FOWF vs. COWG

Last updated Jun 24, 2026

FOWF (Pacer Solactive Whitney Future of Warfare ETF) and COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) are both exchange-traded funds - FOWF is a Industrials Equities fund tracking the Solactive Whitney Future of Warfare Index, while COWG is a Mid Cap Growth Equities fund tracking the Pacer US Large Cap Cash Cows Growth Leaders Index. Both are passively managed. Over the past year, FOWF returned 18.49% vs 10.41% for COWG. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

FOWF vs. COWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Solactive Whitney Future of Warfare ETF (FOWF) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOWF achieves a 7.20% return, which is significantly lower than COWG's 7.76% return.

FOWF

• 1D: -0.07%
• 1M: -1.24%
• YTD: 7.20%
• 6M: 6.17%
• 1Y: 18.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COWG

• 1D: -2.57%
• 1M: -0.91%
• YTD: 7.76%
• 6M: 5.91%
• 1Y: 10.41%
• 3Y*: 22.71%
• 5Y*: —
• 10Y*: —

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

FOWF vs. COWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FOWF Pacer Solactive Whitney Future of Warfare ETF	7.20%	29.15%	-2.02%
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	7.76%	10.24%	-3.72%

Correlation

The correlation between FOWF and COWG is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.67

The correlation between FOWF and COWG has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

FOWF vs. COWG - Sectors Allocation Comparison

Sectors	FOWF	COWG
Industrials	60.1%	3.1%
Technology	31.2%	51.4%
Communication Services	5.5%	5.7%
Basic Materials	1.9%	6.3%
Consumer Cyclical	1.3%	2.9%
Consumer Defensive	-	1.9%
Energy	-	7.3%
Financial Services	-	-
Healthcare	-	20.0%
Real Estate	-	-
Utilities	-	1.4%

Return for Risk

FOWF vs. COWG — Risk / Return Rank

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

FOWF

FOWF Risk / Return Rank: 39
FOWF Sharpe Ratio Rank: 39
FOWF Sortino Ratio Rank: 42
FOWF Omega Ratio Rank: 36
FOWF Calmar Ratio Rank: 40
FOWF Martin Ratio Rank: 39

COWG

COWG Risk / Return Rank: 20
COWG Sharpe Ratio Rank: 19
COWG Sortino Ratio Rank: 18
COWG Omega Ratio Rank: 18
COWG Calmar Ratio Rank: 22
COWG Martin Ratio Rank: 23

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.

FOWF vs. COWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Solactive Whitney Future of Warfare ETF (FOWF) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). 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	COWG	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.61	+0.67
Sortino ratio: Return per unit of downside risk	1.97	0.93	+1.04
Omega ratio: Gain probability vs. loss probability	1.23	1.12	+0.11
Calmar ratio: Return relative to maximum drawdown	1.84	0.97	+0.87
Martin ratio: Return relative to average drawdown	5.71	2.81	+2.90

FOWF vs. COWG - Sharpe Ratio Comparison

The current FOWF Sharpe Ratio is 1.29, which is higher than the COWG Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of FOWF and COWG, 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

FOWF vs. COWG - Drawdown Comparison

The maximum FOWF drawdown since its inception was -12.29%, smaller than the maximum COWG drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for FOWF and COWG.

Drawdown Indicators

	FOWF	COWG	Difference
Max Drawdown Largest peak-to-trough decline	-12.29%	-23.60%	+11.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-10.79%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.60%	—
Current Drawdown Current decline from peak	-4.80%	-4.21%	-0.59%
Average Drawdown Average peak-to-trough decline	-2.12%	-3.27%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.72%	-0.47%

Volatility

FOWF vs. COWG - Volatility Comparison

The current volatility for Pacer Solactive Whitney Future of Warfare ETF (FOWF) is 5.41%, while Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) has a volatility of 7.27%. This indicates that FOWF experiences smaller price fluctuations and is considered to be less risky than COWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOWF	COWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	7.27%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	13.29%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	17.03%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	19.27%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	19.27%	-2.24%

FOWF vs. COWG - Expense Ratio Comparison

Both FOWF and COWG have an expense ratio of 0.49%.

Dividends

FOWF vs. COWG - Dividend Comparison

FOWF's dividend yield for the trailing twelve months is around 0.77%, more than COWG's 0.37% yield.

Position	TTM	2025	2024	2023
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.37%	0.32%	0.40%	0.47%
FOWF Pacer Solactive Whitney Future of Warfare ETF	0.77%	0.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOWF and COWG in my portfolio?

FOWF and COWG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOWF or COWG?

COWG has higher volatility (7.27%) compared to FOWF (5.41%). In terms of maximum drawdown, FOWF dropped -12.29% vs COWG's -23.60%.

Which ETF is better, FOWF or COWG?

On 1-year performance, FOWF leads with 18.49% vs 10.41% for COWG. Both ETFs have the same 0.49% expense ratio. On volatility, FOWF has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOWF or COWG?

Over the 1-year period, FOWF has performed better with a 18.49% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOWF or COWG?

FOWF and COWG have the same expense ratio: 0.49% per year.

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

FOWF has the higher dividend yield at 0.77%, compared with 0.37% for COWG.

What is the main difference between FOWF and COWG?

FOWF is categorized as Industrials Equities, while COWG is Mid Cap Growth Equities. FOWF tracks Solactive Whitney Future of Warfare Index, while COWG tracks Pacer US Large Cap Cash Cows Growth Leaders Index.

Which has better risk-adjusted returns?

FOWF currently has the higher Sharpe Ratio (1.29 vs 0.61), 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.