INDS vs. ICOW

Last updated Jun 26, 2026

INDS (Pacer Benchmark Industrial Real Estate SCTR ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - INDS is a REIT fund tracking the Benchmark Industrial Real Estate SCTR Index, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, INDS returned 1.31%/yr vs 8.60%/yr for ICOW. At a 0.47 correlation, their price movements are largely independent. INDS charges 0.60%/yr vs 0.65%/yr for ICOW.

Performance

INDS vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Benchmark Industrial Real Estate SCTR ETF (INDS) 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, INDS achieves a 10.90% return, which is significantly higher than ICOW's 8.14% return.

INDS

• 1D: 0.39%
• 1M: 0.98%
• YTD: 10.90%
• 6M: 10.40%
• 1Y: 15.25%
• 3Y*: 5.42%
• 5Y*: 1.31%
• 10Y*: —

ICOW

• 1D: -0.10%
• 1M: -7.87%
• YTD: 8.14%
• 6M: 7.82%
• 1Y: 26.93%
• 3Y*: 16.42%
• 5Y*: 8.60%
• 10Y*: —

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

INDS vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INDS Pacer Benchmark Industrial Real Estate SCTR ETF	10.90%	7.78%	-12.69%	17.72%	-32.68%	54.61%	12.62%	42.25%	-1.14%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.14%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-17.98%

Correlation

The correlation between INDS and ICOW is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 15, 2018	0.47

The correlation between INDS and ICOW has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

INDS vs. ICOW — Risk / Return Rank

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

INDS

INDS Risk / Return Rank: 28
INDS Sharpe Ratio Rank: 28
INDS Sortino Ratio Rank: 28
INDS Omega Ratio Rank: 26
INDS Calmar Ratio Rank: 28
INDS Martin Ratio Rank: 29

ICOW

ICOW Risk / Return Rank: 65
ICOW Sharpe Ratio Rank: 64
ICOW Sortino Ratio Rank: 59
ICOW Omega Ratio Rank: 61
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

INDS vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Benchmark Industrial Real Estate SCTR ETF (INDS) 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.

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.

	INDS	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.84	-0.90
Sortino ratio: Return per unit of downside risk	1.42	2.44	-1.03
Omega ratio: Gain probability vs. loss probability	1.17	1.33	-0.16
Calmar ratio: Return relative to maximum drawdown	1.25	3.21	-1.95
Martin ratio: Return relative to average drawdown	3.77	10.55	-6.78

INDS vs. ICOW - Sharpe Ratio Comparison

The current INDS Sharpe Ratio is 0.94, which is lower than the ICOW Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of INDS 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.

Drawdowns

INDS vs. ICOW - Drawdown Comparison

The maximum INDS drawdown since its inception was -40.17%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for INDS and ICOW.

Drawdown Indicators

	INDS	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-40.17%	-43.49%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-8.44%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-14.81%	-12.15%
Max Drawdown (5Y) Largest decline over 5 years	-40.17%	-27.79%	-12.38%
Current Drawdown Current decline from peak	-17.30%	-8.44%	-8.86%
Average Drawdown Average peak-to-trough decline	-15.58%	-7.56%	-8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.56%	+1.50%

Volatility

INDS vs. ICOW - Volatility Comparison

The current volatility for Pacer Benchmark Industrial Real Estate SCTR ETF (INDS) is 4.94%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 5.65%. This indicates that INDS experiences smaller price fluctuations and is considered to be less risky than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDS	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.65%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	11.91%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	14.74%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.17%	16.77%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.06%	18.50%	+4.56%

INDS vs. ICOW - Expense Ratio Comparison

INDS has a 0.60% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

INDS vs. ICOW - Dividend Comparison

INDS's dividend yield for the trailing twelve months is around 3.34%, more than ICOW's 2.36% 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%
INDS Pacer Benchmark Industrial Real Estate SCTR ETF	3.34%	3.70%	3.75%	3.11%	2.63%	1.24%	1.68%	2.26%	1.81%	0.00%

Frequently Asked Questions

Can I hold both INDS and ICOW in my portfolio?

INDS and ICOW have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDS or ICOW?

ICOW has higher volatility (5.65%) compared to INDS (4.94%). In terms of maximum drawdown, INDS dropped -40.17% vs ICOW's -43.49%.

Which ETF is better, INDS or ICOW?

On 5-year performance, ICOW leads with 8.60% vs 1.31% for INDS. On fees, INDS is cheaper at 0.60% per year. On volatility, INDS has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDS or ICOW?

Over the 5-year period, ICOW has performed better with a 8.60% return vs 1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDS or ICOW?

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

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

INDS has the higher dividend yield at 3.34%, compared with 2.36% for ICOW.

What is the main difference between INDS and ICOW?

INDS is categorized as REIT, while ICOW is Foreign Large Cap Equities. INDS tracks Benchmark Industrial Real Estate SCTR Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.60% for INDS and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.84 vs 0.94), 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.