MCOW vs. CSD

Last updated Jun 6, 2026

MCOW (Pacer S&P MidCap 400 Quality FCF Aristocrats ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - MCOW tracks the S&P MidCap 400 Quality FCF Aristocrats Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. MCOW charges 0.49%/yr vs 0.65%/yr for CSD.

Performance

MCOW vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCOW achieves a 5.86% return, which is significantly lower than CSD's 36.61% return.

MCOW

• 1D: -3.02%
• 1M: 1.11%
• YTD: 5.86%
• 6M: 4.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSD

• 1D: -2.54%
• 1M: 1.28%
• YTD: 36.61%
• 6M: 35.22%
• 1Y: 69.23%
• 3Y*: 34.87%
• 5Y*: 15.93%
• 10Y*: 13.73%

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

MCOW vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025
MCOW Pacer S&P MidCap 400 Quality FCF Aristocrats ETF	5.86%	-3.62%
CSD Invesco S&P Spin-Off ETF	36.61%	12.47%

Correlation

The correlation between MCOW and CSD is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 29, 2025	0.77

Return for Risk

MCOW vs. CSD — Risk / Return Rank

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

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 90
CSD Sortino Ratio Rank: 84
CSD Omega Ratio Rank: 82
CSD Calmar Ratio Rank: 92
CSD Martin Ratio Rank: 93

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.

MCOW vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Invesco S&P Spin-Off ETF (CSD). 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.

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

Sharpe Ratios by Period

	MCOW	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.90	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.43	-0.28

Drawdowns

MCOW vs. CSD - Drawdown Comparison

The maximum MCOW drawdown since its inception was -15.02%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for MCOW and CSD.

Drawdown Indicators

	MCOW	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-15.02%	-70.47%	+55.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.34%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-3.02%	-2.54%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.58%	-14.23%	+9.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.89%	—

Volatility

Volatility by Period

	MCOW	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	23.98%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	23.28%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	24.84%	-6.95%

MCOW vs. CSD - Expense Ratio Comparison

MCOW has a 0.49% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

MCOW vs. CSD - Dividend Comparison

MCOW's dividend yield for the trailing twelve months is around 0.22%, more than CSD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.12%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
MCOW Pacer S&P MidCap 400 Quality FCF Aristocrats ETF	0.22%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MCOW and CSD in my portfolio?

MCOW and CSD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MCOW or CSD?

On fees, MCOW is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MCOW or CSD?

MCOW is cheaper with a 0.49% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, MCOW or CSD?

MCOW has the higher dividend yield at 0.22%, compared with 0.12% for CSD.

What is the main difference between MCOW and CSD?

MCOW tracks S&P MidCap 400 Quality FCF Aristocrats Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.49% for MCOW and 0.65% for CSD.