HDEF vs. ICOW

Last updated Jun 5, 2026

HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - HDEF tracks the MSCI EAFE High Dividend Yield US Dollar Hedged Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, HDEF returned 10.01%/yr vs 10.06%/yr for ICOW. Their correlation of 0.81 suggests significant overlap in exposure. HDEF charges 0.20%/yr vs 0.65%/yr for ICOW.

Performance

HDEF vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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, HDEF achieves a 4.87% return, which is significantly lower than ICOW's 17.35% return.

HDEF

• 1D: 0.84%
• 1M: -1.49%
• YTD: 4.87%
• 6M: 7.11%
• 1Y: 16.55%
• 3Y*: 16.85%
• 5Y*: 10.01%
• 10Y*: 8.59%

ICOW

• 1D: 0.00%
• 1M: 1.48%
• YTD: 17.35%
• 6M: 18.03%
• 1Y: 38.86%
• 3Y*: 20.34%
• 5Y*: 10.06%
• 10Y*: —

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

HDEF vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	4.87%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	0.19%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.98%

Correlation

The correlation between HDEF and ICOW is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.81

The correlation between HDEF and ICOW shifts across timeframes, from 0.71 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

HDEF vs. ICOW - Sectors Allocation Comparison

Sectors	HDEF	ICOW
Financial Services	26.9%	-
Consumer Defensive	17.9%	8.5%
Healthcare	14.0%	7.1%
Energy	13.8%	23.7%
Industrials	8.8%	28.7%
Utilities	8.4%	-
Communication Services	4.0%	8.9%
Consumer Cyclical	3.9%	11.6%
Real Estate	0.9%	-
Basic Materials	0.7%	5.4%
Technology	0.6%	6.2%

Return for Risk

HDEF vs. ICOW — Risk / Return Rank

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

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 41
HDEF Sortino Ratio Rank: 40
HDEF Omega Ratio Rank: 41
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 41

ICOW

ICOW Risk / Return Rank: 85
ICOW Sharpe Ratio Rank: 87
ICOW Sortino Ratio Rank: 83
ICOW Omega Ratio Rank: 84
ICOW Calmar Ratio Rank: 87
ICOW Martin Ratio Rank: 85

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.

HDEF vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) 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.

	HDEF	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.85	-1.42
Sortino ratio: Return per unit of downside risk	2.01	3.70	-1.69
Omega ratio: Gain probability vs. loss probability	1.26	1.50	-0.24
Calmar ratio: Return relative to maximum drawdown	2.07	4.87	-2.80
Martin ratio: Return relative to average drawdown	6.36	17.40	-11.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDEF vs. ICOW - Sharpe Ratio Comparison

The current HDEF Sharpe Ratio is 1.42, which is lower than the ICOW Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of HDEF 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.

Sharpe Ratios by Period

	HDEF	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.85	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.61	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.55	-0.10

Drawdowns

HDEF vs. ICOW - Drawdown Comparison

The maximum HDEF drawdown since its inception was -36.43%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for HDEF and ICOW.

Drawdown Indicators

	HDEF	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-43.49%	+7.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-8.02%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	-14.81%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	-28.48%	+4.85%
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	—	—
Current Drawdown Current decline from peak	-4.89%	-0.63%	-4.26%
Average Drawdown Average peak-to-trough decline	-5.04%	-7.58%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.24%	+0.37%

Volatility

HDEF vs. ICOW - Volatility Comparison

The current volatility for Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) is 3.72%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 3.99%. This indicates that HDEF 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

	HDEF	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.99%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	10.58%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.68%	13.72%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	16.64%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	18.46%	-2.22%

HDEF vs. ICOW - Expense Ratio Comparison

HDEF has a 0.20% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

HDEF vs. ICOW - Dividend Comparison

HDEF's dividend yield for the trailing twelve months is around 3.62%, more than ICOW's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.62%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.71%	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 HDEF and ICOW in my portfolio?

HDEF and ICOW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDEF or ICOW?

ICOW has higher volatility (3.99%) compared to HDEF (3.72%). In terms of maximum drawdown, HDEF dropped -36.43% vs ICOW's -43.49%.

Which ETF is better, HDEF or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 10.01% for HDEF. On fees, HDEF is cheaper at 0.20% per year. On volatility, HDEF has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDEF or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDEF or ICOW?

HDEF is cheaper with a 0.20% expense ratio, compared with 0.65% for ICOW.

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

HDEF has the higher dividend yield at 3.62%, compared with 2.71% for ICOW.

What is the main difference between HDEF and ICOW?

HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Deutsche Bank and Pacer. Their fees differ too: 0.20% for HDEF and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.85 vs 1.42), 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.