INVG vs. MILK

Last updated Jun 4, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds. INVG is actively managed, while MILK is passively managed. Their correlation of 0.95 suggests significant overlap in exposure. INVG charges 0.25%/yr vs 0.49%/yr for MILK.

Performance

INVG vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) 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, INVG achieves a 0.68% return, which is significantly lower than MILK's 2.18% return.

INVG

• 1D: -0.23%
• 1M: 0.73%
• YTD: 0.68%
• 6M: 0.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

INVG vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.68%	4.69%
MILK Pacer US Cash Cows Bond ETF	2.18%	6.11%

Correlation

The correlation between INVG and MILK is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.95

Return for Risk

INVG vs. MILK — Risk / Return Rank

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

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.

INVG vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	INVG	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	0.97	+0.26

Drawdowns

INVG vs. MILK - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum MILK drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for INVG and MILK.

Drawdown Indicators

	INVG	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-6.16%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.75%	—
Current Drawdown Current decline from peak	-0.88%	-0.24%	-0.64%
Average Drawdown Average peak-to-trough decline	-0.71%	-1.09%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.04%	—

Volatility

Volatility by Period

	INVG	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	5.21%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	6.69%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	6.69%	-2.27%

INVG vs. MILK - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

INVG vs. MILK - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.68%, less than MILK's 7.04% yield.

Position	TTM	2025
INVG GMO Systematic Investment Grade Credit ETF	4.68%	2.81%
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%

Frequently Asked Questions

Can I hold both INVG and MILK in my portfolio?

With a correlation of 0.95, INVG 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 ETF is better, INVG or MILK?

On fees, INVG is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INVG or MILK?

INVG is cheaper with a 0.25% expense ratio, compared with 0.49% for MILK.

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

MILK has the higher dividend yield at 7.04%, compared with 4.68% for INVG.

What is the main difference between INVG and MILK?

They also come from different issuers: GMO and Pacer. Their fees differ too: 0.25% for INVG and 0.49% for MILK.