IQDY vs. ICOW

Last updated Aug 5, 2026

IQDY (FlexShares International Quality Dividend Dynamic Index Fund) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - IQDY is a Quality Factor fund tracking the Northern Trust International Quality Dividend Dynamic Index, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, IQDY returned 12.61%/yr vs 10.28%/yr for ICOW. Their correlation of 0.84 means they have usually moved in the same direction. IQDY charges 0.47%/yr vs 0.65%/yr for ICOW.

Performance

IQDY vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares International Quality Dividend Dynamic Index Fund (IQDY) 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, IQDY achieves a 20.32% return, which is significantly higher than ICOW's 14.59% return.

IQDY

• 1D: 1.67%
• 1M: 2.88%
• 6M: 12.03%
• YTD: 20.32%
• 1Y: 38.36%
• 3Y*: 24.19%
• 5Y*: 12.61%
• 10Y*: 11.47%
• ALL TIME*: 9.03%

ICOW

• 1D: 0.27%
• 1M: 4.34%
• 6M: 6.55%
• YTD: 14.59%
• 1Y: 31.79%
• 3Y*: 16.73%
• 5Y*: 10.28%
• 10Y*: —
• ALL TIME*: 9.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICOW Pacer Developed Markets International Cash Cows 100 ETF	$9.40M	$8.02M	$8.97M
IQDY FlexShares International Quality Dividend Dynamic Index Fund	$942.98K	$558.46K	$430.71K

IQDY vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQDY FlexShares International Quality Dividend Dynamic Index Fund	20.32%	37.44%	5.97%	23.45%	-15.78%	12.00%	9.54%	27.27%	-20.04%	10.76%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	14.59%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.93%

Correlation

The correlation between IQDY and ICOW is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.84

The correlation between IQDY and ICOW shifts across timeframes, from 0.74 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

IQDY vs. ICOW - Sectors Allocation Comparison

Sectors	IQDY	ICOW
Financial Services	26.3%	-
Technology	24.3%	7.7%
Industrials	14.2%	25.2%
Consumer Cyclical	8.8%	14.4%
Basic Materials	7.7%	9.9%
Healthcare	5.3%	8.3%
Energy	4.8%	11.9%
Consumer Defensive	2.9%	10.1%
Communication Services	2.5%	12.7%
Utilities	2.1%	-
Real Estate	1.2%	-

Return for Risk

IQDY vs. ICOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IQDY

IQDY Risk / Return Rank: 84
IQDY Sharpe Ratio Rank: 84
IQDY Sortino Ratio Rank: 80
IQDY Omega Ratio Rank: 83
IQDY Calmar Ratio Rank: 86
IQDY Martin Ratio Rank: 85

ICOW

ICOW Risk / Return Rank: 81
ICOW Sharpe Ratio Rank: 85
ICOW Sortino Ratio Rank: 79
ICOW Omega Ratio Rank: 83
ICOW Calmar Ratio Rank: 85
ICOW Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IQDY vs. ICOW - Risk-Adjusted Trends Comparison

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

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.

	IQDY	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.20	-0.03
Sortino ratio: Return per unit of downside risk	2.89	2.88	+0.01
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.70	3.58	+0.12
Martin ratio: Return relative to average drawdown	13.26	9.91	+3.35

IQDY vs. ICOW - Sharpe Ratio Comparison

The current IQDY Sharpe Ratio is 2.17, which is comparable to the ICOW Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of IQDY 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.

Drawdowns

IQDY vs. ICOW - Drawdown Comparison

The maximum IQDY drawdown since its inception was -39.60%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for IQDY and ICOW.

Drawdown Indicators

	IQDY	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-39.60%	-43.49%	+3.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-8.92%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-14.76%	-14.81%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-32.30%	-27.79%	-4.51%
Max Drawdown (10Y) Largest decline over 10 years	-39.60%	—	—
Current Drawdown Current decline from peak	-0.95%	-2.97%	+2.02%
Average Drawdown Average peak-to-trough decline	-9.02%	-7.55%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.22%	-0.32%

Volatility

IQDY vs. ICOW - Volatility Comparison

FlexShares International Quality Dividend Dynamic Index Fund (IQDY) has a higher volatility of 6.18% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 3.24%. This indicates that IQDY'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

	IQDY	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	3.24%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	11.96%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	14.52%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	16.74%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	18.44%	-0.16%

IQDY vs. ICOW - Expense Ratio Comparison

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

Dividends

IQDY vs. ICOW - Dividend Comparison

IQDY's dividend yield for the trailing twelve months is around 2.92%, more than ICOW's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.23%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%	0.00%
IQDY FlexShares International Quality Dividend Dynamic Index Fund	2.92%	3.26%	6.95%	6.45%	5.52%	3.89%	2.62%	3.85%	5.97%	3.57%	3.77%	4.08%

Frequently Asked Questions

Can I hold both IQDY and ICOW in my portfolio?

IQDY and ICOW have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQDY or ICOW?

IQDY has higher volatility (6.18%) compared to ICOW (3.24%). In terms of maximum drawdown, IQDY dropped -39.60% vs ICOW's -43.49%.

Which ETF is better, IQDY or ICOW?

On 5-year performance, IQDY leads with 12.61% vs 10.28% for ICOW. On fees, IQDY is cheaper at 0.47% per year. On volatility, ICOW has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQDY or ICOW?

Over the 5-year period, IQDY has performed better with a 12.61% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDY or ICOW?

IQDY is cheaper with a 0.47% expense ratio, compared with 0.65% for ICOW.

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

IQDY has the higher dividend yield at 2.92%, compared with 2.23% for ICOW.

What is the main difference between IQDY and ICOW?

IQDY is categorized as Quality Factor, while ICOW is Foreign Large Cap Equities. IQDY tracks Northern Trust International Quality Dividend Dynamic Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: Northern Trust and Pacer. Their fees differ too: 0.47% for IQDY and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.20 vs 2.17), 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.