IQDF vs. ICOW

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares International Quality Dividend Index Fund (IQDF) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).

IQDF and ICOW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IQDF is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust International Quality Dividend Index. It was launched on Apr 12, 2013. ICOW is a passively managed fund by Pacer that tracks the performance of the Pacer Developed Markets International Cash Cows 100 Index. It was launched on Jun 16, 2017. Both IQDF and ICOW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IQDF vs. ICOW - Performance Comparison

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

IQDF vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQDF FlexShares International Quality Dividend Index Fund	4.40%	35.42%	6.62%	20.10%	-14.69%	10.18%	3.54%	20.96%	-17.39%	8.63%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	9.82%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.98%

Returns By Period

In the year-to-date period, IQDF achieves a 4.40% return, which is significantly lower than ICOW's 9.82% return.

IQDF

• 1D: 2.86%
• 1M: -6.36%
• YTD: 4.40%
• 6M: 11.87%
• 1Y: 31.50%
• 3Y*: 19.06%
• 5Y*: 9.60%
• 10Y*: 8.80%

ICOW

• 1D: 2.29%
• 1M: -5.12%
• YTD: 9.82%
• 6M: 18.13%
• 1Y: 38.68%
• 3Y*: 17.01%
• 5Y*: 10.19%
• 10Y*: —

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

IQDF vs. ICOW - Expense Ratio Comparison

IQDF has a 0.47% expense ratio, which is lower than ICOW's 0.65% expense ratio.

ICOW

Pacer Developed Markets International Cash Cows 100 ETF

IQDF

FlexShares International Quality Dividend Index Fund

Return for Risk

IQDF vs. ICOW — Risk / Return Rank

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

IQDF

IQDF Risk / Return Rank: 89
IQDF Sharpe Ratio Rank: 89
IQDF Sortino Ratio Rank: 90
IQDF Omega Ratio Rank: 90
IQDF Calmar Ratio Rank: 86
IQDF Martin Ratio Rank: 89

ICOW

ICOW Risk / Return Rank: 94
ICOW Sharpe Ratio Rank: 94
ICOW Sortino Ratio Rank: 94
ICOW Omega Ratio Rank: 95
ICOW Calmar Ratio Rank: 91
ICOW Martin Ratio Rank: 94

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.

IQDF vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares International Quality Dividend Index Fund (IQDF) 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.

	IQDF	ICOW	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.27	-0.38
Sortino ratio Return per unit of downside risk	2.53	2.92	-0.40
Omega ratio Gain probability vs. loss probability	1.38	1.45	-0.08
Calmar ratio Return relative to maximum drawdown	2.60	3.08	-0.47
Martin ratio Return relative to average drawdown	11.16	14.46	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQDF vs. ICOW - Sharpe Ratio Comparison

The current IQDF Sharpe Ratio is 1.89, which is comparable to the ICOW Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of IQDF and ICOW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IQDF	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.27	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.62	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.51	-0.12

Correlation

The correlation between IQDF and ICOW is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IQDF vs. ICOW - Dividend Comparison

IQDF's dividend yield for the trailing twelve months is around 3.07%, more than ICOW's 2.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQDF FlexShares International Quality Dividend Index Fund	3.07%	3.27%	6.72%	6.06%	5.59%	4.13%	3.31%	4.46%	5.78%	3.89%	3.75%	4.27%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.26%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%	0.00%

Drawdowns

IQDF vs. ICOW - Drawdown Comparison

The maximum IQDF drawdown since its inception was -39.83%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for IQDF and ICOW.

Drawdown Indicators

	IQDF	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-43.49%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-12.08%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-30.34%	-28.48%	-1.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	—	—
Current Drawdown Current decline from peak	-7.04%	-5.12%	-1.92%
Average Drawdown Average peak-to-trough decline	-9.44%	-7.71%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.57%	+0.18%

Volatility

IQDF vs. ICOW - Volatility Comparison

FlexShares International Quality Dividend Index Fund (IQDF) has a higher volatility of 7.65% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 6.21%. This indicates that IQDF'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

	IQDF	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	6.21%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	10.42%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	17.15%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.28%	16.58%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	18.53%	-1.96%