ISZE vs. ICOW

Last updated Jun 24, 2026

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. A 0.70 correlation means they provide meaningful diversification when combined. 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.

Returns By Period

ISZE

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

ISZE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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	8.64%	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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.70
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 0.47 (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%	29.1%
Financial Services	17.3%	-
Consumer Cyclical	10.7%	12.7%
Basic Materials	8.2%	5.6%
Technology	8.1%	7.8%
Consumer Defensive	7.9%	8.1%
Healthcare	7.8%	6.7%
Real Estate	6.0%	-
Communication Services	5.6%	8.7%
Utilities	4.8%	-
Energy	3.8%	21.3%

Return for Risk

ISZE vs. ICOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

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.

	ISZE	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.91	—
Sortino ratio: Return per unit of downside risk	—	2.52	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.51	—
Martin ratio: Return relative to average drawdown	—	11.46	—

Drawdowns

Drawdown Indicators

	ISZE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	—	-43.49%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.02%	—
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	—	-8.01%	—
Average Drawdown Average peak-to-trough decline	—	-7.56%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.45%	—

Volatility

Volatility by Period

	ISZE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.75%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.77%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.51%	—

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 2.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	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

Can I hold both ISZE and ICOW in my portfolio?

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.

Which ETF is better, ISZE or ICOW?

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.

Which ETF is cheaper, ISZE or ICOW?

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

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

ICOW has the higher dividend yield at 2.35%, compared with 0.00% for ISZE.

What is the main difference between ISZE and ICOW?

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.