GCOW vs. HFQAX

Last updated Aug 2, 2026

GCOW (Pacer Global Cash Cows Dividend ETF) and HFQAX (Janus Henderson Global Equity Income Fund) are both funds - GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index, while HFQAX is a Dividend fund managed by Janus Henderson. Over the past 10 years, GCOW returned 9.89%/yr vs 8.90%/yr for HFQAX. Their correlation of 0.83 means they have usually moved in the same direction. GCOW charges 0.60%/yr vs 1.24%/yr for HFQAX.

Performance

GCOW vs. HFQAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Global Cash Cows Dividend ETF (GCOW) and Janus Henderson Global Equity Income Fund (HFQAX). 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 HFQAX's 17.80% return. Over the past 10 years, GCOW has outperformed HFQAX with an annualized return of 9.89%, while HFQAX has yielded a comparatively lower 8.90% 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%

HFQAX

• 1D: 1.72%
• 1M: 3.62%
• 6M: 10.24%
• YTD: 17.80%
• 1Y: 30.15%
• 3Y*: 18.64%
• 5Y*: 11.82%
• 10Y*: 8.90%
• ALL TIME*: 5.49%

*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)
GCOW Pacer Global Cash Cows Dividend ETF	$12.71M	$12.72M	$12.45M
HFQAX Janus Henderson Global Equity Income Fund	$0.00	$0.00	$0.00

GCOW vs. HFQAX - 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%
HFQAX Janus Henderson Global Equity Income Fund	17.80%	29.61%	6.86%	10.17%	-6.59%	12.45%	1.66%	20.87%	-15.86%	19.14%

Correlation

The correlation between GCOW and HFQAX is 0.64, 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.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016	0.83

The correlation between GCOW and HFQAX shifts across timeframes, from 0.64 (1 year) to 0.83 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

GCOW vs. HFQAX — 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

HFQAX

HFQAX Risk / Return Rank: 86
HFQAX Sharpe Ratio Rank: 91
HFQAX Sortino Ratio Rank: 87
HFQAX Omega Ratio Rank: 87
HFQAX Calmar Ratio Rank: 84
HFQAX Martin Ratio Rank: 83

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. HFQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Global Cash Cows Dividend ETF (GCOW) and Janus Henderson Global Equity Income Fund (HFQAX). 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	HFQAX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.32	+0.27
Sortino ratio: Return per unit of downside risk	3.73	3.14	+0.59
Omega ratio: Gain probability vs. loss probability	1.46	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	3.61	2.81	+0.80
Martin ratio: Return relative to average drawdown	11.15	10.08	+1.06

GCOW vs. HFQAX - Sharpe Ratio Comparison

The current GCOW Sharpe Ratio is 2.60, which is comparable to the HFQAX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of GCOW and HFQAX, 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. HFQAX - Drawdown Comparison

The maximum GCOW drawdown since its inception was -37.64%, smaller than the maximum HFQAX drawdown of -52.77%. Use the drawdown chart below to compare losses from any high point for GCOW and HFQAX.

Drawdown Indicators

	GCOW	HFQAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.64%	-52.77%	+15.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-9.99%	+2.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-12.20%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-21.83%	+0.35%
Max Drawdown (10Y) Largest decline over 10 years	-37.64%	-34.79%	-2.85%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-5.82%	-10.79%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.78%	-0.25%

Volatility

GCOW vs. HFQAX - Volatility Comparison

The current volatility for Pacer Global Cash Cows Dividend ETF (GCOW) is 3.59%, while Janus Henderson Global Equity Income Fund (HFQAX) has a volatility of 3.78%. This indicates that GCOW experiences smaller price fluctuations and is considered to be less risky than HFQAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCOW	HFQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	3.78%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.54%	10.34%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	12.09%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	13.07%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	14.44%	+1.56%

GCOW vs. HFQAX - Expense Ratio Comparison

GCOW has a 0.60% expense ratio, which is lower than HFQAX's 1.24% expense ratio.

Dividends

GCOW vs. HFQAX - Dividend Comparison

GCOW's dividend yield for the trailing twelve months is around 4.58%, less than HFQAX's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HFQAX Janus Henderson Global Equity Income Fund	5.79%	6.59%	7.96%	7.89%	8.02%	6.92%	7.25%	6.80%	7.66%	6.03%	6.77%	6.60%

Frequently Asked Questions

Can I hold both GCOW and HFQAX in my portfolio?

GCOW and HFQAX have a correlation of 0.64, 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 HFQAX?

HFQAX has higher volatility (3.78%) compared to GCOW (3.59%). In terms of maximum drawdown, GCOW dropped -37.64% vs HFQAX's -52.77%.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.60 vs 2.32), 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.