HDV vs. GCOW

Last updated Jun 4, 2026

HDV (iShares Core High Dividend ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index. Both are passively managed. Over the past 10 years, HDV returned 9.26%/yr vs 9.91%/yr for GCOW. A 0.76 correlation means they provide meaningful diversification when combined. HDV charges 0.08%/yr vs 0.60%/yr for GCOW.

Performance

HDV vs. GCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and Pacer Global Cash Cows Dividend ETF (GCOW). 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 HDV having a 12.69% return and GCOW slightly lower at 12.18%. Over the past 10 years, HDV has underperformed GCOW with an annualized return of 9.26%, while GCOW has yielded a comparatively higher 9.91% annualized return.

HDV

• 1D: 0.37%
• 1M: 0.29%
• YTD: 12.69%
• 6M: 12.16%
• 1Y: 20.35%
• 3Y*: 14.94%
• 5Y*: 10.32%
• 10Y*: 9.26%

GCOW

• 1D: -0.56%
• 1M: 0.09%
• YTD: 12.18%
• 6M: 13.23%
• 1Y: 27.12%
• 3Y*: 17.41%
• 5Y*: 12.34%
• 10Y*: 9.91%

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

HDV vs. GCOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	12.69%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
GCOW Pacer Global Cash Cows Dividend ETF	12.18%	27.34%	3.52%	13.95%	5.49%	14.58%	-4.33%	17.81%	-7.99%	20.71%

Correlation

The correlation between HDV and GCOW is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.76

The correlation between HDV and GCOW has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

HDV vs. GCOW - Sectors Allocation Comparison

Sectors	HDV	GCOW
Consumer Defensive	24.1%	17.1%
Energy	22.3%	24.4%
Healthcare	16.5%	14.6%
Financial Services	11.1%	-
Utilities	9.2%	4.1%
Technology	8.2%	0.9%
Consumer Cyclical	6.1%	4.6%
Industrials	1.4%	12.4%
Basic Materials	1.2%	7.3%
Communication Services	0.1%	14.6%
Real Estate	-	-

Return for Risk

HDV vs. GCOW — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 66
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 76
HDV Martin Ratio Rank: 61

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 79
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW Martin Ratio Rank: 77

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.

HDV vs. GCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Pacer Global Cash Cows Dividend ETF (GCOW). 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.

	HDV	GCOW	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.52	-0.42
Sortino ratio: Return per unit of downside risk	3.11	3.63	-0.52
Omega ratio: Gain probability vs. loss probability	1.36	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	3.95	5.71	-1.77
Martin ratio: Return relative to average drawdown	11.02	15.05	-4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDV vs. GCOW - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.10, which is comparable to the GCOW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of HDV and GCOW, 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

	HDV	GCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.52	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.92	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.61	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.59	+0.14

Drawdowns

HDV vs. GCOW - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, roughly equal to the maximum GCOW drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for HDV and GCOW.

Drawdown Indicators

	HDV	GCOW	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-37.64%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-4.77%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-12.35%	+1.86%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-21.48%	+6.06%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-37.64%	+0.60%
Current Drawdown Current decline from peak	-2.54%	-2.73%	+0.19%
Average Drawdown Average peak-to-trough decline	-3.09%	-5.84%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.81%	+0.04%

Volatility

HDV vs. GCOW - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 3.19% compared to Pacer Global Cash Cows Dividend ETF (GCOW) at 2.85%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than GCOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDV	GCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.85%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	7.99%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	10.81%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.82%	13.49%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	16.20%	-0.47%

HDV vs. GCOW - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than GCOW's 0.60% expense ratio.

Dividends

HDV vs. GCOW - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.91%, less than GCOW's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCOW Pacer Global Cash Cows Dividend ETF	4.43%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%	0.00%
HDV iShares Core High Dividend ETF	2.91%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Frequently Asked Questions

Can I hold both HDV and GCOW in my portfolio?

HDV and GCOW have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or GCOW?

HDV has higher volatility (3.19%) compared to GCOW (2.85%). In terms of maximum drawdown, HDV dropped -37.04% vs GCOW's -37.64%.

Which ETF is better, HDV or GCOW?

On 10-year performance, GCOW leads with 9.91% vs 9.26% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, GCOW has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or GCOW?

Over the 10-year period, GCOW has performed better with a 9.91% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or GCOW?

HDV is cheaper with a 0.08% expense ratio, compared with 0.60% for GCOW.

Which ETF pays a higher dividend yield, HDV or GCOW?

GCOW has the higher dividend yield at 4.43%, compared with 2.91% for HDV.

What is the main difference between HDV and GCOW?

HDV is categorized as Dividend, while GCOW is Large Cap Value Equities. HDV tracks Morningstar Dividend Yield Focus Index, while GCOW tracks Pacer Global Cash Cows Dividends Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.08% for HDV and 0.60% for GCOW.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.52 vs 2.10), 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.