IHDG vs. ICOW

Last updated Jun 4, 2026

IHDG (WisdomTree International Hedged Dividend Growth Fund) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - IHDG tracks the WisdomTree International Hedged Dividend Growth Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, IHDG returned 7.68%/yr vs 10.06%/yr for ICOW. A 0.69 correlation means they provide meaningful diversification when combined. IHDG charges 0.58%/yr vs 0.65%/yr for ICOW.

Performance

IHDG vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Hedged Dividend Growth Fund (IHDG) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHDG achieves a 5.33% return, which is significantly lower than ICOW's 17.35% return.

IHDG

• 1D: -0.60%
• 1M: 4.90%
• YTD: 5.33%
• 6M: 7.48%
• 1Y: 15.52%
• 3Y*: 10.55%
• 5Y*: 7.68%
• 10Y*: 10.09%

ICOW

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

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

IHDG vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHDG WisdomTree International Hedged Dividend Growth Fund	5.33%	14.17%	5.97%	20.00%	-11.53%	19.75%	10.51%	33.42%	-12.03%	4.18%
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%

Correlation

The correlation between IHDG and ICOW is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.69

The correlation between IHDG and ICOW has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

IHDG vs. ICOW - Sectors Allocation Comparison

Sectors	IHDG	ICOW
Industrials	19.7%	28.7%
Consumer Cyclical	19.3%	11.6%
Financial Services	15.2%	-
Healthcare	9.4%	7.1%
Technology	7.8%	6.2%
Basic Materials	5.4%	5.4%
Communication Services	4.5%	8.9%
Consumer Defensive	4.3%	8.5%
Energy	3.7%	23.7%
Utilities	0.8%	-
Real Estate	0.3%	-

Return for Risk

IHDG vs. ICOW — Risk / Return Rank

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

IHDG

IHDG Risk / Return Rank: 31
IHDG Sharpe Ratio Rank: 30
IHDG Sortino Ratio Rank: 31
IHDG Omega Ratio Rank: 31
IHDG Calmar Ratio Rank: 30
IHDG Martin Ratio Rank: 35

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

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.

IHDG vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Hedged Dividend Growth Fund (IHDG) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). 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.

	IHDG	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.87	-1.72
Sortino ratio: Return per unit of downside risk	1.70	3.72	-2.02
Omega ratio: Gain probability vs. loss probability	1.21	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	1.49	4.91	-3.42
Martin ratio: Return relative to average drawdown	5.49	17.54	-12.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHDG vs. ICOW - Sharpe Ratio Comparison

The current IHDG Sharpe Ratio is 1.15, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of IHDG and ICOW, 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

	IHDG	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.87	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.61	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.55	+0.04

Drawdowns

IHDG vs. ICOW - Drawdown Comparison

The maximum IHDG drawdown since its inception was -29.24%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for IHDG and ICOW.

Drawdown Indicators

	IHDG	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-29.24%	-43.49%	+14.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.49%	-8.02%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-14.81%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-19.52%	-28.48%	+8.96%
Max Drawdown (10Y) Largest decline over 10 years	-29.24%	—	—
Current Drawdown Current decline from peak	-1.36%	-0.64%	-0.72%
Average Drawdown Average peak-to-trough decline	-4.04%	-7.59%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.24%	+0.60%

Volatility

IHDG vs. ICOW - Volatility Comparison

WisdomTree International Hedged Dividend Growth Fund (IHDG) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 4.57% and 4.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHDG	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.41%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	10.59%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	13.73%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.82%	16.64%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	18.47%	-2.71%

IHDG vs. ICOW - Expense Ratio Comparison

IHDG has a 0.58% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

IHDG vs. ICOW - Dividend Comparison

IHDG's dividend yield for the trailing twelve months is around 1.82%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
IHDG WisdomTree International Hedged Dividend Growth Fund	1.82%	1.84%	2.42%	1.70%	13.79%	2.77%	1.94%	1.99%	0.22%	1.28%	1.91%	3.04%

Frequently Asked Questions

Can I hold both IHDG and ICOW in my portfolio?

IHDG and ICOW have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHDG or ICOW?

IHDG has higher volatility (4.57%) compared to ICOW (4.41%). In terms of maximum drawdown, IHDG dropped -29.24% vs ICOW's -43.49%.

Which ETF is better, IHDG or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 7.68% for IHDG. On fees, IHDG is cheaper at 0.58% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHDG or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHDG or ICOW?

IHDG is cheaper with a 0.58% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.12%, compared with 1.82% for IHDG.

What is the main difference between IHDG and ICOW?

IHDG tracks WisdomTree International Hedged Dividend Growth Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: WisdomTree and Pacer. Their fees differ too: 0.58% for IHDG and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.15), 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.