.76 correlation means they provide meaningful diversification when combined. FID charges 0.60%/yr vs 0.65%/yr for ICOW.

Performance

FID vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P International Dividend Aristocrats ETF (FID) 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, FID achieves a 8.56% return, which is significantly lower than ICOW's 17.35% return.

FID

• 1D: -1.11%
• 1M: 2.56%
• YTD: 8.56%
• 6M: 10.95%
• 1Y: 23.28%
• 3Y*: 17.43%
• 5Y*: 7.74%
• 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)

FID vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FID First Trust S&P International Dividend Aristocrats ETF	8.56%	32.07%	5.42%	9.92%	-9.69%	12.90%	-7.56%	20.82%	-8.00%
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%	-12.66%

Correlation

The correlation between FID and ICOW is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 30, 2018	0.76

The correlation between FID and ICOW has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

FID vs. ICOW - Sectors Allocation Comparison

Sectors	FID	ICOW
Financial Services	20.8%	-
Utilities	17.4%	-
Industrials	13.5%	28.7%
Communication Services	11.5%	8.9%
Real Estate	9.4%	-
Energy	8.0%	23.7%
Basic Materials	4.3%	5.4%
Technology	4.1%	6.2%
Consumer Cyclical	4.0%	11.6%
Consumer Defensive	3.7%	8.5%
Healthcare	3.5%	7.1%

Return for Risk

FID vs. ICOW — Risk / Return Rank

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

FID

FID Risk / Return Rank: 62
FID Sharpe Ratio Rank: 69
FID Sortino Ratio Rank: 71
FID Omega Ratio Rank: 67
FID Calmar Ratio Rank: 53
FID Martin Ratio Rank: 53

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.

FID vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P International Dividend Aristocrats ETF (FID) 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.

	FID	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.87	-0.57
Sortino ratio: Return per unit of downside risk	3.26	3.72	-0.46
Omega ratio: Gain probability vs. loss probability	1.41	1.50	-0.10
Calmar ratio: Return relative to maximum drawdown	2.62	4.91	-2.29
Martin ratio: Return relative to average drawdown	9.14	17.54	-8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FID vs. ICOW - Sharpe Ratio Comparison

The current FID Sharpe Ratio is 2.30, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FID 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

	FID	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.87	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.61	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.55	-0.16

Drawdowns

FID vs. ICOW - Drawdown Comparison

The maximum FID drawdown since its inception was -39.79%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for FID and ICOW.

Drawdown Indicators

	FID	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-39.79%	-43.49%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.02%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-10.97%	-14.81%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.13%	-28.48%	-0.65%
Current Drawdown Current decline from peak	-1.11%	-0.64%	-0.47%
Average Drawdown Average peak-to-trough decline	-8.47%	-7.59%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.24%	+0.31%

Volatility

FID vs. ICOW - Volatility Comparison

The current volatility for First Trust S&P International Dividend Aristocrats ETF (FID) is 3.00%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 4.41%. This indicates that FID 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

	FID	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	4.41%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	10.59%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	13.73%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	16.64%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.47%	+0.49%

FID vs. ICOW - Expense Ratio Comparison

FID has a 0.60% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

FID vs. ICOW - Dividend Comparison

FID's dividend yield for the trailing twelve months is around 4.02%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FID First Trust S&P International Dividend Aristocrats ETF	4.02%	4.30%	4.31%	4.19%	4.22%	3.76%	3.91%	3.70%	1.74%	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 FID and ICOW in my portfolio?

FID and ICOW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FID or ICOW?

ICOW has higher volatility (4.41%) compared to FID (3.00%). In terms of maximum drawdown, FID dropped -39.79% vs ICOW's -43.49%.

Which ETF is better, FID or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 7.74% for FID. On fees, FID is cheaper at 0.60% per year. On volatility, FID has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FID or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FID or ICOW?

FID is cheaper with a 0.60% expense ratio, compared with 0.65% for ICOW.

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

FID has the higher dividend yield at 4.02%, compared with 2.12% for ICOW.

What is the main difference between FID and ICOW?

FID tracks S&P International Dividend Aristocrats Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: First Trust and Pacer. Their fees differ too: 0.60% for FID and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.30), 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.