FNDE vs. ECOW

Last updated Jul 17, 2026

FNDE (Schwab Fundamental Emerging Markets Equity ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - FNDE tracks the RAFI Fundamental High Liquidity Emerging Markets Index (Net) while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, FNDE returned 10.04%/yr vs 7.05%/yr for ECOW. A 0.76 correlation means they provide meaningful diversification when combined. FNDE charges 0.39%/yr vs 0.70%/yr for ECOW.

Performance

FNDE vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FNDE having a 12.50% return and ECOW slightly higher at 12.74%.

FNDE

• 1D: -0.71%
• 1M: -1.32%
• 6M: 6.67%
• YTD: 12.50%
• 1Y: 25.46%
• 3Y*: 18.84%
• 5Y*: 10.04%
• 10Y*: 9.85%

ECOW

• 1D: 0.70%
• 1M: 1.60%
• 6M: 8.22%
• YTD: 12.74%
• 1Y: 30.43%
• 3Y*: 17.04%
• 5Y*: 7.05%
• 10Y*: —

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

FNDE vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNDE Schwab Fundamental Emerging Markets Equity ETF	12.50%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	8.42%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.74%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between FNDE and ECOW 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 (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 6, 2019	0.76

The correlation between FNDE and ECOW has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

FNDE vs. ECOW - Sectors Allocation Comparison

Sectors	FNDE	ECOW
Technology	22.7%	6.8%
Financial Services	22.4%	-
Basic Materials	10.7%	11.1%
Energy	10.5%	8.6%
Consumer Cyclical	8.4%	14.7%
Communication Services	5.5%	12.8%
Industrials	3.7%	9.3%
Consumer Defensive	3.0%	13.1%
Utilities	2.1%	7.2%
Real Estate	1.4%	-
Healthcare	1.1%	3.6%

Return for Risk

FNDE vs. ECOW — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 59
FNDE Sharpe Ratio Rank: 59
FNDE Sortino Ratio Rank: 56
FNDE Omega Ratio Rank: 59
FNDE Calmar Ratio Rank: 63
FNDE Martin Ratio Rank: 58

ECOW

ECOW Risk / Return Rank: 78
ECOW Sharpe Ratio Rank: 81
ECOW Sortino Ratio Rank: 78
ECOW Omega Ratio Rank: 79
ECOW Calmar Ratio Rank: 85
ECOW Martin Ratio Rank: 70

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.

FNDE vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

	FNDE	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.06	-0.46
Sortino ratio: Return per unit of downside risk	2.17	2.79	-0.62
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.50	3.66	-1.16
Martin ratio: Return relative to average drawdown	8.09	9.98	-1.89

FNDE vs. ECOW - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 1.60, which is comparable to the ECOW Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FNDE and ECOW, 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

FNDE vs. ECOW - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, which is greater than ECOW's maximum drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for FNDE and ECOW.

Drawdown Indicators

	FNDE	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-40.27%	-3.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-8.35%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-18.77%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-33.30%	+3.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	—	—
Current Drawdown Current decline from peak	-4.21%	-3.83%	-0.38%
Average Drawdown Average peak-to-trough decline	-11.64%	-10.98%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.06%	+0.10%

Volatility

FNDE vs. ECOW - Volatility Comparison

Schwab Fundamental Emerging Markets Equity ETF (FNDE) has a higher volatility of 4.97% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 4.23%. This indicates that FNDE's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDE	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.23%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	12.07%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	14.85%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	17.78%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	20.08%	-0.95%

FNDE vs. ECOW - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

FNDE vs. ECOW - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.68%, less than ECOW's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.45%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%	0.00%	0.00%
FNDE Schwab Fundamental Emerging Markets Equity ETF	3.68%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%

Frequently Asked Questions

Can I hold both FNDE and ECOW in my portfolio?

FNDE and ECOW 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, FNDE or ECOW?

FNDE has higher volatility (4.97%) compared to ECOW (4.23%). In terms of maximum drawdown, FNDE dropped -43.55% vs ECOW's -40.27%.

Which ETF is better, FNDE or ECOW?

On 5-year performance, FNDE leads with 10.04% vs 7.05% for ECOW. On fees, FNDE is cheaper at 0.39% per year. On volatility, ECOW has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or ECOW?

Over the 5-year period, FNDE has performed better with a 10.04% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or ECOW?

FNDE is cheaper with a 0.39% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, FNDE or ECOW?

ECOW has the higher dividend yield at 4.45%, compared with 3.68% for FNDE.

What is the main difference between FNDE and ECOW?

FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net), while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: Charles Schwab and Pacer. Their fees differ too: 0.39% for FNDE and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.06 vs 1.60), 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.