ICOW vs. DBE
ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, ICOW returned 10.06%/yr vs 19.66%/yr for DBE. At a 0.30 correlation, their price movements are largely independent. ICOW charges 0.65%/yr vs 0.78%/yr for DBE.
Performance
ICOW vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, ICOW achieves a 17.35% return, which is significantly lower than DBE's 83.68% return.
ICOW
- 1D
- -0.64%
- 1M
- 3.47%
- YTD
- 17.35%
- 6M
- 18.06%
- 1Y
- 39.15%
- 3Y*
- 20.17%
- 5Y*
- 10.06%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
ICOW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 17.35% | 36.95% | -2.59% | 18.94% | -7.98% | 11.52% | 7.20% | 17.91% | -16.09% | 16.98% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 30.08% |
Correlation
The correlation between ICOW and DBE is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017 | 0.30 |
The correlation between ICOW and DBE shifts across timeframes, from -0.17 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICOW vs. DBE — Risk / Return Rank
ICOW
DBE
ICOW vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) and Invesco DB Energy Fund (DBE). 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.
| ICOW | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.40 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.91 | 5.89 | -0.98 |
| Martin ratioReturn relative to average drawdown | 17.54 | 11.53 | +6.01 |
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
| ICOW | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 2.43 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.67 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.09 | +0.46 |
Drawdowns
ICOW vs. DBE - Drawdown Comparison
The maximum ICOW drawdown since its inception was -43.49%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ICOW and DBE.
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Drawdown Indicators
| ICOW | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.49% | -86.69% | +43.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.02% | -14.41% | +6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -14.81% | -23.89% | +9.08% |
Max Drawdown (5Y)Largest decline over 5 years | -28.48% | -38.74% | +10.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.64% | -30.27% | +29.63% |
Average DrawdownAverage peak-to-trough decline | -7.59% | -57.31% | +49.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 7.35% | -5.11% |
Volatility
ICOW vs. DBE - Volatility Comparison
The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 4.41%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 12.95% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 30.86% | -20.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 34.97% | -21.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.64% | 29.39% | -12.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.47% | 28.33% | -9.86% |
ICOW vs. DBE - Expense Ratio Comparison
ICOW has a 0.65% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
ICOW vs. DBE - Dividend Comparison
ICOW's dividend yield for the trailing twelve months is around 2.12%, which matches DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 2.12% | 3.03% | 4.39% | 3.61% | 5.26% | 2.11% | 2.46% | 3.10% | 2.61% | 0.80% |
Frequently Asked Questions
ICOW and DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to ICOW (4.41%). In terms of maximum drawdown, ICOW dropped -43.49% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 10.06% for ICOW. On fees, ICOW is cheaper at 0.65% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOW is cheaper with a 0.65% expense ratio, compared with 0.78% for DBE.
ICOW has the higher dividend yield at 2.12%, compared with 2.10% for DBE.
ICOW is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.65% for ICOW and 0.78% for DBE.
ICOW currently has the higher Sharpe Ratio (2.87 vs 2.43), 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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