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ISZE vs. ICOW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISZE vs. ICOW

Last updated Aug 2, 2026
Documentation

ISZE (iShares Edge MSCI Intl Size Factor ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - ISZE tracks the MSCI World ex USA Risk Weighted Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Their 0.70 correlation means they have sometimes moved together and sometimes differently. ISZE charges 0.30%/yr vs 0.65%/yr for ICOW.

Performance

ISZE vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Intl Size Factor ETF (ISZE) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

ISZE

1D
—
1M
—
6M
—
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—

ICOW

1D
-1.20%
1M
3.55%
6M
7.19%
YTD
13.73%
1Y
31.73%
3Y*
15.95%
5Y*
10.30%
10Y*
—
ALL TIME*
9.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ICOW

Pacer Developed Markets International Cash Cows 100 ETF
$9.84M$8.25M$8.96M

ISZE vs. ICOW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%-0.11%15.54%-15.70%8.17%6.07%21.17%-13.91%8.10%
ICOW
Pacer Developed Markets International Cash Cows 100 ETF		13.73%36.95%-2.59%18.94%-7.98%11.52%7.20%17.91%-16.09%16.93%

Correlation

The correlation between ISZE and ICOW is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (3Y)
Balances recent behavior with more history.

0.45

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.69

Correlation (All Time)
Calculated using the full available price history since Jun 19, 2017

0.70

The correlation between ISZE and ICOW shifts across timeframes, from 0.45 (3 years) to 0.70 (all time), reflecting how their relationship changes across market environments.

ISZE vs. ICOW - Sectors Allocation Comparison

Sectors
ISZE
ICOW

Industrials

20.0%
25.2%

Financial Services

17.3%

-

Consumer Cyclical

10.7%
14.4%

Basic Materials

8.2%
9.9%

Technology

8.1%
7.7%

Consumer Defensive

7.9%
10.1%

Healthcare

7.8%
8.3%

Real Estate

6.0%

-

Communication Services

5.6%
12.7%

Utilities

4.8%

-

Energy

3.8%
11.9%

Industrials

ISZE
20.0%
ICOW
25.2%

Financial Services

ISZE
17.3%
ICOW

-

Consumer Cyclical

ISZE
10.7%
ICOW
14.4%

Basic Materials

ISZE
8.2%
ICOW
9.9%

Technology

ISZE
8.1%
ICOW
7.7%

Consumer Defensive

ISZE
7.9%
ICOW
10.1%

Healthcare

ISZE
7.8%
ICOW
8.3%

Real Estate

ISZE
6.0%
ICOW

-

Communication Services

ISZE
5.6%
ICOW
12.7%

Utilities

ISZE
4.8%
ICOW

-

Energy

ISZE
3.8%
ICOW
11.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI Intl Size Factor ETF

Pacer Developed Markets International Cash Cows 100 ETF

Often compared with ISZE:
ISZE vs. SPHDISZE vs. ACWIISZE vs. EISISZE vs. FIDISZE vs. DWMFISZE vs. SLVISZE vs. DGRO
Often compared with ICOW:
ICOW vs. GCOWICOW vs. FYLDICOW vs. IDMOICOW vs. COWZICOW vs. FIVLXICOW vs. GSIEICOW vs. SCHY

Return for Risk

ISZE vs. ICOW — Risk / Return Rank

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

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

ICOW
ICOW Risk / Return Rank: 8686
Overall Rank
ICOW Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ICOW Sortino Ratio Rank: 8686
Sortino Ratio Rank
ICOW Omega Ratio Rank: 8787
Omega Ratio Rank
ICOW Calmar Ratio Rank: 8888
Calmar Ratio Rank
ICOW Martin Ratio Rank: 7878
Martin Ratio Rank
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.

ISZE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Intl Size Factor ETF (ISZE) 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.

ISZEICOWDifference
Sharpe ratioReturn per unit of total volatility

—

2.17

—

Sortino ratioReturn per unit of downside risk

—

2.85

—

Omega ratioGain probability vs. loss probability

—

1.39

—

Calmar ratioReturn relative to maximum drawdown

—

3.54

—

Martin ratioReturn relative to average drawdown

—

9.84

—

ISZE vs. ICOW - Sharpe Ratio Comparison

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Drawdowns

ISZE vs. ICOW - Drawdown Comparison

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Drawdown Indicators

ISZEICOWDifference

Max Drawdown

Largest peak-to-trough decline

—

-43.49%

—

Max Drawdown (1Y)

Largest decline over 1 year

—

-8.92%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-14.81%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.79%

—

Current Drawdown

Current decline from peak

—

-3.70%

—

Average Drawdown

Average peak-to-trough decline

—

-7.55%

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

3.20%

—

Volatility

ISZE vs. ICOW - Volatility Comparison

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Volatility by Period

ISZEICOWDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

3.79%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

12.07%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

14.55%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

16.74%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

18.44%

—

ISZE vs. ICOW - Expense Ratio Comparison

ISZE has a 0.30% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

ISZE vs. ICOW - Dividend Comparison

ISZE has not paid dividends to shareholders, while ICOW's dividend yield for the trailing twelve months is around 2.24%.

PositionTTM20252024202320222021202020192018201720162015
ICOW
Pacer Developed Markets International Cash Cows 100 ETF		2.24%3.03%4.39%3.61%5.26%2.11%2.46%3.10%2.61%0.80%0.00%0.00%
ISZE
iShares Edge MSCI Intl Size Factor ETF		0.00%0.00%1.89%6.63%2.72%8.47%1.39%2.24%3.04%3.33%3.18%1.09%

Frequently Asked Questions

ISZE and ICOW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISZE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISZE is cheaper with a 0.30% expense ratio, compared with 0.65% for ICOW.

ICOW has the higher dividend yield at 2.24%, compared with 0.00% for ISZE.

ISZE tracks MSCI World ex USA Risk Weighted Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.30% for ISZE and 0.65% for ICOW.

Portfolio Optimizer

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