GCOW vs. HFQAX

Last updated Jul 14, 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 Foreign Large Cap Equities fund managed by Janus Henderson. Over the past 10 years, GCOW returned 9.38%/yr vs 8.70%/yr for HFQAX. Their correlation of 0.83 suggests significant overlap in exposure. 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 9.34% return, which is significantly lower than HFQAX's 13.82% return. Over the past 10 years, GCOW has outperformed HFQAX with an annualized return of 9.38%, while HFQAX has yielded a comparatively lower 8.70% annualized return.

GCOW

• 1D: 0.36%
• 1M: -3.02%
• 6M: 7.13%
• YTD: 9.34%
• 1Y: 19.99%
• 3Y*: 14.71%
• 5Y*: 12.16%
• 10Y*: 9.38%

HFQAX

• 1D: 0.12%
• 1M: 0.04%
• 6M: 11.23%
• YTD: 13.82%
• 1Y: 24.11%
• 3Y*: 18.52%
• 5Y*: 10.89%
• 10Y*: 8.70%

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

GCOW vs. HFQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCOW Pacer Global Cash Cows Dividend ETF	9.34%	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	13.82%	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 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	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 0.67 (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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCOW

GCOW Risk / Return Rank: 67
GCOW Sharpe Ratio Rank: 70
GCOW Sortino Ratio Rank: 73
GCOW Omega Ratio Rank: 67
GCOW Calmar Ratio Rank: 64
GCOW Martin Ratio Rank: 59

HFQAX

HFQAX Risk / Return Rank: 68
HFQAX Sharpe Ratio Rank: 78
HFQAX Sortino Ratio Rank: 74
HFQAX Omega Ratio Rank: 76
HFQAX Calmar Ratio Rank: 61
HFQAX Martin Ratio Rank: 53

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. 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	1.80	2.01	-0.21
Sortino ratio: Return per unit of downside risk	2.63	2.73	-0.10
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.56	2.41	+0.16
Martin ratio: Return relative to average drawdown	8.08	8.56	-0.48

GCOW vs. HFQAX - Sharpe Ratio Comparison

The current GCOW Sharpe Ratio is 1.80, which is comparable to the HFQAX Sharpe Ratio of 2.01. 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	-5.20%	-0.50%	-4.70%
Average Drawdown Average peak-to-trough decline	-5.83%	-10.81%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.80%	-0.32%

Volatility

GCOW vs. HFQAX - Volatility Comparison

Pacer Global Cash Cows Dividend ETF (GCOW) and Janus Henderson Global Equity Income Fund (HFQAX) have volatilities of 4.09% and 4.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	4.09%	4.10%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	10.23%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	11.95%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.53%	13.09%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	14.43%	+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 4.81%, less than HFQAX's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCOW Pacer Global Cash Cows Dividend ETF	4.81%	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	6.00%	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 0.67, 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 (4.10%) compared to GCOW (4.09%). In terms of maximum drawdown, GCOW dropped -37.64% vs HFQAX's -52.77%.

Which has better risk-adjusted returns?

HFQAX currently has the higher Sharpe Ratio (2.01 vs 1.80), 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.