FLOW vs. ICOW

Last updated Jun 24, 2026

FLOW (SPX FLOW, Inc.) is a stock, while ICOW (Pacer Developed Markets International Cash Cows 100 ETF) is Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Over the past year, FLOW returned 22.78% vs 27.98% for ICOW. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

FLOW vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPX FLOW, Inc. (FLOW) 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, FLOW achieves a 4.80% return, which is significantly lower than ICOW's 8.64% return.

FLOW

• 1D: 0.30%
• 1M: -1.58%
• YTD: 4.80%
• 6M: 4.44%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

FLOW vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLOW SPX FLOW, Inc.	4.80%	17.52%	13.03%	9.38%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-2.59%	6.50%

Correlation

The correlation between FLOW and ICOW is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jul 12, 2023	0.59

The correlation between FLOW and ICOW has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

Return for Risk

FLOW vs. ICOW — Risk / Return Rank

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

FLOW

FLOW Risk / Return Rank: 82
FLOW Sharpe Ratio Rank: 82
FLOW Sortino Ratio Rank: 80
FLOW Omega Ratio Rank: 77
FLOW Calmar Ratio Rank: 86
FLOW Martin Ratio Rank: 87

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

FLOW vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPX FLOW, Inc. (FLOW) 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.

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.

	FLOW	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.91	-0.42
Sortino ratio: Return per unit of downside risk	2.22	2.52	-0.31
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	3.46	3.51	-0.05
Martin ratio: Return relative to average drawdown	9.35	11.46	-2.11

FLOW vs. ICOW - Sharpe Ratio Comparison

The current FLOW Sharpe Ratio is 1.48, which is comparable to the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FLOW 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.

Drawdowns

FLOW vs. ICOW - Drawdown Comparison

The maximum FLOW drawdown since its inception was -21.64%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for FLOW and ICOW.

Drawdown Indicators

	FLOW	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-43.49%	+21.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.61%	-8.02%	+1.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-5.92%	-8.01%	+2.09%
Average Drawdown Average peak-to-trough decline	-3.14%	-7.56%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.45%	-0.01%

Volatility

FLOW vs. ICOW - Volatility Comparison

The current volatility for SPX FLOW, Inc. (FLOW) is 5.06%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 5.85%. This indicates that FLOW 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

	FLOW	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.85%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	11.90%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	14.75%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	16.77%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	18.51%	-1.56%

Dividends

FLOW vs. ICOW - Dividend Comparison

FLOW's dividend yield for the trailing twelve months is around 2.13%, less than ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLOW SPX FLOW, Inc.	2.13%	2.15%	2.10%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	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 FLOW and ICOW in my portfolio?

FLOW and ICOW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLOW or ICOW?

ICOW has higher volatility (5.85%) compared to FLOW (5.06%). In terms of maximum drawdown, FLOW dropped -21.64% vs ICOW's -43.49%.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.91 vs 1.48), 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.