ICOW vs. TRFK

Last updated Jun 25, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and TRFK (Pacer Data and Digital Revolution 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 TRFK is a Technology Equities fund tracking the Pacer Data Transmission and Communication Revolution Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, ICOW returned 16.72%/yr vs 50.39%/yr for TRFK. At a 0.50 correlation, their price movements are largely independent. ICOW charges 0.65%/yr vs 0.60%/yr for TRFK.

Performance

ICOW vs. TRFK - 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 Pacer Data and Digital Revolution ETF (TRFK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOW achieves a 8.24% return, which is significantly lower than TRFK's 59.85% return.

ICOW

• 1D: -0.37%
• 1M: -6.80%
• YTD: 8.24%
• 6M: 7.93%
• 1Y: 26.63%
• 3Y*: 16.72%
• 5Y*: 8.62%
• 10Y*: —

TRFK

• 1D: -0.97%
• 1M: 8.33%
• YTD: 59.85%
• 6M: 57.97%
• 1Y: 78.85%
• 3Y*: 50.39%
• 5Y*: —
• 10Y*: —

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

ICOW vs. TRFK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.24%	36.95%	-2.59%	18.94%	-8.16%
TRFK Pacer Data and Digital Revolution ETF	59.85%	26.81%	38.30%	66.63%	-10.61%

Correlation

The correlation between ICOW and TRFK is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 9, 2022	0.50

ICOW vs. TRFK - Sectors Allocation Comparison

Sectors	ICOW	TRFK
Industrials	29.1%	12.0%
Energy	21.3%	-
Consumer Cyclical	12.7%	-
Communication Services	8.7%	0.6%
Consumer Defensive	8.1%	-
Technology	7.8%	87.5%
Healthcare	6.7%	-
Basic Materials	5.6%	-
Financial Services	-	-
Real Estate	-	0.0%
Utilities	-	-

Return for Risk

ICOW vs. TRFK — Risk / Return Rank

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

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 62
ICOW Sortino Ratio Rank: 57
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 71
ICOW Martin Ratio Rank: 65

TRFK

TRFK Risk / Return Rank: 76
TRFK Sharpe Ratio Rank: 86
TRFK Sortino Ratio Rank: 74
TRFK Omega Ratio Rank: 75
TRFK Calmar Ratio Rank: 84
TRFK Martin Ratio Rank: 60

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. TRFK - 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 Pacer Data and Digital Revolution ETF (TRFK). 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	TRFK	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.48	-0.67
Sortino ratio: Return per unit of downside risk	2.42	2.96	-0.55
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	3.20	4.05	-0.85
Martin ratio: Return relative to average drawdown	10.66	9.50	+1.17

ICOW vs. TRFK - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 1.81, which is comparable to the TRFK Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ICOW and TRFK, 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. TRFK - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, which is greater than TRFK's maximum drawdown of -29.06%. Use the drawdown chart below to compare losses from any high point for ICOW and TRFK.

Drawdown Indicators

	ICOW	TRFK	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-29.06%	-14.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-19.56%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-29.06%	+14.25%
Max Drawdown (5Y) Largest decline over 5 years	-27.79%	—	—
Current Drawdown Current decline from peak	-8.35%	-7.89%	-0.46%
Average Drawdown Average peak-to-trough decline	-7.56%	-6.04%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	8.33%	-5.83%

Volatility

ICOW vs. TRFK - Volatility Comparison

The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 5.83%, while Pacer Data and Digital Revolution ETF (TRFK) has a volatility of 18.39%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than TRFK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	TRFK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	18.39%	-12.56%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	26.41%	-14.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	32.02%	-17.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	29.83%	-13.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	29.83%	-11.33%

ICOW vs. TRFK - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than TRFK's 0.60% expense ratio.

Dividends

ICOW vs. TRFK - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.36%, more than TRFK's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.36%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
TRFK Pacer Data and Digital Revolution ETF	0.01%	0.01%	0.40%	0.20%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOW and TRFK in my portfolio?

ICOW and TRFK have a correlation of 0.45, 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 TRFK?

TRFK has higher volatility (18.39%) compared to ICOW (5.83%). In terms of maximum drawdown, ICOW dropped -43.49% vs TRFK's -29.06%.

Which ETF is better, ICOW or TRFK?

On 3-year performance, TRFK leads with 50.39% vs 16.72% for ICOW. On fees, TRFK is cheaper at 0.60% per year. On volatility, ICOW has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOW or TRFK?

Over the 3-year period, TRFK has performed better with a 50.39% return vs 16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or TRFK?

TRFK is cheaper with a 0.60% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.36%, compared with 0.01% for TRFK.

What is the main difference between ICOW and TRFK?

ICOW is categorized as Foreign Large Cap Equities, while TRFK is Technology Equities. ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while TRFK tracks Pacer Data Transmission and Communication Revolution Index - Benchmark TR Net. Their fees differ too: 0.65% for ICOW and 0.60% for TRFK.

Which has better risk-adjusted returns?

TRFK currently has the higher Sharpe Ratio (2.48 vs 1.81), 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.