FPXI vs. ICOW

Last updated Jun 4, 2026

FPXI (First Trust International Equity Opportunities ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - FPXI tracks the IPOX International Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, FPXI returned 4.04%/yr vs 10.06%/yr for ICOW. A 0.63 correlation means they provide meaningful diversification when combined. FPXI charges 0.70%/yr vs 0.65%/yr for ICOW.

Performance

FPXI vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust International Equity Opportunities ETF (FPXI) 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, FPXI achieves a 34.41% return, which is significantly higher than ICOW's 17.35% return.

FPXI

• 1D: -0.36%
• 1M: 13.37%
• YTD: 34.41%
• 6M: 33.60%
• 1Y: 49.62%
• 3Y*: 27.44%
• 5Y*: 4.04%
• 10Y*: 12.89%

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)

FPXI vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPXI First Trust International Equity Opportunities ETF	34.41%	26.37%	12.62%	9.56%	-31.83%	-15.73%	71.50%	33.69%	-13.07%	11.35%
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%	-16.09%	16.98%

Correlation

The correlation between FPXI and ICOW is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.63

The correlation between FPXI and ICOW has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

FPXI vs. ICOW - Sectors Allocation Comparison

Sectors	FPXI	ICOW
Technology	31.4%	6.2%
Industrials	22.6%	28.7%
Basic Materials	14.8%	5.4%
Healthcare	11.9%	7.1%
Consumer Cyclical	7.2%	11.6%
Financial Services	5.0%	-
Communication Services	2.5%	8.9%
Energy	2.3%	23.7%
Utilities	0.9%	-
Consumer Defensive	0.8%	8.5%
Real Estate	0.6%	-

Return for Risk

FPXI vs. ICOW — Risk / Return Rank

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

FPXI

FPXI Risk / Return Rank: 63
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 61
FPXI Omega Ratio Rank: 58
FPXI Calmar Ratio Rank: 68
FPXI Martin Ratio Rank: 64

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.

FPXI vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust International Equity Opportunities ETF (FPXI) 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.

	FPXI	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.87	-0.74
Sortino ratio: Return per unit of downside risk	2.89	3.72	-0.83
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio: Return relative to maximum drawdown	3.38	4.91	-1.53
Martin ratio: Return relative to average drawdown	11.66	17.54	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPXI vs. ICOW - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 2.13, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FPXI 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

	FPXI	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.87	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.61	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.55	-0.07

Drawdowns

FPXI vs. ICOW - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for FPXI and ICOW.

Drawdown Indicators

	FPXI	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-43.49%	-12.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-8.02%	-6.75%
Max Drawdown (3Y) Largest decline over 3 years	-20.58%	-14.81%	-5.77%
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	-28.48%	-22.27%
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	—	—
Current Drawdown Current decline from peak	-0.36%	-0.64%	+0.28%
Average Drawdown Average peak-to-trough decline	-20.26%	-7.59%	-12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.24%	+2.03%

Volatility

FPXI vs. ICOW - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 8.88% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that FPXI's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	4.41%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	10.59%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	13.73%	+9.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	16.64%	+4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	18.47%	+2.71%

FPXI vs. ICOW - Expense Ratio Comparison

FPXI has a 0.70% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

FPXI vs. ICOW - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.59%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.59%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPXI and ICOW in my portfolio?

FPXI and ICOW have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or ICOW?

FPXI has higher volatility (8.88%) compared to ICOW (4.41%). In terms of maximum drawdown, FPXI dropped -55.78% vs ICOW's -43.49%.

Which ETF is better, FPXI or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 4.04% for FPXI. On fees, ICOW is cheaper at 0.65% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or ICOW?

ICOW is cheaper with a 0.65% expense ratio, compared with 0.70% for FPXI.

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

ICOW has the higher dividend yield at 2.12%, compared with 0.59% for FPXI.

What is the main difference between FPXI and ICOW?

FPXI tracks IPOX International 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: 0.70% for FPXI and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.13), 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.