PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ICOW vs. ISZE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICOW vs. ISZE

Last updated Jun 4, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and ISZE (iShares Edge MSCI Intl Size Factor ETF) are both Foreign Large Cap Equities funds - ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index while ISZE tracks the MSCI World ex USA Risk Weighted Index. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. ICOW charges 0.65%/yr vs 0.30%/yr for ISZE.

Performance

ICOW vs. ISZE - 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 iShares Edge MSCI Intl Size Factor ETF (ISZE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

ICOW

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

ISZE

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICOW vs. ISZE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%-0.11%15.54%-15.70%8.17%6.07%21.17%-13.91%8.10%

Correlation

The correlation between ICOW and ISZE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2017

0.71

The correlation between ICOW and ISZE shifts across timeframes, from 0.50 (3 years) to 0.71 (5 years), reflecting how their relationship changes across market environments.

ICOW vs. ISZE - Sectors Allocation Comparison

Sectors
ICOW
ISZE

Industrials

28.7%
20.0%

Energy

23.7%
3.8%

Consumer Cyclical

11.6%
10.7%

Communication Services

8.9%
5.6%

Consumer Defensive

8.5%
7.9%

Healthcare

7.1%
7.8%

Technology

6.2%
8.1%

Basic Materials

5.4%
8.2%

Financial Services

-

17.3%

Real Estate

-

6.0%

Utilities

-

4.8%

Industrials

ICOW
28.7%
ISZE
20.0%

Energy

ICOW
23.7%
ISZE
3.8%

Consumer Cyclical

ICOW
11.6%
ISZE
10.7%

Communication Services

ICOW
8.9%
ISZE
5.6%

Consumer Defensive

ICOW
8.5%
ISZE
7.9%

Healthcare

ICOW
7.1%
ISZE
7.8%

Technology

ICOW
6.2%
ISZE
8.1%

Basic Materials

ICOW
5.4%
ISZE
8.2%

Financial Services

ICOW

-

ISZE
17.3%

Real Estate

ICOW

-

ISZE
6.0%

Utilities

ICOW

-

ISZE
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Pacer Developed Markets International Cash Cows 100 ETF

iShares Edge MSCI Intl Size Factor ETF

Often compared with ICOW:
ICOW vs. GCOWICOW vs. FYLDICOW vs. IDMOICOW vs. COWZICOW vs. FIVLXICOW vs. GSIEICOW vs. ARTKX
Often compared with ISZE:
ISZE vs. SPHDISZE vs. DWMFISZE vs. VEAISZE vs. FIDISZE vs. DGROISZE vs. EISISZE vs. ACWI

Return for Risk

ICOW vs. ISZE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICOW
ICOW Risk / Return Rank: 8484
Overall Rank
ICOW Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
ICOW Sortino Ratio Rank: 8282
Sortino Ratio Rank
ICOW Omega Ratio Rank: 8282
Omega Ratio Rank
ICOW Calmar Ratio Rank: 8686
Calmar Ratio Rank
ICOW Martin Ratio Rank: 8484
Martin Ratio Rank
ISZE
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. ISZE - 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 iShares Edge MSCI Intl Size Factor ETF (ISZE). 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.

ICOWISZEDifference
Sharpe ratioReturn per unit of total volatility
2.87

—

—

Sortino ratioReturn per unit of downside risk
3.72

—

—

Omega ratioGain probability vs. loss probability

1.50

—

—

Calmar ratioReturn relative to maximum drawdown

4.91

—

—

Martin ratioReturn relative to average drawdown

17.54

—

—

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. ISZE - Sharpe Ratio Comparison

Loading charts...

Sharpe Ratios by Period

ICOWISZEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

—

—

Drawdowns

ICOW vs. ISZE - Drawdown Comparison

Loading charts...

Drawdown Indicators

ICOWISZEDifference

Max Drawdown

Largest peak-to-trough decline

-43.49%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-8.02%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-14.81%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-28.48%

—

—

Current Drawdown

Current decline from peak

-0.64%

—

—

Average Drawdown

Average peak-to-trough decline

-7.59%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.24%

—

—

Volatility

ICOW vs. ISZE - Volatility Comparison

Loading charts...

Volatility by Period

ICOWISZEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

10.59%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

13.73%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.64%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.47%

—

—

ICOW vs. ISZE - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than ISZE's 0.30% expense ratio.

Dividends

ICOW vs. ISZE - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.12%, while ISZE has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%1.89%6.63%2.72%8.47%1.39%2.24%3.04%3.33%3.18%1.09%

Frequently Asked Questions

ICOW and ISZE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISZE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISZE is cheaper with a 0.30% expense ratio, compared with 0.65% for ICOW.

ICOW has the higher dividend yield at 2.12%, compared with 0.00% for ISZE.

ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while ISZE tracks MSCI World ex USA Risk Weighted Index. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.65% for ICOW and 0.30% for ISZE.

Portfolio Optimizer

Find the right allocation for ICOW and ISZE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer