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INDY vs. COWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDY vs. COWZ

Last updated Jun 14, 2026

INDY (iShares India 50 ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - INDY is a Emerging Markets Equities fund tracking the Nifty 50 Index, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, INDY returned 1.75%/yr vs 10.13%/yr for COWZ. At a 0.44 correlation, their price movements are largely independent. INDY charges 0.65%/yr vs 0.49%/yr for COWZ.

Performance

INDY vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, INDY achieves a -13.37% return, which is significantly lower than COWZ's 6.93% return.

INDY

1D
1.16%
1M
0.02%
YTD
-13.37%
6M
-11.62%
1Y
-12.55%
3Y*
1.97%
5Y*
1.75%
10Y*
6.65%

COWZ

1D
0.82%
1M
1.75%
YTD
6.93%
6M
6.01%
1Y
19.20%
3Y*
13.01%
5Y*
10.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDY vs. COWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDY
iShares India 50 ETF		-13.37%4.97%3.47%16.88%-7.31%19.43%10.01%9.99%-4.32%36.15%
COWZ
Pacer US Cash Cows 100 ETF		6.93%8.98%10.64%14.73%0.19%42.57%11.65%23.41%-10.05%20.22%

Correlation

The correlation between INDY and COWZ is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2016

0.44

The correlation between INDY and COWZ shifts across timeframes, from 0.30 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

INDY vs. COWZ - Sectors Allocation Comparison

Sectors
INDY
COWZ

Financial Services

35.2%

-

Consumer Cyclical

11.0%
11.7%

Energy

11.0%
16.9%

Technology

8.5%
16.0%

Industrials

8.0%
8.4%

Basic Materials

7.7%
3.7%

Consumer Defensive

6.0%
10.9%

Communication Services

5.2%
10.4%

Healthcare

4.7%
21.8%

Utilities

2.9%

-

Real Estate

-

-

Financial Services

INDY
35.2%
COWZ

-

Consumer Cyclical

INDY
11.0%
COWZ
11.7%

Energy

INDY
11.0%
COWZ
16.9%

Technology

INDY
8.5%
COWZ
16.0%

Industrials

INDY
8.0%
COWZ
8.4%

Basic Materials

INDY
7.7%
COWZ
3.7%

Consumer Defensive

INDY
6.0%
COWZ
10.9%

Communication Services

INDY
5.2%
COWZ
10.4%

Healthcare

INDY
4.7%
COWZ
21.8%

Utilities

INDY
2.9%
COWZ

-

Real Estate

INDY

-

COWZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares India 50 ETF

Pacer US Cash Cows 100 ETF

Often compared with INDY:
INDY vs. INDAINDY vs. NFTYINDY vs. EPIINDY vs. FLININDY vs. VOOINDY vs. XNIF.LINDY vs. GLIN
Often compared with COWZ:
COWZ vs. VOOCOWZ vs. VFLOCOWZ vs. SCHDCOWZ vs. GCOWCOWZ vs. COWGCOWZ vs. CALFCOWZ vs. VOOV

Return for Risk

INDY vs. COWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDY
INDY Risk / Return Rank: 22
Overall Rank
INDY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDY Sortino Ratio Rank: 22
Sortino Ratio Rank
INDY Omega Ratio Rank: 22
Omega Ratio Rank
INDY Calmar Ratio Rank: 33
Calmar Ratio Rank
INDY Martin Ratio Rank: 11
Martin Ratio Rank
COWZ
COWZ Risk / Return Rank: 6262
Overall Rank
COWZ Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
COWZ Sortino Ratio Rank: 5959
Sortino Ratio Rank
COWZ Omega Ratio Rank: 5252
Omega Ratio Rank
COWZ Calmar Ratio Rank: 8080
Calmar Ratio Rank
COWZ Martin Ratio Rank: 6262
Martin Ratio Rank
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.

INDY vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) and Pacer US Cash Cows 100 ETF (COWZ). 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.

INDYCOWZDifference
Sharpe ratioReturn per unit of total volatility
-0.97
1.63

-2.60

Sortino ratioReturn per unit of downside risk
-1.37
2.42

-3.79

Omega ratioGain probability vs. loss probability

0.85

1.29

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.73

3.65

-4.38

Martin ratioReturn relative to average drawdown

-1.59

9.73

-11.32

INDY vs. COWZ - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -0.97, which is lower than the COWZ Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of INDY and COWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDY vs. COWZ - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, which is greater than COWZ's maximum drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for INDY and COWZ.

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Drawdown Indicators

INDYCOWZDifference

Max Drawdown

Largest peak-to-trough decline

-44.74%

-38.63%

-6.11%

Max Drawdown (1Y)

Largest decline over 1 year

-18.95%

-5.00%

-13.95%

Max Drawdown (3Y)

Largest decline over 3 years

-22.40%

-22.00%

-0.40%

Max Drawdown (5Y)

Largest decline over 5 years

-22.40%

-22.00%

-0.40%

Max Drawdown (10Y)

Largest decline over 10 years

-43.50%

—

—

Current Drawdown

Current decline from peak

-19.12%

-2.05%

-17.07%

Average Drawdown

Average peak-to-trough decline

-12.23%

-4.80%

-7.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.72%

1.88%

+6.84%

Volatility

INDY vs. COWZ - Volatility Comparison

iShares India 50 ETF (INDY) has a higher volatility of 3.98% compared to Pacer US Cash Cows 100 ETF (COWZ) at 3.27%. This indicates that INDY's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDYCOWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.98%

3.27%

+0.71%

Volatility (6M)

Calculated over the trailing 6-month period

12.35%

7.20%

+5.15%

Volatility (1Y)

Calculated over the trailing 1-year period

14.31%

11.19%

+3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.96%

17.64%

-2.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.58%

19.91%

-0.33%

INDY vs. COWZ - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is higher than COWZ's 0.49% expense ratio.

Dividends

INDY vs. COWZ - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.36%, more than COWZ's 1.93% yield.

PositionTTM20252024202320222021202020192018201720162015
COWZ
Pacer US Cash Cows 100 ETF		1.93%2.19%1.82%1.92%1.96%1.48%2.54%1.96%1.67%1.95%0.13%0.00%
INDY
iShares India 50 ETF		9.36%8.11%0.24%0.38%3.75%7.12%0.08%0.58%0.55%0.27%0.48%0.57%

Frequently Asked Questions

INDY and COWZ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDY has higher volatility (3.98%) compared to COWZ (3.27%). In terms of maximum drawdown, INDY dropped -44.74% vs COWZ's -38.63%.

On 5-year performance, COWZ leads with 10.13% vs 1.75% for INDY. On fees, COWZ is cheaper at 0.49% per year. On volatility, COWZ has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, COWZ has performed better with a 10.13% return vs 1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

COWZ is cheaper with a 0.49% expense ratio, compared with 0.65% for INDY.

INDY has the higher dividend yield at 9.36%, compared with 1.93% for COWZ.

INDY is categorized as Emerging Markets Equities, while COWZ is Mid Cap Value Equities. INDY tracks Nifty 50 Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.65% for INDY and 0.49% for COWZ.

COWZ currently has the higher Sharpe Ratio (1.63 vs -0.97), 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.

Portfolio Optimizer

Find the right allocation for INDY and COWZ

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