HWSM vs. COWZ

Last updated Jun 23, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both Mid Cap Value Equities funds. HWSM is actively managed, while COWZ is passively managed. Over the past year, HWSM returned 24.34% vs 15.09% for COWZ. Their correlation of 0.82 suggests significant overlap in exposure. HWSM charges 0.55%/yr vs 0.49%/yr for COWZ.

Performance

HWSM vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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, HWSM achieves a 10.72% return, which is significantly higher than COWZ's 2.67% return.

HWSM

• 1D: 0.11%
• 1M: 2.13%
• YTD: 10.72%
• 6M: 8.98%
• 1Y: 24.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COWZ

• 1D: -0.52%
• 1M: -4.28%
• YTD: 2.67%
• 6M: 1.89%
• 1Y: 15.09%
• 3Y*: 12.16%
• 5Y*: 9.90%
• 10Y*: —

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

HWSM vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	10.72%	12.92%
COWZ Pacer US Cash Cows 100 ETF	2.67%	12.80%

Correlation

The correlation between HWSM and COWZ is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025	0.82

The correlation between HWSM and COWZ has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

HWSM vs. COWZ — Risk / Return Rank

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

HWSM

HWSM Risk / Return Rank: 48
HWSM Sharpe Ratio Rank: 46
HWSM Sortino Ratio Rank: 49
HWSM Omega Ratio Rank: 44
HWSM Calmar Ratio Rank: 50
HWSM Martin Ratio Rank: 49

COWZ

COWZ Risk / Return Rank: 43
COWZ Sharpe Ratio Rank: 38
COWZ Sortino Ratio Rank: 39
COWZ Omega Ratio Rank: 36
COWZ Calmar Ratio Rank: 53
COWZ Martin Ratio Rank: 47

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.

HWSM vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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.

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.

	HWSM	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.33	+0.23
Sortino ratio: Return per unit of downside risk	2.35	1.97	+0.37
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.39	2.54	-0.16
Martin ratio: Return relative to average drawdown	8.00	7.69	+0.31

HWSM vs. COWZ - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.57, which is comparable to the COWZ Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HWSM 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.

Drawdowns

HWSM vs. COWZ - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for HWSM and COWZ.

Drawdown Indicators

	HWSM	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-38.63%	+22.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-5.95%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.00%	—
Current Drawdown Current decline from peak	-1.94%	-5.95%	+4.01%
Average Drawdown Average peak-to-trough decline	-2.68%	-4.80%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.97%	+1.08%

Volatility

HWSM vs. COWZ - Volatility Comparison

The current volatility for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) is 3.41%, while Pacer US Cash Cows 100 ETF (COWZ) has a volatility of 3.91%. This indicates that HWSM experiences smaller price fluctuations and is considered to be less risky than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSM	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	3.91%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	7.52%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	11.39%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	17.64%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	19.90%	+0.46%

HWSM vs. COWZ - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is higher than COWZ's 0.49% expense ratio.

Dividends

HWSM vs. COWZ - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.20%, less than COWZ's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
COWZ Pacer US Cash Cows 100 ETF	2.01%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.20%	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWSM and COWZ in my portfolio?

HWSM and COWZ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWSM or COWZ?

COWZ has higher volatility (3.91%) compared to HWSM (3.41%). In terms of maximum drawdown, HWSM dropped -15.67% vs COWZ's -38.63%.

Which ETF is better, HWSM or COWZ?

On 1-year performance, HWSM leads with 24.34% vs 15.09% for COWZ. On fees, COWZ is cheaper at 0.49% per year. On volatility, HWSM has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWSM or COWZ?

Over the 1-year period, HWSM has performed better with a 24.34% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or COWZ?

COWZ is cheaper with a 0.49% expense ratio, compared with 0.55% for HWSM.

Which ETF pays a higher dividend yield, HWSM or COWZ?

COWZ has the higher dividend yield at 2.01%, compared with 1.20% for HWSM.

What is the main difference between HWSM and COWZ?

They also come from different issuers: Hotchkis & Wiley and Pacer. Their fees differ too: 0.55% for HWSM and 0.49% for COWZ.

Which has better risk-adjusted returns?

HWSM currently has the higher Sharpe Ratio (1.57 vs 1.33), 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.