FOWF vs. ARMY

Last updated Aug 2, 2026

FOWF (Pacer Solactive Whitney Future of Warfare ETF) and ARMY (Tema International Defense ETF) are both exchange-traded funds - FOWF is a Industrials Equities fund tracking the Solactive Whitney Future of Warfare Index, while ARMY is a Aerospace & Defense fund actively managed by Tema. FOWF is passively managed, while ARMY is actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FOWF charges 0.49%/yr vs 0.68%/yr for ARMY.

Performance

FOWF vs. ARMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Solactive Whitney Future of Warfare ETF (FOWF) and Tema International Defense ETF (ARMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOWF

• 1D: 0.90%
• 1M: 2.66%
• 6M: 5.55%
• YTD: 13.73%
• 1Y: 21.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.28%

ARMY

• 1D: 0.13%
• 1M: -0.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMY Tema International Defense ETF	$60.49K	$59.12K	$65.58K
FOWF Pacer Solactive Whitney Future of Warfare ETF	$26.08K	$101.42K	$97.71K

FOWF vs. ARMY - Yearly Performance Comparison

	2026 (YTD)
FOWF Pacer Solactive Whitney Future of Warfare ETF	12.32%
ARMY Tema International Defense ETF	2.13%

Correlation

The correlation between FOWF and ARMY is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 31, 2026	0.78

Return for Risk

FOWF vs. ARMY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FOWF

FOWF Risk / Return Rank: 55
FOWF Sharpe Ratio Rank: 57
FOWF Sortino Ratio Rank: 61
FOWF Omega Ratio Rank: 52
FOWF Calmar Ratio Rank: 56
FOWF Martin Ratio Rank: 51

ARMY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FOWF vs. ARMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Solactive Whitney Future of Warfare ETF (FOWF) and Tema International Defense ETF (ARMY). 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.

	FOWF	ARMY	Difference
Sharpe ratio: Return per unit of total volatility	1.37	—	—
Sortino ratio: Return per unit of downside risk	2.07	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.00	—	—
Martin ratio: Return relative to average drawdown	5.95	—	—

Drawdowns

FOWF vs. ARMY - Drawdown Comparison

The maximum FOWF drawdown since its inception was -12.29%, smaller than the maximum ARMY drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for FOWF and ARMY.

Drawdown Indicators

	FOWF	ARMY	Difference
Max Drawdown Largest peak-to-trough decline	-12.29%	-16.37%	+4.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	—	—
Current Drawdown Current decline from peak	0.00%	-6.39%	+6.39%
Average Drawdown Average peak-to-trough decline	-2.15%	-7.53%	+5.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	—	—

Volatility

Volatility by Period

	FOWF	ARMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	31.33%	-16.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	31.33%	-14.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	31.33%	-14.54%

FOWF vs. ARMY - Expense Ratio Comparison

FOWF has a 0.49% expense ratio, which is lower than ARMY's 0.68% expense ratio.

Dividends

FOWF vs. ARMY - Dividend Comparison

FOWF's dividend yield for the trailing twelve months is around 0.73%, while ARMY has not paid dividends to shareholders.

Position	TTM	2025
ARMY Tema International Defense ETF	0.00%	0.00%
FOWF Pacer Solactive Whitney Future of Warfare ETF	0.73%	0.79%

Frequently Asked Questions

Can I hold both FOWF and ARMY in my portfolio?

FOWF and ARMY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOWF or ARMY?

On fees, FOWF is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOWF or ARMY?

FOWF is cheaper with a 0.49% expense ratio, compared with 0.68% for ARMY.

Which ETF pays a higher dividend yield, FOWF or ARMY?

FOWF has the higher dividend yield at 0.73%, compared with 0.00% for ARMY.

What is the main difference between FOWF and ARMY?

FOWF is categorized as Industrials Equities, while ARMY is Aerospace & Defense. They also come from different issuers: Pacer and Tema. Their fees differ too: 0.49% for FOWF and 0.68% for ARMY.