GLBL vs. ICOW

Last updated Jun 24, 2026

GLBL (Pacer MSCI World Industry Advantage ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - GLBL is a Global Equities fund tracking the MSCI World Ricardo Comparative Advantage Select Index, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past year, GLBL returned 25.78% vs 27.98% for ICOW. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.

Performance

GLBL vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer MSCI World Industry Advantage ETF (GLBL) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GLBL having a 8.96% return and ICOW slightly lower at 8.64%.

GLBL

• 1D: -1.70%
• 1M: -1.58%
• YTD: 8.96%
• 6M: 8.11%
• 1Y: 25.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

GLBL vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLBL Pacer MSCI World Industry Advantage ETF	8.96%	20.14%	5.49%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-5.69%

Correlation

The correlation between GLBL and ICOW is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.51

The correlation between GLBL and ICOW has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

GLBL vs. ICOW - Sectors Allocation Comparison

Sectors	GLBL	ICOW
Technology	36.5%	7.8%
Communication Services	15.9%	8.7%
Financial Services	14.0%	-
Consumer Cyclical	12.5%	12.7%
Healthcare	7.3%	6.7%
Consumer Defensive	4.2%	8.1%
Industrials	3.3%	29.1%
Real Estate	3.1%	-
Basic Materials	1.3%	5.6%
Energy	1.3%	21.3%
Utilities	0.4%	-

Return for Risk

GLBL vs. ICOW — Risk / Return Rank

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

GLBL

GLBL Risk / Return Rank: 57
GLBL Sharpe Ratio Rank: 59
GLBL Sortino Ratio Rank: 56
GLBL Omega Ratio Rank: 58
GLBL Calmar Ratio Rank: 53
GLBL Martin Ratio Rank: 58

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

GLBL vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer MSCI World Industry Advantage ETF (GLBL) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). 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.

	GLBL	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.91	-0.11
Sortino ratio: Return per unit of downside risk	2.42	2.52	-0.10
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.36	3.51	-1.15
Martin ratio: Return relative to average drawdown	9.33	11.46	-2.13

GLBL vs. ICOW - Sharpe Ratio Comparison

The current GLBL Sharpe Ratio is 1.80, which is comparable to the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of GLBL and ICOW, 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

GLBL vs. ICOW - Drawdown Comparison

The maximum GLBL drawdown since its inception was -19.75%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for GLBL and ICOW.

Drawdown Indicators

	GLBL	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-19.75%	-43.49%	+23.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-8.02%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-4.27%	-8.01%	+3.74%
Average Drawdown Average peak-to-trough decline	-2.58%	-7.56%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.45%	+0.32%

Volatility

GLBL vs. ICOW - Volatility Comparison

Pacer MSCI World Industry Advantage ETF (GLBL) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 5.99% and 5.85%, 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

	GLBL	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	5.85%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	11.90%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	14.75%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	16.77%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	18.51%	-1.74%

GLBL vs. ICOW - Expense Ratio Comparison

Both GLBL and ICOW have an expense ratio of 0.65%.

Dividends

GLBL vs. ICOW - Dividend Comparison

GLBL's dividend yield for the trailing twelve months is around 0.78%, less than ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLBL Pacer MSCI World Industry Advantage ETF	0.78%	0.86%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%

Frequently Asked Questions

Can I hold both GLBL and ICOW in my portfolio?

GLBL and ICOW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLBL or ICOW?

GLBL has higher volatility (5.99%) compared to ICOW (5.85%). In terms of maximum drawdown, GLBL dropped -19.75% vs ICOW's -43.49%.

Which ETF is better, GLBL or ICOW?

On 1-year performance, ICOW leads with 27.98% vs 25.78% for GLBL. Both ETFs have the same 0.65% expense ratio. On volatility, ICOW has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLBL or ICOW?

Over the 1-year period, ICOW has performed better with a 27.98% return vs 25.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLBL or ICOW?

GLBL and ICOW have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, GLBL or ICOW?

ICOW has the higher dividend yield at 2.35%, compared with 0.78% for GLBL.

What is the main difference between GLBL and ICOW?

GLBL is categorized as Global Equities, while ICOW is Foreign Large Cap Equities. GLBL tracks MSCI World Ricardo Comparative Advantage Select Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.91 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.