MFSI vs. ICOW

Last updated Jun 4, 2026

MFSI (MFS Active International ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. MFSI is actively managed, while ICOW is passively managed. Over the past year, MFSI returned 17.49% vs 39.15% for ICOW. A 0.79 correlation means they provide meaningful diversification when combined. MFSI charges 0.59%/yr vs 0.65%/yr for ICOW.

Performance

MFSI vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Active International ETF (MFSI) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFSI achieves a 6.73% return, which is significantly lower than ICOW's 17.35% return.

MFSI

• 1D: -1.16%
• 1M: 5.04%
• YTD: 6.73%
• 6M: 9.01%
• 1Y: 17.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

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

MFSI vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MFSI MFS Active International ETF	6.73%	26.43%	-4.21%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-4.00%

Correlation

The correlation between MFSI and ICOW is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Dec 6, 2024	0.79

The correlation between MFSI and ICOW has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

MFSI vs. ICOW — Risk / Return Rank

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

MFSI

MFSI Risk / Return Rank: 34
MFSI Sharpe Ratio Rank: 34
MFSI Sortino Ratio Rank: 33
MFSI Omega Ratio Rank: 33
MFSI Calmar Ratio Rank: 33
MFSI Martin Ratio Rank: 38

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

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.

MFSI vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Active International ETF (MFSI) 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.

	MFSI	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.87	-1.67
Sortino ratio: Return per unit of downside risk	1.74	3.72	-1.98
Omega ratio: Gain probability vs. loss probability	1.22	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	1.57	4.91	-3.34
Martin ratio: Return relative to average drawdown	5.89	17.54	-11.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFSI vs. ICOW - Sharpe Ratio Comparison

The current MFSI Sharpe Ratio is 1.20, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of MFSI and ICOW, 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

	MFSI	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	2.87	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.55	+0.62

Drawdowns

MFSI vs. ICOW - Drawdown Comparison

The maximum MFSI drawdown since its inception was -13.67%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for MFSI and ICOW.

Drawdown Indicators

	MFSI	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-13.67%	-43.49%	+29.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-8.02%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-1.16%	-0.64%	-0.52%
Average Drawdown Average peak-to-trough decline	-1.97%	-7.59%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.24%	+0.74%

Volatility

MFSI vs. ICOW - Volatility Comparison

MFS Active International ETF (MFSI) has a higher volatility of 4.72% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that MFSI's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFSI	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.41%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	10.59%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	13.73%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	16.64%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	18.47%	-2.15%

MFSI vs. ICOW - Expense Ratio Comparison

MFSI has a 0.59% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

MFSI vs. ICOW - Dividend Comparison

MFSI's dividend yield for the trailing twelve months is around 0.76%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.12%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
MFSI MFS Active International ETF	0.76%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MFSI and ICOW in my portfolio?

MFSI and ICOW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFSI or ICOW?

MFSI has higher volatility (4.72%) compared to ICOW (4.41%). In terms of maximum drawdown, MFSI dropped -13.67% vs ICOW's -43.49%.

Which ETF is better, MFSI or ICOW?

On 1-year performance, ICOW leads with 39.15% vs 17.49% for MFSI. On fees, MFSI is cheaper at 0.59% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFSI or ICOW?

Over the 1-year period, ICOW has performed better with a 39.15% return vs 17.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFSI or ICOW?

MFSI is cheaper with a 0.59% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.12%, compared with 0.76% for MFSI.

What is the main difference between MFSI and ICOW?

They also come from different issuers: MFS and Pacer. Their fees differ too: 0.59% for MFSI and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.20), 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.