ICOW vs. SMST

Last updated Jul 15, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index, while SMST is a Inverse Equities fund actively managed by Defiance. ICOW is passively managed, while SMST is actively managed. Over the past year, ICOW returned 26.72% vs 223.39% for SMST. At a correlation of -0.32, they often move in opposite directions. ICOW charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

ICOW vs. SMST - 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 Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOW achieves a 10.66% return, which is significantly higher than SMST's -36.68% return.

ICOW

• 1D: 0.35%
• 1M: -3.14%
• 6M: 7.36%
• YTD: 10.66%
• 1Y: 26.72%
• 3Y*: 15.49%
• 5Y*: 9.50%
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ICOW Pacer Developed Markets International Cash Cows 100 ETF	10.66%	36.95%	-4.69%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between ICOW and SMST is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.32

Return for Risk

ICOW vs. SMST — Risk / Return Rank

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

ICOW

ICOW Risk / Return Rank: 69
ICOW Sharpe Ratio Rank: 72
ICOW Sortino Ratio Rank: 67
ICOW Omega Ratio Rank: 69
ICOW Calmar Ratio Rank: 74
ICOW Martin Ratio Rank: 63

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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. SMST - 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 Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.51	+0.32
Sortino ratio: Return per unit of downside risk	2.46	2.28	+0.18
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.63	+0.37
Martin ratio: Return relative to average drawdown	8.91	5.07	+3.83

ICOW vs. SMST - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 1.83, which is comparable to the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of ICOW and SMST, 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. SMST - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ICOW and SMST.

Drawdown Indicators

	ICOW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-99.25%	+55.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-85.39%	+76.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.79%	—	—
Current Drawdown Current decline from peak	-6.30%	-97.51%	+91.21%
Average Drawdown Average peak-to-trough decline	-7.56%	-90.91%	+83.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	44.25%	-41.24%

Volatility

ICOW vs. SMST - Volatility Comparison

The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 4.26%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	57.45%	-53.19%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	136.03%	-123.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	149.51%	-134.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	167.79%	-151.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	167.79%	-149.32%

ICOW vs. SMST - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ICOW vs. SMST - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.30%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.30%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOW and SMST in my portfolio?

ICOW and SMST have a correlation of -0.37, 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 SMST?

SMST has higher volatility (57.45%) compared to ICOW (4.26%). In terms of maximum drawdown, ICOW dropped -43.49% vs SMST's -99.25%.

Which ETF is better, ICOW or SMST?

On 1-year performance, SMST leads with 223.39% vs 26.72% for ICOW. On fees, ICOW is cheaper at 0.65% per year. On volatility, ICOW has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOW or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 26.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or SMST?

ICOW is cheaper with a 0.65% expense ratio, compared with 1.29% for SMST.

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

ICOW has the higher dividend yield at 2.30%, compared with 0.00% for SMST.

What is the main difference between ICOW and SMST?

ICOW is categorized as Foreign Large Cap Equities, while SMST is Inverse Equities. They also come from different issuers: Pacer and Defiance. Their fees differ too: 0.65% for ICOW and 1.29% for SMST.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.83 vs 1.51), 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.