ICOW vs. VIGI

Last updated Jun 4, 2026

ICOW (Pacer Developed Markets International Cash Cows 100 ETF) and VIGI (Vanguard International Dividend Appreciation 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 VIGI is a Dividend fund tracking the S&P Global Ex-U.S. Dividend Growers Index. Both are passively managed. Over the past 5 years, ICOW returned 10.06%/yr vs 4.37%/yr for VIGI. A 0.78 correlation means they provide meaningful diversification when combined. ICOW charges 0.65%/yr vs 0.15%/yr for VIGI.

Performance

ICOW vs. VIGI - 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 International Dividend Appreciation ETF (VIGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOW achieves a 17.35% return, which is significantly higher than VIGI's 2.74% return.

ICOW

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

VIGI

• 1D: -0.85%
• 1M: 2.28%
• YTD: 2.74%
• 6M: 4.20%
• 1Y: 6.26%
• 3Y*: 9.70%
• 5Y*: 4.37%
• 10Y*: 7.80%

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

ICOW vs. VIGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VIGI Vanguard International Dividend Appreciation ETF	2.74%	16.88%	2.73%	16.30%	-16.79%	12.51%	14.66%	27.53%	-11.50%	7.54%

Correlation

The correlation between ICOW and VIGI is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.78

The correlation between ICOW and VIGI has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

ICOW vs. VIGI - Sectors Allocation Comparison

Sectors	ICOW	VIGI
Industrials	28.7%	17.1%
Energy	23.7%	2.8%
Consumer Cyclical	11.6%	3.1%
Communication Services	8.9%	1.3%
Consumer Defensive	8.5%	9.7%
Healthcare	7.1%	14.6%
Technology	6.2%	11.5%
Basic Materials	5.4%	4.1%
Financial Services	-	29.0%
Real Estate	-	1.3%
Utilities	-	4.8%

Return for Risk

ICOW vs. VIGI — Risk / Return Rank

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

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

VIGI

VIGI Risk / Return Rank: 16
VIGI Sharpe Ratio Rank: 16
VIGI Sortino Ratio Rank: 15
VIGI Omega Ratio Rank: 15
VIGI Calmar Ratio Rank: 16
VIGI Martin Ratio Rank: 18

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. VIGI - 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 International Dividend Appreciation ETF (VIGI). 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.

	ICOW	VIGI	Difference
Sharpe ratio: Return per unit of total volatility	2.87	0.49	+2.38
Sortino ratio: Return per unit of downside risk	3.72	0.77	+2.95
Omega ratio: Gain probability vs. loss probability	1.50	1.09	+0.41
Calmar ratio: Return relative to maximum drawdown	4.91	0.59	+4.32
Martin ratio: Return relative to average drawdown	17.54	2.08	+15.46
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. VIGI - Sharpe Ratio Comparison

The current ICOW Sharpe Ratio is 2.87, which is higher than the VIGI Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of ICOW and VIGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICOW	VIGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	0.49	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.30	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.53	+0.02

Drawdowns

ICOW vs. VIGI - Drawdown Comparison

The maximum ICOW drawdown since its inception was -43.49%, which is greater than VIGI's maximum drawdown of -31.01%. Use the drawdown chart below to compare losses from any high point for ICOW and VIGI.

Drawdown Indicators

	ICOW	VIGI	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-31.01%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.02%	-10.64%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-14.50%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-28.48%	-28.80%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.01%	—
Current Drawdown Current decline from peak	-0.64%	-2.38%	+1.74%
Average Drawdown Average peak-to-trough decline	-7.59%	-6.18%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.02%	-0.78%

Volatility

ICOW vs. VIGI - Volatility Comparison

Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a higher volatility of 4.41% compared to Vanguard International Dividend Appreciation ETF (VIGI) at 3.09%. This indicates that ICOW's price experiences larger fluctuations and is considered to be riskier than VIGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOW	VIGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.09%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	10.13%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	12.96%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	14.43%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	15.88%	+2.59%

ICOW vs. VIGI - Expense Ratio Comparison

ICOW has a 0.65% expense ratio, which is higher than VIGI's 0.15% expense ratio.

Dividends

ICOW vs. VIGI - Dividend Comparison

ICOW's dividend yield for the trailing twelve months is around 2.12%, which matches VIGI's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
VIGI Vanguard International Dividend Appreciation ETF	2.14%	2.14%	1.93%	1.92%	2.06%	7.02%	1.29%	1.83%	1.99%	1.75%	1.05%

Frequently Asked Questions

Can I hold both ICOW and VIGI in my portfolio?

ICOW and VIGI have a correlation of 0.74, 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 VIGI?

ICOW has higher volatility (4.41%) compared to VIGI (3.09%). In terms of maximum drawdown, ICOW dropped -43.49% vs VIGI's -31.01%.

Which ETF is better, ICOW or VIGI?

On 5-year performance, ICOW leads with 10.06% vs 4.37% for VIGI. On fees, VIGI is cheaper at 0.15% per year. On volatility, VIGI has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOW or VIGI?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOW or VIGI?

VIGI is cheaper with a 0.15% expense ratio, compared with 0.65% for ICOW.

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

VIGI has the higher dividend yield at 2.14%, compared with 2.12% for ICOW.

What is the main difference between ICOW and VIGI?

ICOW is categorized as Foreign Large Cap Equities, while VIGI is Dividend. ICOW tracks Pacer Developed Markets International Cash Cows 100 Index, while VIGI tracks S&P Global Ex-U.S. Dividend Growers Index. They also come from different issuers: Pacer and Vanguard. Their fees differ too: 0.65% for ICOW and 0.15% for VIGI.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 0.49), 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.