MILK vs. COWG

Last updated Jun 4, 2026

MILK (Pacer US Cash Cows Bond ETF) and COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) are both exchange-traded funds - MILK is a Corporate Bonds fund tracking the Solactive Pacer US Cash Cows Bond Index, while COWG is a Mid Cap Growth Equities fund tracking the Pacer US Large Cap Cash Cows Growth Leaders Index. Both are passively managed. Over the past year, MILK returned 9.23% vs 13.09% for COWG. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

MILK vs. COWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows Bond ETF (MILK) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MILK achieves a 2.18% return, which is significantly lower than COWG's 12.42% return.

MILK

• 1D: -0.24%
• 1M: 1.10%
• YTD: 2.18%
• 6M: 1.55%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COWG

• 1D: -0.07%
• 1M: 7.01%
• YTD: 12.42%
• 6M: 12.40%
• 1Y: 13.09%
• 3Y*: 24.56%
• 5Y*: —
• 10Y*: —

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

MILK vs. COWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	12.42%	10.24%	0.28%

Correlation

The correlation between MILK and COWG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.38

Return for Risk

MILK vs. COWG — Risk / Return Rank

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

MILK

MILK Risk / Return Rank: 52
MILK Sharpe Ratio Rank: 53
MILK Sortino Ratio Rank: 55
MILK Omega Ratio Rank: 51
MILK Calmar Ratio Rank: 50
MILK Martin Ratio Rank: 53

COWG

COWG Risk / Return Rank: 25
COWG Sharpe Ratio Rank: 24
COWG Sortino Ratio Rank: 24
COWG Omega Ratio Rank: 23
COWG Calmar Ratio Rank: 26
COWG Martin Ratio Rank: 27

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.

MILK vs. COWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows Bond ETF (MILK) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). 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.

	MILK	COWG	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.82	+0.96
Sortino ratio: Return per unit of downside risk	2.59	1.22	+1.37
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio: Return relative to maximum drawdown	2.47	1.22	+1.25
Martin ratio: Return relative to average drawdown	8.90	3.57	+5.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MILK vs. COWG - Sharpe Ratio Comparison

The current MILK Sharpe Ratio is 1.78, which is higher than the COWG Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of MILK and COWG, 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

	MILK	COWG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	0.82	+0.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	1.18	-0.21

Drawdowns

MILK vs. COWG - Drawdown Comparison

The maximum MILK drawdown since its inception was -6.16%, smaller than the maximum COWG drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for MILK and COWG.

Drawdown Indicators

	MILK	COWG	Difference
Max Drawdown Largest peak-to-trough decline	-6.16%	-23.60%	+17.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-10.79%	+7.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.60%	—
Current Drawdown Current decline from peak	-0.24%	-0.07%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.09%	-3.28%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	3.67%	-2.63%

Volatility

MILK vs. COWG - Volatility Comparison

The current volatility for Pacer US Cash Cows Bond ETF (MILK) is 1.58%, while Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) has a volatility of 3.63%. This indicates that MILK experiences smaller price fluctuations and is considered to be less risky than COWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MILK	COWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	3.63%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	3.78%	12.01%	-8.23%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	15.94%	-10.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	19.09%	-12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.69%	19.09%	-12.40%

MILK vs. COWG - Expense Ratio Comparison

Both MILK and COWG have an expense ratio of 0.49%.

Dividends

MILK vs. COWG - Dividend Comparison

MILK's dividend yield for the trailing twelve months is around 7.04%, more than COWG's 0.38% yield.

Position	TTM	2025	2024	2023
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.38%	0.32%	0.40%	0.47%
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MILK and COWG in my portfolio?

MILK and COWG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MILK or COWG?

COWG has higher volatility (3.63%) compared to MILK (1.58%). In terms of maximum drawdown, MILK dropped -6.16% vs COWG's -23.60%.

Which ETF is better, MILK or COWG?

On 1-year performance, COWG leads with 13.09% vs 9.23% for MILK. Both ETFs have the same 0.49% expense ratio. On volatility, MILK has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILK or COWG?

Over the 1-year period, COWG has performed better with a 13.09% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILK or COWG?

MILK and COWG have the same expense ratio: 0.49% per year.

Which ETF pays a higher dividend yield, MILK or COWG?

MILK has the higher dividend yield at 7.04%, compared with 0.38% for COWG.

What is the main difference between MILK and COWG?

MILK is categorized as Corporate Bonds, while COWG is Mid Cap Growth Equities. MILK tracks Solactive Pacer US Cash Cows Bond Index, while COWG tracks Pacer US Large Cap Cash Cows Growth Leaders Index.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.78 vs 0.82), 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.