MBOX vs. GCOW

Last updated Jun 4, 2026

MBOX (Freedom Day Dividend ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both exchange-traded funds - MBOX is a Dividend fund actively managed by EMPIRICAL FINANCE LLC, while GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index. MBOX is actively managed, while GCOW is passively managed. Over the past 5 years, MBOX returned 11.86%/yr vs 12.34%/yr for GCOW. A 0.70 correlation means they provide meaningful diversification when combined. MBOX charges 0.39%/yr vs 0.60%/yr for GCOW.

Performance

MBOX vs. GCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom Day Dividend ETF (MBOX) and Pacer Global Cash Cows Dividend ETF (GCOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBOX achieves a 15.47% return, which is significantly higher than GCOW's 12.18% return.

MBOX

• 1D: -0.28%
• 1M: 5.07%
• YTD: 15.47%
• 6M: 14.89%
• 1Y: 23.95%
• 3Y*: 19.61%
• 5Y*: 11.86%
• 10Y*: —

GCOW

• 1D: -0.56%
• 1M: 0.09%
• YTD: 12.18%
• 6M: 13.23%
• 1Y: 27.12%
• 3Y*: 17.41%
• 5Y*: 12.34%
• 10Y*: 9.91%

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

MBOX vs. GCOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MBOX Freedom Day Dividend ETF	15.47%	8.72%	16.39%	15.84%	-4.32%	9.48%
GCOW Pacer Global Cash Cows Dividend ETF	12.18%	27.34%	3.52%	13.95%	5.49%	2.81%

Correlation

The correlation between MBOX and GCOW is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.70

The correlation between MBOX and GCOW shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

MBOX vs. GCOW - Sectors Allocation Comparison

Sectors	MBOX	GCOW
Financial Services	25.0%	-
Technology	18.3%	0.9%
Energy	14.1%	24.4%
Healthcare	13.4%	14.6%
Industrials	8.2%	12.4%
Consumer Defensive	8.0%	17.1%
Basic Materials	3.8%	7.3%
Real Estate	3.4%	-
Utilities	2.2%	4.1%
Communication Services	2.0%	14.6%
Consumer Cyclical	1.7%	4.6%

Return for Risk

MBOX vs. GCOW — Risk / Return Rank

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

MBOX

MBOX Risk / Return Rank: 71
MBOX Sharpe Ratio Rank: 67
MBOX Sortino Ratio Rank: 71
MBOX Omega Ratio Rank: 65
MBOX Calmar Ratio Rank: 80
MBOX Martin Ratio Rank: 73

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 79
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW 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.

MBOX vs. GCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom Day Dividend ETF (MBOX) and Pacer Global Cash Cows Dividend ETF (GCOW). 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.

	MBOX	GCOW	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.52	-0.28
Sortino ratio: Return per unit of downside risk	3.25	3.63	-0.37
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	4.19	5.71	-1.53
Martin ratio: Return relative to average drawdown	13.88	15.05	-1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBOX vs. GCOW - Sharpe Ratio Comparison

The current MBOX Sharpe Ratio is 2.24, which is comparable to the GCOW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MBOX and GCOW, 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

	MBOX	GCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.52	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.92	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.59	+0.24

Drawdowns

MBOX vs. GCOW - Drawdown Comparison

The maximum MBOX drawdown since its inception was -16.42%, smaller than the maximum GCOW drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for MBOX and GCOW.

Drawdown Indicators

	MBOX	GCOW	Difference
Max Drawdown Largest peak-to-trough decline	-16.42%	-37.64%	+21.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-4.77%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	-12.35%	-4.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.42%	-21.48%	+5.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.64%	—
Current Drawdown Current decline from peak	-0.28%	-2.73%	+2.45%
Average Drawdown Average peak-to-trough decline	-3.46%	-5.84%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.81%	-0.08%

Volatility

MBOX vs. GCOW - Volatility Comparison

Freedom Day Dividend ETF (MBOX) has a higher volatility of 3.14% compared to Pacer Global Cash Cows Dividend ETF (GCOW) at 2.85%. This indicates that MBOX's price experiences larger fluctuations and is considered to be riskier than GCOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBOX	GCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.85%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	7.81%	7.99%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	10.81%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	13.49%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	16.20%	-1.73%

MBOX vs. GCOW - Expense Ratio Comparison

MBOX has a 0.39% expense ratio, which is lower than GCOW's 0.60% expense ratio.

Dividends

MBOX vs. GCOW - Dividend Comparison

MBOX's dividend yield for the trailing twelve months is around 1.89%, less than GCOW's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GCOW Pacer Global Cash Cows Dividend ETF	4.43%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%
MBOX Freedom Day Dividend ETF	1.89%	1.94%	1.60%	2.13%	2.87%	1.17%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBOX and GCOW in my portfolio?

MBOX and GCOW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBOX or GCOW?

MBOX has higher volatility (3.14%) compared to GCOW (2.85%). In terms of maximum drawdown, MBOX dropped -16.42% vs GCOW's -37.64%.

Which ETF is better, MBOX or GCOW?

On 5-year performance, GCOW leads with 12.34% vs 11.86% for MBOX. On fees, MBOX is cheaper at 0.39% per year. On volatility, GCOW has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBOX or GCOW?

Over the 5-year period, GCOW has performed better with a 12.34% return vs 11.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBOX or GCOW?

MBOX is cheaper with a 0.39% expense ratio, compared with 0.60% for GCOW.

Which ETF pays a higher dividend yield, MBOX or GCOW?

GCOW has the higher dividend yield at 4.43%, compared with 1.89% for MBOX.

What is the main difference between MBOX and GCOW?

MBOX is categorized as Dividend, while GCOW is Large Cap Value Equities. They also come from different issuers: EMPIRICAL FINANCE LLC and Pacer. Their fees differ too: 0.39% for MBOX and 0.60% for GCOW.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.52 vs 2.24), 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.