IGEB vs. MILK

Last updated Jun 4, 2026

IGEB (iShares Investment Grade Bond Factor ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - IGEB tracks the BlackRock Investment Grade Enhanced Bond Index while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, IGEB returned 5.98% vs 9.23% for MILK. Their correlation of 0.93 suggests significant overlap in exposure. IGEB charges 0.18%/yr vs 0.49%/yr for MILK.

Performance

IGEB vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Investment Grade Bond Factor ETF (IGEB) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGEB achieves a 0.41% return, which is significantly lower than MILK's 2.18% return.

IGEB

• 1D: -0.22%
• 1M: 0.57%
• YTD: 0.41%
• 6M: 0.32%
• 1Y: 5.98%
• 3Y*: 5.88%
• 5Y*: 1.10%
• 10Y*: —

MILK

• 1D: -0.24%
• 1M: 1.10%
• YTD: 2.18%
• 6M: 1.55%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IGEB vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IGEB iShares Investment Grade Bond Factor ETF	0.41%	8.17%	-0.05%
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%

Correlation

The correlation between IGEB and MILK is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.93

The correlation between IGEB and MILK has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

IGEB vs. MILK — Risk / Return Rank

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

IGEB

IGEB Risk / Return Rank: 41
IGEB Sharpe Ratio Rank: 40
IGEB Sortino Ratio Rank: 42
IGEB Omega Ratio Rank: 39
IGEB Calmar Ratio Rank: 42
IGEB Martin Ratio Rank: 43

MILK

MILK Risk / Return Rank: 52
MILK Sharpe Ratio Rank: 53
MILK Sortino Ratio Rank: 55
MILK Omega Ratio Rank: 51
MILK Calmar Ratio Rank: 50
MILK Martin Ratio Rank: 53

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.

IGEB vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Bond Factor ETF (IGEB) and Pacer US Cash Cows Bond ETF (MILK). 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.

	IGEB	MILK	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.78	-0.34
Sortino ratio: Return per unit of downside risk	2.12	2.59	-0.46
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.08	2.47	-0.39
Martin ratio: Return relative to average drawdown	6.81	8.90	-2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGEB vs. MILK - Sharpe Ratio Comparison

The current IGEB Sharpe Ratio is 1.44, which is comparable to the MILK Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of IGEB and MILK, 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

	IGEB	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.78	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.97	-0.48

Drawdowns

IGEB vs. MILK - Drawdown Comparison

The maximum IGEB drawdown since its inception was -21.13%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for IGEB and MILK.

Drawdown Indicators

	IGEB	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-21.13%	-6.16%	-14.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-3.75%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-5.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.13%	—	—
Current Drawdown Current decline from peak	-1.03%	-0.24%	-0.79%
Average Drawdown Average peak-to-trough decline	-4.90%	-1.09%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.04%	-0.16%

Volatility

IGEB vs. MILK - Volatility Comparison

The current volatility for iShares Investment Grade Bond Factor ETF (IGEB) is 1.33%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.58%. This indicates that IGEB experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGEB	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.58%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.07%	3.78%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	5.21%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	6.69%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	6.69%	-0.17%

IGEB vs. MILK - Expense Ratio Comparison

IGEB has a 0.18% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

IGEB vs. MILK - Dividend Comparison

IGEB's dividend yield for the trailing twelve months is around 5.06%, less than MILK's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGEB iShares Investment Grade Bond Factor ETF	5.06%	4.92%	5.09%	4.60%	3.64%	3.84%	3.78%	5.61%	3.59%	1.62%
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IGEB and MILK in my portfolio?

With a correlation of 0.93, IGEB and MILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IGEB or MILK?

MILK has higher volatility (1.58%) compared to IGEB (1.33%). In terms of maximum drawdown, IGEB dropped -21.13% vs MILK's -6.16%.

Which ETF is better, IGEB or MILK?

On 1-year performance, MILK leads with 9.23% vs 5.98% for IGEB. On fees, IGEB is cheaper at 0.18% per year. On volatility, IGEB has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGEB or MILK?

Over the 1-year period, MILK has performed better with a 9.23% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGEB or MILK?

IGEB is cheaper with a 0.18% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, IGEB or MILK?

MILK has the higher dividend yield at 7.04%, compared with 5.06% for IGEB.

What is the main difference between IGEB and MILK?

IGEB tracks BlackRock Investment Grade Enhanced Bond Index, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.18% for IGEB and 0.49% for MILK.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.78 vs 1.44), 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.