GEM vs. ECOW

Last updated Jul 17, 2026

GEM (Goldman Sachs ActiveBeta Emerging Markets Equity ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - GEM tracks the Goldman Sachs ActiveBeta Emerging Markets Equity Index while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, GEM returned 6.96%/yr vs 7.05%/yr for ECOW. A 0.71 correlation means they provide meaningful diversification when combined. GEM charges 0.45%/yr vs 0.70%/yr for ECOW.

Performance

GEM vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEM achieves a 17.80% return, which is significantly higher than ECOW's 12.74% return.

GEM

• 1D: -1.59%
• 1M: -6.27%
• 6M: 11.25%
• YTD: 17.80%
• 1Y: 32.95%
• 3Y*: 19.09%
• 5Y*: 6.96%
• 10Y*: 8.44%

ECOW

• 1D: 0.70%
• 1M: 1.60%
• 6M: 8.22%
• YTD: 12.74%
• 1Y: 30.43%
• 3Y*: 17.04%
• 5Y*: 7.05%
• 10Y*: —

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

GEM vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	17.80%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	5.16%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.74%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between GEM and ECOW is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 6, 2019	0.71

The correlation between GEM and ECOW has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

GEM vs. ECOW - Sectors Allocation Comparison

Sectors	GEM	ECOW
Technology	43.5%	6.8%
Financial Services	18.6%	-
Consumer Cyclical	8.2%	14.7%
Communication Services	6.4%	12.8%
Basic Materials	6.4%	11.1%
Industrials	5.6%	9.3%
Energy	3.0%	8.6%
Healthcare	2.9%	3.6%
Consumer Defensive	2.8%	13.1%
Utilities	1.8%	7.2%
Real Estate	0.8%	-

Return for Risk

GEM vs. ECOW — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 55
GEM Sharpe Ratio Rank: 51
GEM Sortino Ratio Rank: 48
GEM Omega Ratio Rank: 55
GEM Calmar Ratio Rank: 61
GEM Martin Ratio Rank: 60

ECOW

ECOW Risk / Return Rank: 78
ECOW Sharpe Ratio Rank: 81
ECOW Sortino Ratio Rank: 78
ECOW Omega Ratio Rank: 79
ECOW Calmar Ratio Rank: 85
ECOW Martin Ratio Rank: 70

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.

GEM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

	GEM	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.06	-0.62
Sortino ratio: Return per unit of downside risk	1.95	2.79	-0.84
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.45	3.66	-1.21
Martin ratio: Return relative to average drawdown	8.26	9.98	-1.71

GEM vs. ECOW - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.44, which is lower than the ECOW Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of GEM and ECOW, 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

GEM vs. ECOW - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for GEM and ECOW.

Drawdown Indicators

	GEM	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-40.27%	+3.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-8.35%	-5.15%
Max Drawdown (3Y) Largest decline over 3 years	-16.54%	-18.77%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-33.30%	+0.16%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	—	—
Current Drawdown Current decline from peak	-9.35%	-3.83%	-5.52%
Average Drawdown Average peak-to-trough decline	-11.93%	-10.98%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.06%	+0.94%

Volatility

GEM vs. ECOW - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) has a higher volatility of 9.48% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 4.23%. This indicates that GEM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEM	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	4.23%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	20.99%	12.07%	+8.92%
Volatility (1Y) Calculated over the trailing 1-year period	22.98%	14.85%	+8.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	17.78%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	20.08%	-0.83%

GEM vs. ECOW - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

GEM vs. ECOW - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 1.95%, less than ECOW's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.45%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%	0.00%	0.00%
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.95%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%

Frequently Asked Questions

Can I hold both GEM and ECOW in my portfolio?

GEM and ECOW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEM or ECOW?

GEM has higher volatility (9.48%) compared to ECOW (4.23%). In terms of maximum drawdown, GEM dropped -37.02% vs ECOW's -40.27%.

Which ETF is better, GEM or ECOW?

On 5-year performance, ECOW leads with 7.05% vs 6.96% for GEM. On fees, GEM is cheaper at 0.45% per year. On volatility, ECOW has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEM or ECOW?

Over the 5-year period, ECOW has performed better with a 7.05% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEM or ECOW?

GEM is cheaper with a 0.45% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, GEM or ECOW?

ECOW has the higher dividend yield at 4.45%, compared with 1.95% for GEM.

What is the main difference between GEM and ECOW?

GEM tracks Goldman Sachs ActiveBeta Emerging Markets Equity Index, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: Goldman Sachs and Pacer. Their fees differ too: 0.45% for GEM and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.06 vs 1.44), 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.