ICOW vs. GMOI
ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and GMOI (GMO International Value ETF) are both Foreign Large Cap Equities funds - ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index while GMOI tracks the MSCI World ex USA Value. Both are passively managed. Over the past year, ICOW returned 32.36% vs 42.85% for GMOI. Their correlation of 0.85 means they have usually moved in the same direction. ICOW charges 0.65%/yr vs 0.60%/yr for GMOI.
Performance
ICOW vs. GMOI - 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 GMOI's 20.68% 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%
GMOI
- 1D
- 0.10%
- 1M
- 6.07%
- 6M
- 13.00%
- YTD
- 20.68%
- 1Y
- 42.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 34.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.04M | $4.71M | $3.16M | |
| $9.61M | $8.09M | $8.95M |
ICOW vs. GMOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ICOW Pacer Developed Markets International Cash Cows 100 ETF | 14.28% | 36.95% | -4.38% |
GMOI GMO International Value ETF | 20.68% | 45.64% | -4.48% |
Correlation
The correlation between ICOW and GMOI is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.85 |
The correlation between ICOW and GMOI has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.
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Return for Risk
ICOW vs. GMOI — Risk / Return Rank
ICOW
GMOI
ICOW vs. GMOI - 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 GMO International Value ETF (GMOI). 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 | GMOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.58 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 5.15 | -1.50 |
| Martin ratioReturn relative to average drawdown | 10.11 | 20.75 | -10.64 |
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Drawdowns
ICOW vs. GMOI - Drawdown Comparison
The maximum ICOW drawdown since its inception was -43.49%, which is greater than GMOI's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for ICOW and GMOI.
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Drawdown Indicators
| ICOW | GMOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.49% | -14.67% | -28.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -8.36% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -14.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.79% | — | — |
Current DrawdownCurrent decline from peak | -3.23% | -0.74% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -7.55% | -1.63% | -5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.07% | +1.14% |
Volatility
ICOW vs. GMOI - Volatility Comparison
The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 3.29%, while GMO International Value ETF (GMOI) has a volatility of 3.53%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than GMOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOW | GMOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 3.53% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 10.72% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.55% | 13.11% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 15.37% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.44% | 15.37% | +3.07% |
ICOW vs. GMOI - Expense Ratio Comparison
ICOW has a 0.65% expense ratio, which is higher than GMOI's 0.60% expense ratio.
Dividends
ICOW vs. GMOI - Dividend Comparison
ICOW's dividend yield for the trailing twelve months is around 2.23%, less than GMOI's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GMOI GMO International Value ETF | 2.65% | 2.74% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 GMOI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMOI has higher volatility (3.53%) compared to ICOW (3.29%). In terms of maximum drawdown, ICOW dropped -43.49% vs GMOI's -14.67%.
On 1-year performance, GMOI leads with 42.85% vs 32.36% for ICOW. On fees, GMOI is cheaper at 0.60% per year. On volatility, ICOW has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GMOI has performed better with a 42.85% return vs 32.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMOI is cheaper with a 0.60% expense ratio, compared with 0.65% for ICOW.
GMOI has the higher dividend yield at 2.65%, compared with 2.23% for ICOW.
ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while GMOI tracks MSCI World ex USA Value. They also come from different issuers: Pacer and GMO. Their fees differ too: 0.65% for ICOW and 0.60% for GMOI.
GMOI currently has the higher Sharpe Ratio (3.29 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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