GCOW vs. CSHI

Last updated Jun 13, 2026

GCOW (Pacer Global Cash Cows Dividend ETF) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index, while CSHI is a Ultrashort Bond fund actively managed by Neos. GCOW is passively managed, while CSHI is actively managed. Over the past 3 years, GCOW returned 16.79%/yr vs 5.42%/yr for CSHI. At a 0.22 correlation, their price movements are largely independent. GCOW charges 0.60%/yr vs 0.38%/yr for CSHI.

Performance

GCOW vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Global Cash Cows Dividend ETF (GCOW) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCOW achieves a 12.75% return, which is significantly higher than CSHI's 2.31% return.

GCOW

• 1D: 0.22%
• 1M: -0.75%
• YTD: 12.75%
• 6M: 13.53%
• 1Y: 24.86%
• 3Y*: 16.79%
• 5Y*: 12.37%
• 10Y*: 10.32%

CSHI

• 1D: 0.06%
• 1M: 0.27%
• YTD: 2.31%
• 6M: 2.56%
• 1Y: 5.17%
• 3Y*: 5.42%
• 5Y*: —
• 10Y*: —

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

GCOW vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCOW Pacer Global Cash Cows Dividend ETF	12.75%	27.34%	3.52%	13.95%	7.84%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.31%	5.05%	5.66%	6.21%	1.39%

Correlation

The correlation between GCOW and CSHI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.22

GCOW vs. CSHI - Sectors Allocation Comparison

Sectors	GCOW	CSHI
Energy	24.4%	3.5%
Consumer Defensive	17.1%	4.9%
Healthcare	14.6%	8.5%
Communication Services	14.6%	11.2%
Industrials	12.4%	8.3%
Basic Materials	7.3%	1.8%
Consumer Cyclical	4.6%	10.1%
Utilities	4.1%	2.3%
Technology	0.9%	35.6%
Financial Services	-	11.8%
Real Estate	-	1.9%

Return for Risk

GCOW vs. CSHI — Risk / Return Rank

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

GCOW

GCOW Risk / Return Rank: 82
GCOW Sharpe Ratio Rank: 81
GCOW Sortino Ratio Rank: 84
GCOW Omega Ratio Rank: 77
GCOW Calmar Ratio Rank: 91
GCOW Martin Ratio Rank: 78

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 98
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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.

GCOW vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Global Cash Cows Dividend ETF (GCOW) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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.

	GCOW	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	5.77	-3.51
Sortino ratio: Return per unit of downside risk	3.27	10.45	-7.18
Omega ratio: Gain probability vs. loss probability	1.39	2.60	-1.20
Calmar ratio: Return relative to maximum drawdown	5.13	24.49	-19.37
Martin ratio: Return relative to average drawdown	13.09	131.09	-118.00

GCOW vs. CSHI - Sharpe Ratio Comparison

The current GCOW Sharpe Ratio is 2.26, which is lower than the CSHI Sharpe Ratio of 5.77. The chart below compares the historical Sharpe Ratios of GCOW and CSHI, 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

GCOW vs. CSHI - Drawdown Comparison

The maximum GCOW drawdown since its inception was -37.64%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for GCOW and CSHI.

Drawdown Indicators

	GCOW	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-37.64%	-1.69%	-35.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-0.21%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-1.69%	-10.66%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.64%	—	—
Current Drawdown Current decline from peak	-2.24%	0.00%	-2.24%
Average Drawdown Average peak-to-trough decline	-5.83%	-0.03%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	0.04%	+1.84%

Volatility

GCOW vs. CSHI - Volatility Comparison

Pacer Global Cash Cows Dividend ETF (GCOW) has a higher volatility of 2.45% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.33%. This indicates that GCOW's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCOW	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	0.33%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	7.96%	0.60%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	0.91%	+9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	1.33%	+12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	1.33%	+14.84%

GCOW vs. CSHI - Expense Ratio Comparison

GCOW has a 0.60% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

GCOW vs. CSHI - Dividend Comparison

GCOW's dividend yield for the trailing twelve months is around 4.67%, less than CSHI's 5.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	5.31%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GCOW Pacer Global Cash Cows Dividend ETF	4.67%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%

Frequently Asked Questions

Can I hold both GCOW and CSHI in my portfolio?

GCOW and CSHI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCOW or CSHI?

GCOW has higher volatility (2.45%) compared to CSHI (0.33%). In terms of maximum drawdown, GCOW dropped -37.64% vs CSHI's -1.69%.

Which ETF is better, GCOW or CSHI?

On 3-year performance, GCOW leads with 16.79% vs 5.42% for CSHI. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCOW or CSHI?

Over the 3-year period, GCOW has performed better with a 16.79% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCOW or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.60% for GCOW.

Which ETF pays a higher dividend yield, GCOW or CSHI?

CSHI has the higher dividend yield at 5.31%, compared with 4.67% for GCOW.

What is the main difference between GCOW and CSHI?

GCOW is categorized as Large Cap Value Equities, while CSHI is Ultrashort Bond. They also come from different issuers: Pacer and Neos. Their fees differ too: 0.60% for GCOW and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.77 vs 2.26), 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.