IQDG vs. ICOW

Last updated Jun 4, 2026

IQDG (WisdomTree International Quality Dividend Growth Fund) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - IQDG tracks the WisdomTree International Quality Dividend Growth Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, IQDG returned 3.78%/yr vs 10.06%/yr for ICOW. A 0.79 correlation means they provide meaningful diversification when combined. IQDG charges 0.42%/yr vs 0.65%/yr for ICOW.

Performance

IQDG vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Quality Dividend Growth Fund (IQDG) 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, IQDG achieves a 3.16% return, which is significantly lower than ICOW's 17.35% return.

IQDG

• 1D: -0.65%
• 1M: 3.47%
• YTD: 3.16%
• 6M: 5.94%
• 1Y: 12.72%
• 3Y*: 10.23%
• 5Y*: 3.78%
• 10Y*: 7.63%

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)

IQDG vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQDG WisdomTree International Quality Dividend Growth Fund	3.16%	24.19%	-3.38%	20.76%	-19.97%	12.28%	16.58%	30.03%	-16.81%	7.71%
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 IQDG and ICOW is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.79

The correlation between IQDG and ICOW has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

IQDG vs. ICOW - Sectors Allocation Comparison

Sectors	IQDG	ICOW
Industrials	24.7%	28.7%
Consumer Cyclical	19.3%	11.6%
Financial Services	15.5%	-
Technology	9.9%	6.2%
Healthcare	9.7%	7.1%
Communication Services	5.8%	8.9%
Basic Materials	5.3%	5.4%
Consumer Defensive	4.5%	8.5%
Energy	4.2%	23.7%
Utilities	0.9%	-
Real Estate	0.3%	-

Return for Risk

IQDG vs. ICOW — Risk / Return Rank

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

IQDG

IQDG Risk / Return Rank: 23
IQDG Sharpe Ratio Rank: 22
IQDG Sortino Ratio Rank: 22
IQDG Omega Ratio Rank: 22
IQDG Calmar Ratio Rank: 23
IQDG Martin Ratio Rank: 25

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.

IQDG vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Quality Dividend Growth Fund (IQDG) 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.

	IQDG	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.87	-2.08
Sortino ratio: Return per unit of downside risk	1.22	3.72	-2.50
Omega ratio: Gain probability vs. loss probability	1.15	1.50	-0.36
Calmar ratio: Return relative to maximum drawdown	1.03	4.91	-3.87
Martin ratio: Return relative to average drawdown	3.38	17.54	-14.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQDG vs. ICOW - Sharpe Ratio Comparison

The current IQDG Sharpe Ratio is 0.79, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of IQDG 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

	IQDG	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.87	-2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.61	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.55	-0.10

Drawdowns

IQDG vs. ICOW - Drawdown Comparison

The maximum IQDG drawdown since its inception was -34.97%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for IQDG and ICOW.

Drawdown Indicators

	IQDG	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-34.97%	-43.49%	+8.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-8.02%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-14.81%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-28.48%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	-34.97%	—	—
Current Drawdown Current decline from peak	-3.71%	-0.64%	-3.07%
Average Drawdown Average peak-to-trough decline	-7.52%	-7.59%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.24%	+1.54%

Volatility

IQDG vs. ICOW - Volatility Comparison

WisdomTree International Quality Dividend Growth Fund (IQDG) has a higher volatility of 5.18% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that IQDG'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

	IQDG	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	4.41%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	10.59%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	13.73%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	16.64%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	18.47%	-0.94%

IQDG vs. ICOW - Expense Ratio Comparison

IQDG has a 0.42% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

IQDG vs. ICOW - Dividend Comparison

IQDG's dividend yield for the trailing twelve months is around 2.14%, which matches ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
IQDG WisdomTree International Quality Dividend Growth Fund	2.14%	2.28%	2.60%	1.76%	4.18%	2.67%	1.65%	1.95%	1.96%	1.71%	1.35%

Frequently Asked Questions

Can I hold both IQDG and ICOW in my portfolio?

IQDG and ICOW have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQDG or ICOW?

IQDG has higher volatility (5.18%) compared to ICOW (4.41%). In terms of maximum drawdown, IQDG dropped -34.97% vs ICOW's -43.49%.

Which ETF is better, IQDG or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 3.78% for IQDG. On fees, IQDG is cheaper at 0.42% 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, IQDG or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDG or ICOW?

IQDG is cheaper with a 0.42% expense ratio, compared with 0.65% for ICOW.

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

IQDG has the higher dividend yield at 2.14%, compared with 2.12% for ICOW.

What is the main difference between IQDG and ICOW?

IQDG tracks WisdomTree International Quality Dividend Growth Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: WisdomTree and Pacer. Their fees differ too: 0.42% for IQDG and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 0.79), 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.