ICOW vs. MCSE

Last updated Aug 4, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. ICOW is passively managed, while MCSE is actively managed. Over the past 3 years, ICOW returned 16.62%/yr vs 0.74%/yr for MCSE. Their 0.60 correlation means they have sometimes moved together and sometimes differently. ICOW charges 0.65%/yr vs 0.59%/yr for MCSE.

Performance

ICOW vs. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOW achieves a 14.28% return, which is significantly higher than MCSE's 1.12% 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%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICOW Pacer Developed Markets International Cash Cows 100 ETF	$9.61M	$8.09M	$8.95M
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00

ICOW vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICOW Pacer Developed Markets International Cash Cows 100 ETF	14.28%	36.95%	-2.59%	18.94%	10.08%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	14.86%	10.04%

Correlation

The correlation between ICOW and MCSE is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.60

Over the past year, the correlation between ICOW and MCSE has dropped to 0.39 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

ICOW vs. MCSE - Sectors Allocation Comparison

Sectors	ICOW	MCSE
Industrials	25.2%	18.1%
Consumer Cyclical	14.4%	13.8%
Communication Services	12.7%	4.7%
Energy	11.9%	-
Consumer Defensive	10.1%	5.0%
Basic Materials	9.9%	5.1%
Healthcare	8.3%	20.1%
Technology	7.7%	31.1%
Financial Services	-	2.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

ICOW vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICOW

ICOW Risk / Return Rank: 85
ICOW Sharpe Ratio Rank: 89
ICOW Sortino Ratio Rank: 85
ICOW Omega Ratio Rank: 87
ICOW Calmar Ratio Rank: 88
ICOW Martin Ratio Rank: 77

MCSE

MCSE Risk / Return Rank: 20
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 19
MCSE Omega Ratio Rank: 24
MCSE Calmar Ratio Rank: 18
MCSE Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICOW vs. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). 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	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.46	+1.78
Sortino ratio: Return per unit of downside risk	2.92	0.70	+2.22
Omega ratio: Gain probability vs. loss probability	1.40	1.12	+0.27
Calmar ratio: Return relative to maximum drawdown	3.64	0.45	+3.19
Martin ratio: Return relative to average drawdown	10.11	1.13	+8.98

ICOW vs. MCSE - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 2.24, which is higher than the MCSE Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of ICOW and MCSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICOW vs. MCSE - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, which is greater than MCSE's maximum drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for ICOW and MCSE.

Drawdown Indicators

	ICOW	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-26.36%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-10.42%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-26.36%	+11.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.79%	—	—
Current Drawdown Current decline from peak	-3.23%	-10.51%	+7.28%
Average Drawdown Average peak-to-trough decline	-7.55%	-8.80%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	4.37%	-1.16%

Volatility

ICOW vs. MCSE - Volatility Comparison

Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a higher volatility of 3.29% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that ICOW's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	0.00%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	1.87%	+10.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	10.29%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	19.07%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	19.07%	-0.63%

ICOW vs. MCSE - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than MCSE's 0.59% expense ratio.

Dividends

ICOW vs. MCSE - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.23%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOW and MCSE in my portfolio?

ICOW and MCSE have a correlation of 0.39, 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 MCSE?

ICOW has higher volatility (3.29%) compared to MCSE (0.00%). In terms of maximum drawdown, ICOW dropped -43.49% vs MCSE's -26.36%.

Which ETF is better, ICOW or MCSE?

On 3-year performance, ICOW leads with 16.62% vs 0.74% for MCSE. On fees, MCSE is cheaper at 0.59% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOW or MCSE?

Over the 3-year period, ICOW has performed better with a 16.62% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or MCSE?

MCSE is cheaper with a 0.59% expense ratio, compared with 0.65% for ICOW.

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

MCSE has the higher dividend yield at 3.74%, compared with 2.23% for ICOW.

What is the main difference between ICOW and MCSE?

They also come from different issuers: Pacer and Franklin. Their fees differ too: 0.65% for ICOW and 0.59% for MCSE.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.24 vs 0.46), 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.