HEFA vs. ICOW
Compare and contrast key facts about iShares Currency Hedged MSCI EAFE ETF (HEFA) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).
HEFA and ICOW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEFA is a passively managed fund by iShares that tracks the performance of the MSCI EAFE 100% Hedged to USD Index. It was launched on Jan 31, 2014. 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. Both HEFA and ICOW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
HEFA vs. ICOW - Performance Comparison
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HEFA vs. ICOW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 4.23% | 24.58% | 13.71% | 20.33% | -4.86% | 19.59% | 2.09% | 27.63% | -9.33% | 5.05% |
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 10.88% | 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, HEFA achieves a 4.23% return, which is significantly lower than ICOW's 10.88% return.
HEFA
- 1D
- 1.45%
- 1M
- -3.12%
- YTD
- 4.23%
- 6M
- 11.29%
- 1Y
- 24.10%
- 3Y*
- 17.63%
- 5Y*
- 13.08%
- 10Y*
- 12.30%
ICOW
- 1D
- 0.97%
- 1M
- -3.10%
- YTD
- 10.88%
- 6M
- 18.26%
- 1Y
- 39.13%
- 3Y*
- 17.39%
- 5Y*
- 10.40%
- 10Y*
- —
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HEFA vs. ICOW - Expense Ratio Comparison
HEFA has a 0.35% expense ratio, which is lower than ICOW's 0.65% expense ratio.
Return for Risk
HEFA vs. ICOW — Risk / Return Rank
HEFA
ICOW
HEFA vs. ICOW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) 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.
| HEFA | ICOW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.45 | 2.30 | -0.85 |
Sortino ratioReturn per unit of downside risk | 2.03 | 2.95 | -0.93 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.46 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 2.08 | 3.31 | -1.23 |
Martin ratioReturn relative to average drawdown | 8.91 | 15.48 | -6.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEFA | ICOW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 2.30 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.63 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.52 | +0.12 |
Correlation
The correlation between HEFA and ICOW is 0.75, 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
HEFA vs. ICOW - Dividend Comparison
HEFA's dividend yield for the trailing twelve months is around 4.22%, more than ICOW's 2.24% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 4.22% | 4.40% | 3.09% | 3.02% | 25.14% | 3.06% | 2.10% | 7.56% | 4.58% | 2.55% | 3.17% | 3.54% |
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 2.24% | 3.03% | 4.39% | 3.61% | 5.26% | 2.11% | 2.46% | 3.10% | 2.61% | 0.80% | 0.00% | 0.00% |
Drawdowns
HEFA vs. ICOW - Drawdown Comparison
The maximum HEFA drawdown since its inception was -32.39%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for HEFA and ICOW.
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Drawdown Indicators
| HEFA | ICOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.39% | -43.49% | +11.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.64% | -12.00% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -14.79% | -28.48% | +13.69% |
Max Drawdown (10Y)Largest decline over 10 years | -32.39% | — | — |
Current DrawdownCurrent decline from peak | -4.58% | -4.20% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -7.71% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 2.59% | +0.14% |
Volatility
HEFA vs. ICOW - Volatility Comparison
iShares Currency Hedged MSCI EAFE ETF (HEFA) has a higher volatility of 5.88% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 5.30%. This indicates that HEFA's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEFA | ICOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.88% | 5.30% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.67% | 10.44% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.72% | 17.12% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.66% | 16.58% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.90% | 18.53% | -2.63% |