GCOW vs. ILCV

Last updated Jun 4, 2026

GCOW (Pacer Global Cash Cows Dividend ETF) and ILCV (iShares Morningstar Value ETF) are both Large Cap Value Equities funds - GCOW tracks the Pacer Global Cash Cows Dividends Index while ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, GCOW returned 9.91%/yr vs 11.68%/yr for ILCV. A 0.75 correlation means they provide meaningful diversification when combined. GCOW charges 0.60%/yr vs 0.04%/yr for ILCV.

Performance

GCOW vs. ILCV - Performance Comparison

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

Returns By Period

In the year-to-date period, GCOW achieves a 12.18% return, which is significantly higher than ILCV's 7.75% return. Over the past 10 years, GCOW has underperformed ILCV with an annualized return of 9.91%, while ILCV has yielded a comparatively higher 11.68% annualized return.

GCOW

• 1D: -0.56%
• 1M: 0.09%
• YTD: 12.18%
• 6M: 13.23%
• 1Y: 27.12%
• 3Y*: 17.41%
• 5Y*: 12.34%
• 10Y*: 9.91%

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

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

GCOW vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCOW Pacer Global Cash Cows Dividend ETF	12.18%	27.34%	3.52%	13.95%	5.49%	14.58%	-4.33%	17.81%	-7.99%	20.71%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between GCOW and ILCV is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.75

Over the past year, the correlation between GCOW and ILCV has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

GCOW vs. ILCV - Sectors Allocation Comparison

Sectors	GCOW	ILCV
Energy	24.4%	6.0%
Consumer Defensive	17.1%	7.6%
Healthcare	14.6%	11.5%
Communication Services	14.6%	8.0%
Industrials	12.4%	8.8%
Basic Materials	7.3%	2.4%
Consumer Cyclical	4.6%	9.5%
Utilities	4.1%	3.5%
Technology	0.9%	23.8%
Financial Services	-	16.5%
Real Estate	-	2.0%

Return for Risk

GCOW vs. ILCV — Risk / Return Rank

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

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 79
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW Martin Ratio Rank: 77

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

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. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Global Cash Cows Dividend ETF (GCOW) and iShares Morningstar Value ETF (ILCV). 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.

	GCOW	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.72	-0.20
Sortino ratio: Return per unit of downside risk	3.63	3.85	-0.22
Omega ratio: Gain probability vs. loss probability	1.44	1.50	-0.06
Calmar ratio: Return relative to maximum drawdown	5.71	4.08	+1.64
Martin ratio: Return relative to average drawdown	15.05	16.87	-1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCOW vs. ILCV - Sharpe Ratio Comparison

The current GCOW Sharpe Ratio is 2.52, which is comparable to the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of GCOW and ILCV, 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

	GCOW	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.72	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.81	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.70	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.46	+0.13

Drawdowns

GCOW vs. ILCV - Drawdown Comparison

The maximum GCOW drawdown since its inception was -37.64%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for GCOW and ILCV.

Drawdown Indicators

	GCOW	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-37.64%	-58.63%	+20.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-6.55%	+1.78%
Max Drawdown (3Y) Largest decline over 3 years	-12.35%	-14.95%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-18.58%	-2.90%
Max Drawdown (10Y) Largest decline over 10 years	-37.64%	-35.53%	-2.11%
Current Drawdown Current decline from peak	-2.73%	-0.60%	-2.13%
Average Drawdown Average peak-to-trough decline	-5.84%	-9.32%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.58%	+0.23%

Volatility

GCOW vs. ILCV - Volatility Comparison

Pacer Global Cash Cows Dividend ETF (GCOW) has a higher volatility of 2.85% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that GCOW's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCOW	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.01%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	6.97%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	9.82%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	14.21%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.20%	16.66%	-0.46%

GCOW vs. ILCV - Expense Ratio Comparison

GCOW has a 0.60% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

GCOW vs. ILCV - Dividend Comparison

GCOW's dividend yield for the trailing twelve months is around 4.43%, more than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCOW Pacer Global Cash Cows Dividend ETF	4.43%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%	0.00%
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both GCOW and ILCV in my portfolio?

GCOW and ILCV have a correlation of 0.55, 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 ILCV?

GCOW has higher volatility (2.85%) compared to ILCV (2.01%). In terms of maximum drawdown, GCOW dropped -37.64% vs ILCV's -58.63%.

Which ETF is better, GCOW or ILCV?

On 10-year performance, ILCV leads with 11.68% vs 9.91% for GCOW. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCOW or ILCV?

Over the 10-year period, ILCV has performed better with a 11.68% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCOW or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.60% for GCOW.

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

GCOW has the higher dividend yield at 4.43%, compared with 1.63% for ILCV.

What is the main difference between GCOW and ILCV?

GCOW tracks Pacer Global Cash Cows Dividends Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.60% for GCOW and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 2.52), 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.