IPOS vs. ICOW

Last updated Jun 4, 2026

IPOS (Renaissance International IPO ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - IPOS tracks the Renaissance International IPO Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, IPOS returned -7.69%/yr vs 10.06%/yr for ICOW. A 0.53 correlation means they provide meaningful diversification when combined. IPOS charges 0.80%/yr vs 0.65%/yr for ICOW.

Performance

IPOS vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) 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, IPOS achieves a 40.15% return, which is significantly higher than ICOW's 17.35% return.

IPOS

• 1D: 0.43%
• 1M: 10.58%
• YTD: 40.15%
• 6M: 44.26%
• 1Y: 65.50%
• 3Y*: 15.28%
• 5Y*: -7.69%
• 10Y*: 3.00%

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)

IPOS vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPOS Renaissance International IPO ETF	40.15%	39.93%	-12.34%	-16.49%	-33.46%	-30.62%	50.71%	30.93%	-22.33%	15.94%
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 IPOS and ICOW is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.53

The correlation between IPOS and ICOW shifts across timeframes, from 0.40 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

IPOS vs. ICOW - Sectors Allocation Comparison

Sectors	IPOS	ICOW
Technology	42.0%	6.2%
Healthcare	16.2%	7.1%
Industrials	15.0%	28.7%
Financial Services	9.6%	-
Consumer Cyclical	7.1%	11.6%
Basic Materials	5.3%	5.4%
Energy	4.9%	23.7%
Consumer Defensive	4.7%	8.5%
Utilities	3.1%	-
Communication Services	0.3%	8.9%
Real Estate	-	-

Return for Risk

IPOS vs. ICOW — Risk / Return Rank

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

IPOS

IPOS Risk / Return Rank: 66
IPOS Sharpe Ratio Rank: 67
IPOS Sortino Ratio Rank: 58
IPOS Omega Ratio Rank: 67
IPOS Calmar Ratio Rank: 76
IPOS Martin Ratio Rank: 63

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.

IPOS vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) 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.

	IPOS	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.87	-0.63
Sortino ratio: Return per unit of downside risk	2.76	3.72	-0.96
Omega ratio: Gain probability vs. loss probability	1.41	1.50	-0.10
Calmar ratio: Return relative to maximum drawdown	3.83	4.91	-1.07
Martin ratio: Return relative to average drawdown	11.58	17.54	-5.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPOS vs. ICOW - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 2.24, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of IPOS 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

	IPOS	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.87	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.61	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.55	-0.46

Drawdowns

IPOS vs. ICOW - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for IPOS and ICOW.

Drawdown Indicators

	IPOS	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-43.49%	-29.60%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-8.02%	-9.15%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	-14.81%	-19.27%
Max Drawdown (5Y) Largest decline over 5 years	-69.93%	-28.48%	-41.45%
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	—	—
Current Drawdown Current decline from peak	-40.44%	-0.64%	-39.80%
Average Drawdown Average peak-to-trough decline	-31.99%	-7.59%	-24.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	2.24%	+3.43%

Volatility

IPOS vs. ICOW - Volatility Comparison

Renaissance International IPO ETF (IPOS) has a higher volatility of 12.05% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that IPOS's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOS	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	4.41%	+7.64%
Volatility (6M) Calculated over the trailing 6-month period	26.45%	10.59%	+15.86%
Volatility (1Y) Calculated over the trailing 1-year period	29.41%	13.73%	+15.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.19%	16.64%	+10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	18.47%	+5.66%

IPOS vs. ICOW - Expense Ratio Comparison

IPOS has a 0.80% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

IPOS vs. ICOW - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.68%, 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%
IPOS Renaissance International IPO ETF	0.68%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%

Frequently Asked Questions

Can I hold both IPOS and ICOW in my portfolio?

IPOS and ICOW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOS or ICOW?

IPOS has higher volatility (12.05%) compared to ICOW (4.41%). In terms of maximum drawdown, IPOS dropped -73.09% vs ICOW's -43.49%.

Which ETF is better, IPOS or ICOW?

On 5-year performance, ICOW leads with 10.06% vs -7.69% for IPOS. On fees, ICOW is cheaper at 0.65% 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, IPOS or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs -7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPOS or ICOW?

ICOW is cheaper with a 0.65% expense ratio, compared with 0.80% for IPOS.

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

ICOW has the higher dividend yield at 2.12%, compared with 0.68% for IPOS.

What is the main difference between IPOS and ICOW?

IPOS tracks Renaissance International IPO Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Renaissance Capital and Pacer. Their fees differ too: 0.80% for IPOS and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.24), 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.