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HEEM vs. ECOW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEEM vs. ECOW

Last updated Aug 2, 2026
Documentation

HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - HEEM tracks the MSCI Emerging Markets 100% USD Hedged Index while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, HEEM returned 9.65%/yr vs 7.26%/yr for ECOW. Their 0.67 correlation means they have sometimes moved together and sometimes differently. HEEM charges 0.72%/yr vs 0.70%/yr for ECOW.

Performance

HEEM vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEEM achieves a 18.23% return, which is significantly higher than ECOW's 13.04% return.

HEEM

1D
0.85%
1M
-4.02%
6M
9.21%
YTD
18.23%
1Y
40.11%
3Y*
20.86%
5Y*
9.65%
10Y*
9.86%
ALL TIME*
7.84%

ECOW

1D
-0.60%
1M
3.22%
6M
5.35%
YTD
13.04%
1Y
29.31%
3Y*
16.24%
5Y*
7.26%
10Y*
—
ALL TIME*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ECOW

Pacer Emerging Markets Cash Cows 100 ETF
$617.95K$706.50K$1.39M

HEEM

iShares Currency Hedged MSCI Emerging Markets ETF
$10.32M$12.63M$6.04M

HEEM vs. ECOW - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HEEM
iShares Currency Hedged MSCI Emerging Markets ETF		18.23%34.02%12.59%10.14%-16.85%-1.82%17.94%3.78%
ECOW
Pacer Emerging Markets Cash Cows 100 ETF		13.04%32.50%3.17%15.79%-19.28%7.47%-2.51%10.37%

Correlation

The correlation between HEEM and ECOW is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.75

Correlation (All Time)
Calculated using the full available price history since May 6, 2019

0.67

The correlation between HEEM and ECOW has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

HEEM vs. ECOW - Sectors Allocation Comparison

Sectors
HEEM
ECOW

Technology

45.2%
4.2%

Financial Services

18.5%

-

Consumer Cyclical

7.5%
13.9%

Industrials

6.3%
10.7%

Communication Services

6.0%
15.2%

Basic Materials

5.5%
11.2%

Energy

3.2%
10.4%

Consumer Defensive

2.6%
11.6%

Healthcare

2.5%
3.7%

Utilities

1.8%
6.9%

Real Estate

1.0%

-

Technology

HEEM
45.2%
ECOW
4.2%

Financial Services

HEEM
18.5%
ECOW

-

Consumer Cyclical

HEEM
7.5%
ECOW
13.9%

Industrials

HEEM
6.3%
ECOW
10.7%

Communication Services

HEEM
6.0%
ECOW
15.2%

Basic Materials

HEEM
5.5%
ECOW
11.2%

Energy

HEEM
3.2%
ECOW
10.4%

Consumer Defensive

HEEM
2.6%
ECOW
11.6%

Healthcare

HEEM
2.5%
ECOW
3.7%

Utilities

HEEM
1.8%
ECOW
6.9%

Real Estate

HEEM
1.0%
ECOW

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI Emerging Markets ETF

Pacer Emerging Markets Cash Cows 100 ETF

Often compared with HEEM:
HEEM vs. HEWJHEEM vs. IEMS.LHEEM vs. IEMGHEEM vs. VWOHEEM vs. AVEMHEEM vs. EDIVHEEM vs. VYMI
Often compared with ECOW:
ECOW vs. EYLDECOW vs. EEMSECOW vs. FEDDXECOW vs. DFEVXECOW vs. MOTIECOW vs. DEMECOW vs. COWZ

Return for Risk

HEEM vs. ECOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEEM
HEEM Risk / Return Rank: 7575
Overall Rank
HEEM Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
HEEM Sortino Ratio Rank: 7171
Sortino Ratio Rank
HEEM Omega Ratio Rank: 7878
Omega Ratio Rank
HEEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
HEEM Martin Ratio Rank: 7676
Martin Ratio Rank
ECOW
ECOW Risk / Return Rank: 8383
Overall Rank
ECOW Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
ECOW Sortino Ratio Rank: 8383
Sortino Ratio Rank
ECOW Omega Ratio Rank: 8484
Omega Ratio Rank
ECOW Calmar Ratio Rank: 8888
Calmar Ratio Rank
ECOW Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEEM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

HEEMECOWDifference
Sharpe ratioReturn per unit of total volatility
1.72
2.02

-0.30

Sortino ratioReturn per unit of downside risk
2.29
2.74

-0.45

Omega ratioGain probability vs. loss probability

1.33

1.37

-0.04

Calmar ratioReturn relative to maximum drawdown

2.60

3.56

-0.97

Martin ratioReturn relative to average drawdown

9.49

9.38

+0.10

HEEM vs. ECOW - Sharpe Ratio Comparison

The current HEEM Sharpe Ratio is 1.72, which is comparable to the ECOW Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of HEEM and ECOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HEEM vs. ECOW - Drawdown Comparison

The maximum HEEM drawdown since its inception was -33.53%, smaller than the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for HEEM and ECOW.

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Drawdown Indicators

HEEMECOWDifference

Max Drawdown

Largest peak-to-trough decline

-33.53%

-40.27%

+6.74%

Max Drawdown (1Y)

Largest decline over 1 year

-15.01%

-8.35%

-6.66%

Max Drawdown (3Y)

Largest decline over 3 years

-15.01%

-18.77%

+3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-28.15%

-33.30%

+5.15%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

—

—

Current Drawdown

Current decline from peak

-11.28%

-3.58%

-7.70%

Average Drawdown

Average peak-to-trough decline

-11.08%

-10.94%

-0.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.10%

3.16%

+0.94%

Volatility

HEEM vs. ECOW - Volatility Comparison

iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 9.41% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 3.51%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEEMECOWDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.41%

3.51%

+5.90%

Volatility (6M)

Calculated over the trailing 6-month period

20.67%

11.99%

+8.68%

Volatility (1Y)

Calculated over the trailing 1-year period

22.65%

14.81%

+7.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.03%

17.73%

+0.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.40%

20.04%

-1.64%

HEEM vs. ECOW - Expense Ratio Comparison

HEEM has a 0.72% expense ratio, which is higher than ECOW's 0.70% expense ratio.

Dividends

HEEM vs. ECOW - Dividend Comparison

HEEM's dividend yield for the trailing twelve months is around 3.25%, less than ECOW's 4.44% yield.

PositionTTM20252024202320222021202020192018201720162015
ECOW
Pacer Emerging Markets Cash Cows 100 ETF		4.44%5.20%7.35%5.46%7.50%4.39%3.35%8.08%0.00%0.00%0.00%0.00%
HEEM
iShares Currency Hedged MSCI Emerging Markets ETF		3.25%3.98%2.38%2.75%7.49%1.93%1.49%3.04%2.37%2.05%1.84%6.28%

Frequently Asked Questions

HEEM and ECOW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEEM has higher volatility (9.41%) compared to ECOW (3.51%). In terms of maximum drawdown, HEEM dropped -33.53% vs ECOW's -40.27%.

On 5-year performance, HEEM leads with 9.65% vs 7.26% for ECOW. On fees, ECOW is cheaper at 0.70% per year. On volatility, ECOW has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEEM has performed better with a 9.65% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ECOW is cheaper with a 0.70% expense ratio, compared with 0.72% for HEEM.

ECOW has the higher dividend yield at 4.44%, compared with 3.25% for HEEM.

HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.72% for HEEM and 0.70% for ECOW.

ECOW currently has the higher Sharpe Ratio (2.02 vs 1.72), 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.

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