GCAD vs. FOWF

Last updated Jun 4, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and FOWF (Pacer Solactive Whitney Future of Warfare ETF) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while FOWF is a Industrials Equities fund tracking the Solactive Whitney Future of Warfare Index. GCAD is actively managed, while FOWF is passively managed. Over the past year, GCAD returned 35.52% vs 22.10% for FOWF. Their correlation of 0.84 suggests significant overlap in exposure. GCAD charges 0.00%/yr vs 0.49%/yr for FOWF.

Performance

GCAD vs. FOWF - Performance Comparison

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

Returns By Period

In the year-to-date period, GCAD achieves a 14.09% return, which is significantly higher than FOWF's 9.44% return.

GCAD

• 1D: -1.56%
• 1M: 5.29%
• YTD: 14.09%
• 6M: 19.16%
• 1Y: 35.52%
• 3Y*: 33.27%
• 5Y*: —
• 10Y*: —

FOWF

• 1D: -1.88%
• 1M: 3.45%
• YTD: 9.44%
• 6M: 12.30%
• 1Y: 22.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAD vs. FOWF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GCAD Gabelli Commercial Aerospace & Defense ETF	14.09%	39.28%	2.37%
FOWF Pacer Solactive Whitney Future of Warfare ETF	9.44%	29.15%	0.39%

Correlation

The correlation between GCAD and FOWF 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 (All Time) Calculated using the full available price history since Dec 19, 2024	0.84

The correlation between GCAD and FOWF has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

GCAD vs. FOWF - Sectors Allocation Comparison

Sectors	GCAD	FOWF
Industrials	78.6%	62.2%
Consumer Cyclical	6.4%	2.0%
Technology	3.3%	29.2%
Basic Materials	0.7%	0.8%
Real Estate	0.7%	-
Communication Services	-	5.8%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

GCAD vs. FOWF — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 52
GCAD Sharpe Ratio Rank: 54
GCAD Sortino Ratio Rank: 57
GCAD Omega Ratio Rank: 52
GCAD Calmar Ratio Rank: 48
GCAD Martin Ratio Rank: 49

FOWF

FOWF Risk / Return Rank: 46
FOWF Sharpe Ratio Rank: 46
FOWF Sortino Ratio Rank: 50
FOWF Omega Ratio Rank: 44
FOWF Calmar Ratio Rank: 45
FOWF Martin Ratio Rank: 44

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.

GCAD vs. FOWF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) and Pacer Solactive Whitney Future of Warfare ETF (FOWF). 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.

	GCAD	FOWF	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.59	+0.26
Sortino ratio: Return per unit of downside risk	2.70	2.39	+0.31
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.38	2.20	+0.18
Martin ratio: Return relative to average drawdown	8.24	7.02	+1.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCAD vs. FOWF - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.86, which is comparable to the FOWF Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GCAD and FOWF, 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

	GCAD	FOWF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.59	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.63	-0.07

Drawdowns

GCAD vs. FOWF - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, which is greater than FOWF's maximum drawdown of -12.29%. Use the drawdown chart below to compare losses from any high point for GCAD and FOWF.

Drawdown Indicators

	GCAD	FOWF	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-12.29%	-3.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-10.08%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	—	—
Current Drawdown Current decline from peak	-5.92%	-2.81%	-3.11%
Average Drawdown Average peak-to-trough decline	-3.03%	-2.05%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	3.16%	+1.16%

Volatility

GCAD vs. FOWF - Volatility Comparison

Gabelli Commercial Aerospace & Defense ETF (GCAD) has a higher volatility of 7.14% compared to Pacer Solactive Whitney Future of Warfare ETF (FOWF) at 4.80%. This indicates that GCAD's price experiences larger fluctuations and is considered to be riskier than FOWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCAD	FOWF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	4.80%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	11.62%	+4.71%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	13.94%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	16.89%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	16.89%	+1.60%

GCAD vs. FOWF - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than FOWF's 0.49% expense ratio.

Dividends

GCAD vs. FOWF - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.81%, more than FOWF's 0.73% yield.

Position	TTM	2025	2024	2023
FOWF Pacer Solactive Whitney Future of Warfare ETF	0.73%	0.79%	0.00%	0.00%
GCAD Gabelli Commercial Aerospace & Defense ETF	1.81%	2.06%	4.94%	3.62%

Frequently Asked Questions

Can I hold both GCAD and FOWF in my portfolio?

GCAD and FOWF 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, GCAD or FOWF?

GCAD has higher volatility (7.14%) compared to FOWF (4.80%). In terms of maximum drawdown, GCAD dropped -16.14% vs FOWF's -12.29%.

Which ETF is better, GCAD or FOWF?

On 1-year performance, GCAD leads with 35.52% vs 22.10% for FOWF. On fees, GCAD is cheaper at 0.00% per year. On volatility, FOWF has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAD or FOWF?

Over the 1-year period, GCAD has performed better with a 35.52% return vs 22.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or FOWF?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.49% for FOWF.

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

GCAD has the higher dividend yield at 1.81%, compared with 0.73% for FOWF.

What is the main difference between GCAD and FOWF?

GCAD is categorized as Aerospace & Defense, while FOWF is Industrials Equities. They also come from different issuers: Gabelli and Pacer. Their fees differ too: 0.00% for GCAD and 0.49% for FOWF.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.86 vs 1.59), 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.