HDMV vs. ICOW

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).

HDMV and ICOW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDMV is an actively managed fund by First Trust. It was launched on Aug 24, 2016. ICOW is a passively managed fund by Pacer that tracks the performance of the Pacer Developed Markets International Cash Cows 100 Index. It was launched on Jun 16, 2017.

Performance

HDMV vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

HDMV vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	4.18%	29.31%	2.99%	9.62%	-11.47%	7.39%	-9.42%	15.00%	-7.60%	6.62%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	9.82%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.98%

Returns By Period

In the year-to-date period, HDMV achieves a 4.18% return, which is significantly lower than ICOW's 9.82% return.

HDMV

• 1D: 2.14%
• 1M: -6.09%
• YTD: 4.18%
• 6M: 7.46%
• 1Y: 20.52%
• 3Y*: 12.99%
• 5Y*: 7.11%
• 10Y*: —

ICOW

• 1D: 2.29%
• 1M: -5.12%
• YTD: 9.82%
• 6M: 18.13%
• 1Y: 38.68%
• 3Y*: 17.01%
• 5Y*: 10.19%
• 10Y*: —

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

HDMV vs. ICOW - Expense Ratio Comparison

HDMV has a 0.80% expense ratio, which is higher than ICOW's 0.65% expense ratio.

HDMV

First Trust Horizon Managed Volatility Developed Intl ETF

ICOW

Pacer Developed Markets International Cash Cows 100 ETF

Return for Risk

HDMV vs. ICOW — Risk / Return Rank

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

HDMV

HDMV Risk / Return Rank: 80
HDMV Sharpe Ratio Rank: 82
HDMV Sortino Ratio Rank: 79
HDMV Omega Ratio Rank: 81
HDMV Calmar Ratio Rank: 81
HDMV Martin Ratio Rank: 77

ICOW

ICOW Risk / Return Rank: 94
ICOW Sharpe Ratio Rank: 94
ICOW Sortino Ratio Rank: 94
ICOW Omega Ratio Rank: 95
ICOW Calmar Ratio Rank: 91
ICOW Martin Ratio Rank: 94

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.

HDMV vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) 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.

	HDMV	ICOW	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.27	-0.70
Sortino ratio Return per unit of downside risk	2.04	2.92	-0.89
Omega ratio Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio Return relative to maximum drawdown	2.28	3.08	-0.80
Martin ratio Return relative to average drawdown	8.16	14.46	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDMV vs. ICOW - Sharpe Ratio Comparison

The current HDMV Sharpe Ratio is 1.57, which is lower than the ICOW Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of HDMV and ICOW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HDMV	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.27	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.62	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.51	-0.10

Correlation

The correlation between HDMV and ICOW is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HDMV vs. ICOW - Dividend Comparison

HDMV's dividend yield for the trailing twelve months is around 4.70%, more than ICOW's 2.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	4.70%	5.09%	3.24%	3.14%	3.53%	3.11%	1.45%	3.63%	2.88%	3.23%	0.18%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.26%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%

Drawdowns

HDMV vs. ICOW - Drawdown Comparison

The maximum HDMV drawdown since its inception was -32.01%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for HDMV and ICOW.

Drawdown Indicators

	HDMV	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-43.49%	+11.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-12.08%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.11%	-28.48%	+4.37%
Current Drawdown Current decline from peak	-6.09%	-5.12%	-0.97%
Average Drawdown Average peak-to-trough decline	-6.83%	-7.71%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.57%	-0.13%

Volatility

HDMV vs. ICOW - Volatility Comparison

First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 6.07% and 6.21%, 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

	HDMV	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	6.21%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	10.42%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	17.15%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.94%	16.58%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.23%	18.53%	-5.30%