GSIE vs. ICOW

Last updated Jun 23, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - GSIE tracks the Goldman Sachs ActiveBeta International Equity Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, GSIE returned 8.72%/yr vs 9.39%/yr for ICOW. Their correlation of 0.86 suggests significant overlap in exposure. GSIE charges 0.25%/yr vs 0.65%/yr for ICOW.

Performance

GSIE vs. ICOW - Performance Comparison

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

Returns By Period

In the year-to-date period, GSIE achieves a 8.35% return, which is significantly lower than ICOW's 10.95% return.

GSIE

• 1D: 0.11%
• 1M: 1.62%
• YTD: 8.35%
• 6M: 8.45%
• 1Y: 22.79%
• 3Y*: 17.50%
• 5Y*: 8.72%
• 10Y*: 9.97%

ICOW

• 1D: -0.54%
• 1M: -4.46%
• YTD: 10.95%
• 6M: 11.53%
• 1Y: 30.42%
• 3Y*: 17.69%
• 5Y*: 9.39%
• 10Y*: —

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

GSIE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSIE Goldman Sachs ActiveBeta International Equity ETF	8.35%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-13.40%	9.65%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	10.95%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.93%

Correlation

The correlation between GSIE and ICOW is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.86

The correlation between GSIE and ICOW has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

GSIE vs. ICOW - Sectors Allocation Comparison

Sectors	GSIE	ICOW
Financial Services	26.4%	-
Industrials	18.9%	29.1%
Technology	9.9%	7.8%
Healthcare	9.3%	6.7%
Consumer Cyclical	8.7%	12.7%
Consumer Defensive	7.5%	8.1%
Basic Materials	6.2%	5.6%
Energy	4.6%	21.3%
Communication Services	4.1%	8.7%
Utilities	3.3%	-
Real Estate	1.2%	-

Return for Risk

GSIE vs. ICOW — Risk / Return Rank

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

GSIE

GSIE Risk / Return Rank: 46
GSIE Sharpe Ratio Rank: 47
GSIE Sortino Ratio Rank: 47
GSIE Omega Ratio Rank: 45
GSIE Calmar Ratio Rank: 44
GSIE Martin Ratio Rank: 49

ICOW

ICOW Risk / Return Rank: 68
ICOW Sharpe Ratio Rank: 66
ICOW Sortino Ratio Rank: 61
ICOW Omega Ratio Rank: 64
ICOW Calmar Ratio Rank: 77
ICOW Martin Ratio Rank: 71

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.

GSIE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) 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.

	GSIE	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.09	-0.51
Sortino ratio: Return per unit of downside risk	2.26	2.76	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.13	3.81	-1.68
Martin ratio: Return relative to average drawdown	8.03	12.73	-4.70

GSIE vs. ICOW - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.58, which is comparable to the ICOW Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of GSIE 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

GSIE vs. ICOW - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for GSIE and ICOW.

Drawdown Indicators

	GSIE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-43.49%	+8.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-8.02%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-14.81%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-27.79%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	—	—
Current Drawdown Current decline from peak	-0.50%	-6.06%	+5.56%
Average Drawdown Average peak-to-trough decline	-6.04%	-7.56%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.40%	+0.44%

Volatility

GSIE vs. ICOW - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 4.31%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 5.67%. This indicates that GSIE experiences smaller price fluctuations and is considered to be less risky than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.67%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	11.71%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	14.62%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	16.75%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	18.50%	-1.78%

GSIE vs. ICOW - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

GSIE vs. ICOW - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.48%, more than ICOW's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.48%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.30%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSIE and ICOW in my portfolio?

GSIE and ICOW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIE or ICOW?

ICOW has higher volatility (5.67%) compared to GSIE (4.31%). In terms of maximum drawdown, GSIE dropped -34.63% vs ICOW's -43.49%.

Which ETF is better, GSIE or ICOW?

On 5-year performance, ICOW leads with 9.39% vs 8.72% for GSIE. On fees, GSIE is cheaper at 0.25% per year. On volatility, GSIE has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIE or ICOW?

Over the 5-year period, ICOW has performed better with a 9.39% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIE or ICOW?

GSIE is cheaper with a 0.25% expense ratio, compared with 0.65% for ICOW.

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

GSIE has the higher dividend yield at 2.48%, compared with 2.30% for ICOW.

What is the main difference between GSIE and ICOW?

GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Goldman Sachs and Pacer. Their fees differ too: 0.25% for GSIE and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.09 vs 1.58), 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.