JHEM vs. ECOW

Last updated Jun 5, 2026

JHEM (John Hancock Multifactor Emerging Markets ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - JHEM tracks the John Hancock Dimensional Emerging Markets Index while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, JHEM returned 7.90%/yr vs 6.00%/yr for ECOW. A 0.71 correlation means they provide meaningful diversification when combined. JHEM charges 0.49%/yr vs 0.70%/yr for ECOW.

Performance

JHEM vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Emerging Markets ETF (JHEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHEM achieves a 25.02% return, which is significantly higher than ECOW's 12.49% return.

JHEM

• 1D: -0.70%
• 1M: 6.18%
• YTD: 25.02%
• 6M: 28.35%
• 1Y: 49.16%
• 3Y*: 22.10%
• 5Y*: 7.90%
• 10Y*: —

ECOW

• 1D: -0.53%
• 1M: -2.55%
• YTD: 12.49%
• 6M: 11.60%
• 1Y: 34.04%
• 3Y*: 19.54%
• 5Y*: 6.00%
• 10Y*: —

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

JHEM vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JHEM John Hancock Multifactor Emerging Markets ETF	25.02%	30.49%	4.58%	12.94%	-17.90%	2.10%	11.50%	6.33%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.49%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between JHEM and ECOW 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 7, 2019	0.71

The correlation between JHEM and ECOW has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

JHEM vs. ECOW - Sectors Allocation Comparison

Sectors	JHEM	ECOW
Technology	26.5%	9.8%
Financial Services	21.9%	-
Consumer Cyclical	11.7%	12.5%
Basic Materials	8.6%	9.6%
Industrials	8.4%	15.5%
Communication Services	7.5%	18.4%
Energy	5.3%	16.1%
Consumer Defensive	3.5%	8.5%
Healthcare	3.0%	1.6%
Utilities	2.9%	7.9%
Real Estate	0.6%	-

Return for Risk

JHEM vs. ECOW — Risk / Return Rank

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

JHEM

JHEM Risk / Return Rank: 81
JHEM Sharpe Ratio Rank: 83
JHEM Sortino Ratio Rank: 79
JHEM Omega Ratio Rank: 82
JHEM Calmar Ratio Rank: 79
JHEM Martin Ratio Rank: 80

ECOW

ECOW Risk / Return Rank: 76
ECOW Sharpe Ratio Rank: 76
ECOW Sortino Ratio Rank: 71
ECOW Omega Ratio Rank: 75
ECOW Calmar Ratio Rank: 80
ECOW Martin Ratio Rank: 77

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.

JHEM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Emerging Markets ETF (JHEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

	JHEM	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.41	+0.24
Sortino ratio: Return per unit of downside risk	3.48	3.19	+0.29
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.05
Calmar ratio: Return relative to maximum drawdown	4.00	4.10	-0.09
Martin ratio: Return relative to average drawdown	15.52	14.73	+0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHEM vs. ECOW - Sharpe Ratio Comparison

The current JHEM Sharpe Ratio is 2.64, which is comparable to the ECOW Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of JHEM and ECOW, 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

	JHEM	ECOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.41	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.34	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.37	+0.08

Drawdowns

JHEM vs. ECOW - Drawdown Comparison

The maximum JHEM drawdown since its inception was -34.99%, smaller than the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for JHEM and ECOW.

Drawdown Indicators

	JHEM	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-34.99%	-40.27%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-8.35%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.16%	-18.77%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-32.11%	-33.67%	+1.56%
Current Drawdown Current decline from peak	-1.93%	-4.05%	+2.12%
Average Drawdown Average peak-to-trough decline	-9.94%	-11.06%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.32%	+0.86%

Volatility

JHEM vs. ECOW - Volatility Comparison

John Hancock Multifactor Emerging Markets ETF (JHEM) has a higher volatility of 7.95% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 4.34%. This indicates that JHEM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHEM	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	4.34%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	10.89%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	14.21%	+4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	17.65%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	20.13%	+0.47%

JHEM vs. ECOW - Expense Ratio Comparison

JHEM has a 0.49% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

JHEM vs. ECOW - Dividend Comparison

JHEM's dividend yield for the trailing twelve months is around 1.91%, less than ECOW's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.98%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%
JHEM John Hancock Multifactor Emerging Markets ETF	1.91%	2.39%	2.93%	2.87%	2.84%	2.71%	1.67%	2.37%	0.21%

Frequently Asked Questions

Can I hold both JHEM and ECOW in my portfolio?

JHEM and ECOW 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, JHEM or ECOW?

JHEM has higher volatility (7.95%) compared to ECOW (4.34%). In terms of maximum drawdown, JHEM dropped -34.99% vs ECOW's -40.27%.

Which ETF is better, JHEM or ECOW?

On 5-year performance, JHEM leads with 7.90% vs 6.00% for ECOW. On fees, JHEM is cheaper at 0.49% per year. On volatility, ECOW has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHEM or ECOW?

Over the 5-year period, JHEM has performed better with a 7.90% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHEM or ECOW?

JHEM is cheaper with a 0.49% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, JHEM or ECOW?

ECOW has the higher dividend yield at 4.98%, compared with 1.91% for JHEM.

What is the main difference between JHEM and ECOW?

JHEM tracks John Hancock Dimensional Emerging Markets Index, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: Manulife and Pacer. Their fees differ too: 0.49% for JHEM and 0.70% for ECOW.

Which has better risk-adjusted returns?

JHEM currently has the higher Sharpe Ratio (2.64 vs 2.41), 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.