ICOW vs. DOL

Last updated Jun 4, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and DOL (WisdomTree International LargeCap Dividend Fund) are both Foreign Large Cap Equities funds - ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index while DOL tracks the WisdomTree International LargeCap Dividend Index. Both are passively managed. Over the past 5 years, ICOW returned 10.06%/yr vs 12.14%/yr for DOL. Their correlation of 0.86 suggests significant overlap in exposure. ICOW charges 0.65%/yr vs 0.48%/yr for DOL.

Performance

ICOW vs. DOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Developed Markets International Cash Cows 100 ETF (ICOW) and WisdomTree International LargeCap Dividend Fund (DOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOW achieves a 17.35% return, which is significantly higher than DOL's 14.27% return.

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

DOL

• 1D: -0.42%
• 1M: 5.12%
• YTD: 14.27%
• 6M: 18.14%
• 1Y: 29.70%
• 3Y*: 20.90%
• 5Y*: 12.14%
• 10Y*: 9.61%

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

ICOW vs. DOL - 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%
DOL WisdomTree International LargeCap Dividend Fund	14.27%	37.35%	4.08%	16.77%	-6.72%	11.54%	-3.22%	19.47%	-12.93%	7.69%

Correlation

The correlation between ICOW and DOL is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.87

The correlation between ICOW and DOL has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

ICOW vs. DOL - Sectors Allocation Comparison

Sectors	ICOW	DOL
Industrials	28.7%	15.9%
Energy	23.7%	4.7%
Consumer Cyclical	11.6%	7.6%
Communication Services	8.9%	5.4%
Consumer Defensive	8.5%	7.6%
Healthcare	7.1%	8.3%
Technology	6.2%	14.1%
Basic Materials	5.4%	5.1%
Financial Services	-	24.3%
Real Estate	-	1.2%
Utilities	-	6.0%

Return for Risk

ICOW vs. DOL — Risk / Return Rank

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

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

DOL

DOL Risk / Return Rank: 57
DOL Sharpe Ratio Rank: 58
DOL Sortino Ratio Rank: 57
DOL Omega Ratio Rank: 59
DOL Calmar Ratio Rank: 53
DOL Martin Ratio Rank: 57

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.

ICOW vs. DOL - 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 WisdomTree International LargeCap Dividend Fund (DOL). 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	DOL	Difference
Sharpe ratio: Return per unit of total volatility	2.87	1.99	+0.88
Sortino ratio: Return per unit of downside risk	3.72	2.74	+0.98
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	4.91	2.63	+2.27
Martin ratio: Return relative to average drawdown	17.54	9.90	+7.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICOW vs. DOL - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 2.87, which is higher than the DOL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ICOW and DOL, 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

	ICOW	DOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	1.99	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.79	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.28	+0.27

Drawdowns

ICOW vs. DOL - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, smaller than the maximum DOL drawdown of -60.79%. Use the drawdown chart below to compare losses from any high point for ICOW and DOL.

Drawdown Indicators

	ICOW	DOL	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-60.79%	+17.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.02%	-11.33%	+3.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-12.44%	-2.37%
Max Drawdown (5Y) Largest decline over 5 years	-28.48%	-24.57%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.99%	—
Current Drawdown Current decline from peak	-0.64%	-0.42%	-0.22%
Average Drawdown Average peak-to-trough decline	-7.59%	-13.63%	+6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.01%	-0.77%

Volatility

ICOW vs. DOL - Volatility Comparison

The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 4.41%, while WisdomTree International LargeCap Dividend Fund (DOL) has a volatility of 5.28%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than DOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	DOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	5.28%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	12.75%	-2.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	15.00%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	15.38%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	16.70%	+1.77%

ICOW vs. DOL - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than DOL's 0.48% expense ratio.

Dividends

ICOW vs. DOL - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.12%, less than DOL's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOL WisdomTree International LargeCap Dividend Fund	2.45%	2.83%	3.78%	4.02%	4.47%	3.58%	2.82%	3.50%	4.03%	3.17%	3.58%	3.66%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOW and DOL in my portfolio?

ICOW and DOL have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICOW or DOL?

DOL has higher volatility (5.28%) compared to ICOW (4.41%). In terms of maximum drawdown, ICOW dropped -43.49% vs DOL's -60.79%.

Which ETF is better, ICOW or DOL?

On 5-year performance, DOL leads with 12.14% vs 10.06% for ICOW. On fees, DOL is cheaper at 0.48% 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.

Which ETF has performed better, ICOW or DOL?

Over the 5-year period, DOL has performed better with a 12.14% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or DOL?

DOL is cheaper with a 0.48% expense ratio, compared with 0.65% for ICOW.

Which ETF pays a higher dividend yield, ICOW or DOL?

DOL has the higher dividend yield at 2.45%, compared with 2.12% for ICOW.

What is the main difference between ICOW and DOL?

ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while DOL tracks WisdomTree International LargeCap Dividend Index. They also come from different issuers: Pacer and WisdomTree. Their fees differ too: 0.65% for ICOW and 0.48% for DOL.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.99), 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.