ICOW vs. VEU

Last updated Aug 4, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 5 years, ICOW returned 10.22%/yr vs 9.01%/yr for VEU. Their correlation of 0.85 means they have usually moved in the same direction. ICOW charges 0.65%/yr vs 0.04%/yr for VEU.

Performance

ICOW vs. VEU - 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 Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ICOW having a 14.28% return and VEU slightly lower at 13.83%.

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%

VEU

• 1D: 0.45%
• 1M: 0.29%
• 6M: 7.13%
• YTD: 13.83%
• 1Y: 28.98%
• 3Y*: 18.48%
• 5Y*: 9.01%
• 10Y*: 9.63%
• ALL TIME*: 5.48%

*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
VEU Vanguard FTSE All-World ex-US ETF	$232.81M	$239.63M	$222.48M

ICOW vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	14.28%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.93%
VEU Vanguard FTSE All-World ex-US ETF	13.83%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	10.99%

Correlation

The correlation between ICOW and VEU is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.85

The correlation between ICOW and VEU has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

ICOW vs. VEU - Sectors Allocation Comparison

Sectors	ICOW	VEU
Industrials	25.2%	14.7%
Consumer Cyclical	14.4%	7.6%
Communication Services	12.7%	4.2%
Energy	11.9%	4.3%
Consumer Defensive	10.1%	4.9%
Basic Materials	9.9%	6.5%
Healthcare	8.3%	6.8%
Technology	7.7%	23.2%
Financial Services	-	23.1%
Real Estate	-	1.8%
Utilities	-	3.0%

Return for Risk

ICOW vs. VEU — 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

VEU

VEU Risk / Return Rank: 73
VEU Sharpe Ratio Rank: 74
VEU Sortino Ratio Rank: 73
VEU Omega Ratio Rank: 75
VEU Calmar Ratio Rank: 72
VEU Martin Ratio Rank: 74

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. VEU - 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 Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.72	+0.52
Sortino ratio: Return per unit of downside risk	2.92	2.38	+0.54
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	3.64	2.55	+1.10
Martin ratio: Return relative to average drawdown	10.11	9.31	+0.80

ICOW vs. VEU - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 2.24, which is higher than the VEU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of ICOW and VEU, 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. VEU - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for ICOW and VEU.

Drawdown Indicators

	ICOW	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-61.52%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-11.43%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-13.69%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-27.79%	-29.14%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-3.23%	-2.36%	-0.87%
Average Drawdown Average peak-to-trough decline	-7.55%	-13.04%	+5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.12%	+0.09%

Volatility

ICOW vs. VEU - Volatility Comparison

The current volatility for Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is 3.29%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.32%. This indicates that ICOW experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	5.32%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	15.02%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	16.96%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	16.37%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	17.08%	+1.36%

ICOW vs. VEU - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

ICOW vs. VEU - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.23%, less than VEU's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.54%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both ICOW and VEU in my portfolio?

ICOW and VEU have a correlation of 0.79, 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 VEU?

VEU has higher volatility (5.32%) compared to ICOW (3.29%). In terms of maximum drawdown, ICOW dropped -43.49% vs VEU's -61.52%.

Which ETF is better, ICOW or VEU?

On 5-year performance, ICOW leads with 10.22% vs 9.01% for VEU. On fees, VEU is cheaper at 0.04% 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.

Which ETF has performed better, ICOW or VEU?

Over the 5-year period, ICOW has performed better with a 10.22% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.65% for ICOW.

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

VEU has the higher dividend yield at 2.54%, compared with 2.23% for ICOW.

What is the main difference between ICOW and VEU?

ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Pacer and Vanguard. Their fees differ too: 0.65% for ICOW and 0.04% for VEU.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.24 vs 1.72), 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.