GCOW vs. FDL

Last updated Aug 2, 2026

GCOW (Pacer Global Cash Cows Dividend ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - GCOW tracks the Pacer Global Cash Cows Dividends Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, GCOW returned 9.89%/yr vs 11.09%/yr for FDL. Their 0.77 correlation means they have sometimes moved together and sometimes differently. GCOW charges 0.60%/yr vs 0.43%/yr for FDL.

Performance

GCOW vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Global Cash Cows Dividend ETF (GCOW) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCOW achieves a 14.77% return, which is significantly lower than FDL's 18.16% return. Over the past 10 years, GCOW has underperformed FDL with an annualized return of 9.89%, while FDL has yielded a comparatively higher 11.09% annualized return.

GCOW

• 1D: -0.73%
• 1M: 5.47%
• 6M: 7.25%
• YTD: 14.77%
• 1Y: 27.77%
• 3Y*: 16.05%
• 5Y*: 13.35%
• 10Y*: 9.89%
• ALL TIME*: 10.57%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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)
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M
GCOW Pacer Global Cash Cows Dividend ETF	$12.71M	$12.72M	$12.45M

GCOW vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCOW Pacer Global Cash Cows Dividend ETF	14.77%	27.34%	3.52%	13.95%	5.49%	14.58%	-4.33%	17.81%	-7.99%	20.71%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between GCOW and FDL is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016	0.77

The correlation between GCOW and FDL has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

GCOW vs. FDL - Sectors Allocation Comparison

Sectors	GCOW	FDL
Consumer Defensive	22.3%	24.3%
Healthcare	17.1%	11.7%
Communication Services	15.0%	11.2%
Energy	11.7%	11.1%
Industrials	10.7%	3.6%
Consumer Cyclical	7.5%	4.4%
Utilities	6.8%	15.4%
Basic Materials	3.6%	0.4%
Technology	2.9%	4.3%
Financial Services	-	13.7%
Real Estate	-	-

Return for Risk

GCOW vs. FDL — Risk / Return Rank

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

GCOW

GCOW Risk / Return Rank: 90
GCOW Sharpe Ratio Rank: 94
GCOW Sortino Ratio Rank: 94
GCOW Omega Ratio Rank: 93
GCOW Calmar Ratio Rank: 88
GCOW Martin Ratio Rank: 83

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

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.

GCOW vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Global Cash Cows Dividend ETF (GCOW) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.26	+0.34
Sortino ratio: Return per unit of downside risk	3.73	3.41	+0.32
Omega ratio: Gain probability vs. loss probability	1.46	1.39	+0.07
Calmar ratio: Return relative to maximum drawdown	3.61	6.29	-2.68
Martin ratio: Return relative to average drawdown	11.15	14.86	-3.71

GCOW vs. FDL - Sharpe Ratio Comparison

The current GCOW Sharpe Ratio is 2.60, which is comparable to the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of GCOW and FDL, 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. FDL - Drawdown Comparison

The maximum GCOW drawdown since its inception was -37.64%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for GCOW and FDL.

Drawdown Indicators

	GCOW	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-37.64%	-65.93%	+28.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-4.27%	-3.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-12.24%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-16.46%	-5.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.64%	-41.40%	+3.76%
Current Drawdown Current decline from peak	-0.73%	-1.96%	+1.23%
Average Drawdown Average peak-to-trough decline	-5.82%	-9.59%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.81%	+0.72%

Volatility

GCOW vs. FDL - Volatility Comparison

The current volatility for Pacer Global Cash Cows Dividend ETF (GCOW) is 3.59%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that GCOW experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCOW	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.96%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	8.54%	8.97%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	11.95%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	14.44%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	17.16%	-1.16%

GCOW vs. FDL - Expense Ratio Comparison

GCOW has a 0.60% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

GCOW vs. FDL - Dividend Comparison

GCOW's dividend yield for the trailing twelve months is around 4.58%, more than FDL's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
GCOW Pacer Global Cash Cows Dividend ETF	4.58%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%	0.00%

Frequently Asked Questions

Can I hold both GCOW and FDL in my portfolio?

GCOW and FDL have a correlation of 0.71, 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 FDL?

FDL has higher volatility (4.96%) compared to GCOW (3.59%). In terms of maximum drawdown, GCOW dropped -37.64% vs FDL's -65.93%.

Which ETF is better, GCOW or FDL?

On 10-year performance, FDL leads with 11.09% vs 9.89% for GCOW. On fees, FDL is cheaper at 0.43% per year. On volatility, GCOW has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCOW or FDL?

Over the 10-year period, FDL has performed better with a 11.09% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCOW or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.60% for GCOW.

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

GCOW has the higher dividend yield at 4.58%, compared with 3.59% for FDL.

What is the main difference between GCOW and FDL?

GCOW tracks Pacer Global Cash Cows Dividends Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Pacer and First Trust. Their fees differ too: 0.60% for GCOW and 0.43% for FDL.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.60 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.