HE vs. COWZ

Last updated Jun 3, 2026

HE (Hawaiian Electric Industries, Inc.) is a stock, while COWZ (Pacer US Cash Cows 100 ETF) is Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Over the past 5 years, HE returned -19.21%/yr vs 10.74%/yr for COWZ. At a 0.31 correlation, their price movements are largely independent.

Performance

HE vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hawaiian Electric Industries, Inc. (HE) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HE achieves a 10.33% return, which is significantly higher than COWZ's 8.55% return.

HE

• 1D: 3.04%
• 1M: -11.13%
• YTD: 10.33%
• 6M: 21.70%
• 1Y: 26.47%
• 3Y*: -27.68%
• 5Y*: -19.21%
• 10Y*: -6.11%

COWZ

• 1D: -0.57%
• 1M: 2.47%
• YTD: 8.55%
• 6M: 10.68%
• 1Y: 24.00%
• 3Y*: 14.57%
• 5Y*: 10.74%
• 10Y*: —

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

HE vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HE Hawaiian Electric Industries, Inc.	10.33%	26.41%	-31.43%	-64.58%	4.31%	21.27%	-21.90%	31.91%	4.97%	13.42%
COWZ Pacer US Cash Cows 100 ETF	8.55%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between HE and COWZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.31

Return for Risk

HE vs. COWZ — Risk / Return Rank

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

HE

HE Risk / Return Rank: 63
HE Sharpe Ratio Rank: 66
HE Sortino Ratio Rank: 60
HE Omega Ratio Rank: 59
HE Calmar Ratio Rank: 64
HE Martin Ratio Rank: 64

COWZ

COWZ Risk / Return Rank: 70
COWZ Sharpe Ratio Rank: 64
COWZ Sortino Ratio Rank: 69
COWZ Omega Ratio Rank: 63
COWZ Calmar Ratio Rank: 86
COWZ Martin Ratio Rank: 70

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.

HE vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hawaiian Electric Industries, Inc. (HE) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	HE	COWZ	Difference
Sharpe ratio Return per unit of total volatility	0.80	2.17	-1.36
Sortino ratio Return per unit of downside risk	1.33	3.19	-1.86
Omega ratio Gain probability vs. loss probability	1.16	1.38	-0.22
Calmar ratio Return relative to maximum drawdown	1.18	4.83	-3.65
Martin ratio Return relative to average drawdown	2.75	13.22	-10.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HE vs. COWZ - Sharpe Ratio Comparison

The current HE Sharpe Ratio is 0.80, which is lower than the COWZ Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of HE and COWZ, 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

	HE	COWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	2.17	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.61	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.65	-0.45

Drawdowns

HE vs. COWZ - Drawdown Comparison

The maximum HE drawdown since its inception was -83.34%, which is greater than COWZ's maximum drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for HE and COWZ.

Drawdown Indicators

	HE	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-83.34%	-38.63%	-44.71%
Max Drawdown (1Y) Largest decline over 1 year	-22.89%	-5.00%	-17.89%
Max Drawdown (3Y) Largest decline over 3 years	-80.01%	-22.00%	-58.01%
Max Drawdown (5Y) Largest decline over 5 years	-81.39%	-22.00%	-59.39%
Max Drawdown (10Y) Largest decline over 10 years	-83.34%	—	—
Current Drawdown Current decline from peak	-70.79%	-0.57%	-70.22%
Average Drawdown Average peak-to-trough decline	-14.18%	-4.81%	-9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.84%	1.83%	+8.01%

Volatility

HE vs. COWZ - Volatility Comparison

Hawaiian Electric Industries, Inc. (HE) has a higher volatility of 9.75% compared to Pacer US Cash Cows 100 ETF (COWZ) at 2.59%. This indicates that HE's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HE	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.75%	2.59%	+7.16%
Volatility (6M) Calculated over the trailing 6-month period	26.47%	7.12%	+19.35%
Volatility (1Y) Calculated over the trailing 1-year period	33.10%	11.12%	+21.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.45%	17.63%	+35.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.80%	19.93%	+21.87%

Dividends

HE vs. COWZ - Dividend Comparison

HE has not paid dividends to shareholders, while COWZ's dividend yield for the trailing twelve months is around 1.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	1.98%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
HE Hawaiian Electric Industries, Inc.	0.00%	0.00%	0.00%	7.61%	3.35%	3.28%	3.73%	2.73%	3.39%	3.43%	3.75%	4.28%

Frequently Asked Questions

Can I hold both HE and COWZ in my portfolio?

HE and COWZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HE or COWZ?

HE has higher volatility (9.75%) compared to COWZ (2.59%). In terms of maximum drawdown, HE dropped -83.34% vs COWZ's -38.63%.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (2.17 vs 0.80), 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.