ICOW vs. FIDI
ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and FIDI (Fidelity International High Dividend ETF) are both Foreign Large Cap Equities funds - ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index while FIDI tracks the Fidelity® International High Dividend Index. Both are passively managed. Over the past 5 years, ICOW returned 10.22%/yr vs 12.48%/yr for FIDI. Their correlation of 0.84 means they have usually moved in the same direction. ICOW charges 0.65%/yr vs 0.39%/yr for FIDI.
Performance
ICOW vs. FIDI - Performance Comparison
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Returns By Period
In the year-to-date period, ICOW achieves a 14.28% return, which is significantly lower than FIDI's 15.39% return.
ICOW
- 1D
- 0.48%
- 1M
- 4.05%
- 6M
- 7.50%
- YTD
- 14.28%
- 1Y
- 32.36%
- 3Y*
- 16.62%
- 5Y*
- 10.22%
- 10Y*
- —
- ALL TIME*
- 9.60%
FIDI
- 1D
- -0.17%
- 1M
- 5.79%
- 6M
- 9.31%
- YTD
- 15.39%
- 1Y
- 31.09%
- 3Y*
- 20.22%
- 5Y*
- 12.48%
- 10Y*
- —
- ALL TIME*
- 6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.67M | $1.97M | $1.82M | |
| $9.61M | $8.09M | $8.95M |
ICOW vs. FIDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 14.28% | 36.95% | -2.59% | 18.94% | -7.98% | 11.52% | 7.20% | 17.91% | -19.34% |
FIDI Fidelity International High Dividend ETF | 15.39% | 39.34% | -0.06% | 16.28% | -4.73% | 16.87% | -11.68% | 15.47% | -19.49% |
Correlation
The correlation between ICOW and FIDI is 0.76, 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. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | 0.84 |
The correlation between ICOW and FIDI shifts across timeframes, from 0.76 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICOW vs. FIDI — Risk / Return Rank
ICOW
FIDI
ICOW vs. FIDI - 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 Fidelity International High Dividend ETF (FIDI). 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.
| ICOW | FIDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.48 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 4.49 | -0.85 |
| Martin ratioReturn relative to average drawdown | 10.11 | 15.56 | -5.45 |
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Drawdowns
ICOW vs. FIDI - Drawdown Comparison
The maximum ICOW drawdown since its inception was -43.49%, smaller than the maximum FIDI drawdown of -46.34%. Use the drawdown chart below to compare losses from any high point for ICOW and FIDI.
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Drawdown Indicators
| ICOW | FIDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.49% | -46.34% | +2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -6.96% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -14.81% | -12.09% | -2.72% |
Max Drawdown (5Y)Largest decline over 5 years | -27.79% | -26.05% | -1.74% |
Current DrawdownCurrent decline from peak | -3.23% | -1.09% | -2.14% |
Average DrawdownAverage peak-to-trough decline | -7.55% | -9.63% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.00% | +1.21% |
Volatility
ICOW vs. FIDI - Volatility Comparison
Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a higher volatility of 3.29% compared to Fidelity International High Dividend ETF (FIDI) at 2.78%. This indicates that ICOW's price experiences larger fluctuations and is considered to be riskier than FIDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOW | FIDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 2.78% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 9.27% | +2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.55% | 11.62% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 14.81% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.44% | 18.61% | -0.17% |
ICOW vs. FIDI - Expense Ratio Comparison
ICOW has a 0.65% expense ratio, which is higher than FIDI's 0.39% expense ratio.
Dividends
ICOW vs. FIDI - Dividend Comparison
ICOW's dividend yield for the trailing twelve months is around 2.23%, less than FIDI's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FIDI Fidelity International High Dividend ETF | 3.90% | 4.33% | 5.72% | 4.80% | 5.09% | 4.00% | 3.36% | 4.26% | 4.37% | 0.00% |
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 2.23% | 3.03% | 4.39% | 3.61% | 5.26% | 2.11% | 2.46% | 3.10% | 2.61% | 0.80% |
Frequently Asked Questions
ICOW and FIDI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICOW has higher volatility (3.29%) compared to FIDI (2.78%). In terms of maximum drawdown, ICOW dropped -43.49% vs FIDI's -46.34%.
On 5-year performance, FIDI leads with 12.48% vs 10.22% for ICOW. On fees, FIDI is cheaper at 0.39% per year. On volatility, FIDI has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FIDI has performed better with a 12.48% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIDI is cheaper with a 0.39% expense ratio, compared with 0.65% for ICOW.
FIDI has the higher dividend yield at 3.90%, compared with 2.23% for ICOW.
ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while FIDI tracks Fidelity® International High Dividend Index. They also come from different issuers: Pacer and Fidelity. Their fees differ too: 0.65% for ICOW and 0.39% for FIDI.
FIDI currently has the higher Sharpe Ratio (2.69 vs 2.24), 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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