IVOV vs. COWZ

Last updated Jun 24, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both Mid Cap Value Equities funds - IVOV tracks the S&P MidCap 400 Value Index while COWZ tracks the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, IVOV returned 8.43%/yr vs 9.90%/yr for COWZ. Their correlation of 0.87 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.49%/yr for COWZ.

Performance

IVOV vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOV achieves a 10.60% return, which is significantly higher than COWZ's 3.27% return.

IVOV

• 1D: -0.41%
• 1M: 2.93%
• YTD: 10.60%
• 6M: 8.95%
• 1Y: 20.62%
• 3Y*: 14.32%
• 5Y*: 8.43%
• 10Y*: 10.85%

COWZ

• 1D: 0.59%
• 1M: -3.72%
• YTD: 3.27%
• 6M: 2.69%
• 1Y: 15.76%
• 3Y*: 12.38%
• 5Y*: 9.90%
• 10Y*: —

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

IVOV vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	10.60%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%
COWZ Pacer US Cash Cows 100 ETF	3.27%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between IVOV and COWZ is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 19, 2016	0.87

The correlation between IVOV and COWZ shifts across timeframes, from 0.75 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

IVOV vs. COWZ - Sectors Allocation Comparison

Sectors	IVOV	COWZ
Financial Services	21.0%	-
Industrials	18.5%	8.4%
Consumer Cyclical	13.9%	11.7%
Technology	10.1%	16.0%
Real Estate	9.5%	-
Basic Materials	6.8%	3.7%
Energy	6.8%	16.9%
Consumer Defensive	4.9%	10.9%
Utilities	4.0%	-
Healthcare	3.8%	21.8%
Communication Services	0.5%	10.4%

Return for Risk

IVOV vs. COWZ — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 41
IVOV Sharpe Ratio Rank: 40
IVOV Sortino Ratio Rank: 42
IVOV Omega Ratio Rank: 37
IVOV Calmar Ratio Rank: 41
IVOV Martin Ratio Rank: 43

COWZ

COWZ Risk / Return Rank: 45
COWZ Sharpe Ratio Rank: 41
COWZ Sortino Ratio Rank: 42
COWZ Omega Ratio Rank: 39
COWZ Calmar Ratio Rank: 56
COWZ Martin Ratio Rank: 48

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.

IVOV vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	IVOV	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.39	-0.04
Sortino ratio: Return per unit of downside risk	2.05	2.05	0.00
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.96	2.66	-0.70
Martin ratio: Return relative to average drawdown	6.74	7.92	-1.18

IVOV vs. COWZ - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.35, which is comparable to the COWZ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of IVOV and COWZ, 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

IVOV vs. COWZ - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, which is greater than COWZ's maximum drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for IVOV and COWZ.

Drawdown Indicators

	IVOV	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-38.63%	-7.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-5.95%	-4.63%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-22.00%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	-22.00%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	—	—
Current Drawdown Current decline from peak	-1.21%	-5.40%	+4.19%
Average Drawdown Average peak-to-trough decline	-5.41%	-4.80%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.00%	+1.07%

Volatility

IVOV vs. COWZ - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is 3.76%, while Pacer US Cash Cows 100 ETF (COWZ) has a volatility of 3.97%. This indicates that IVOV experiences smaller price fluctuations and is considered to be less risky than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.97%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	7.53%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	11.38%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	17.64%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.70%	19.90%	+1.80%

IVOV vs. COWZ - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than COWZ's 0.49% expense ratio.

Dividends

IVOV vs. COWZ - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.65%, less than COWZ's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	2.00%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.65%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%

Frequently Asked Questions

Can I hold both IVOV and COWZ in my portfolio?

IVOV and COWZ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOV or COWZ?

COWZ has higher volatility (3.97%) compared to IVOV (3.76%). In terms of maximum drawdown, IVOV dropped -45.99% vs COWZ's -38.63%.

Which ETF is better, IVOV or COWZ?

On 5-year performance, COWZ leads with 9.90% vs 8.43% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, IVOV has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or COWZ?

Over the 5-year period, COWZ has performed better with a 9.90% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or COWZ?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.49% for COWZ.

Which ETF pays a higher dividend yield, IVOV or COWZ?

COWZ has the higher dividend yield at 2.00%, compared with 1.65% for IVOV.

What is the main difference between IVOV and COWZ?

IVOV tracks S&P MidCap 400 Value Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: Vanguard and Pacer. Their fees differ too: 0.10% for IVOV and 0.49% for COWZ.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (1.39 vs 1.35), 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.