MILK vs. IGCB

Last updated Jun 4, 2026

MILK (Pacer US Cash Cows Bond ETF) and IGCB (TCW Corporate Bond ETF) are both Corporate Bonds funds - MILK tracks the Solactive Pacer US Cash Cows Bond Index while IGCB tracks the Actively Managed. Both are passively managed. Over the past year, MILK returned 9.23% vs 5.37% for IGCB. A 0.79 correlation means they provide meaningful diversification when combined. MILK charges 0.49%/yr vs 0.35%/yr for IGCB.

Performance

MILK vs. IGCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows Bond ETF (MILK) and TCW Corporate Bond ETF (IGCB). 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 higher than IGCB's 0.08% return.

MILK

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

IGCB

• 1D: -0.30%
• 1M: 0.37%
• YTD: 0.08%
• 6M: -0.02%
• 1Y: 5.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MILK vs. IGCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%
IGCB TCW Corporate Bond ETF	0.08%	8.42%	-0.22%

Correlation

The correlation between MILK and IGCB is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.79

The correlation between MILK and IGCB has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

MILK vs. IGCB — 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

IGCB

IGCB Risk / Return Rank: 38
IGCB Sharpe Ratio Rank: 39
IGCB Sortino Ratio Rank: 38
IGCB Omega Ratio Rank: 38
IGCB Calmar Ratio Rank: 38
IGCB Martin Ratio Rank: 37

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. IGCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows Bond ETF (MILK) and TCW Corporate Bond ETF (IGCB). 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	IGCB	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.38	+0.40
Sortino ratio: Return per unit of downside risk	2.59	1.96	+0.63
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.47	1.85	+0.62
Martin ratio: Return relative to average drawdown	8.90	5.69	+3.21
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. IGCB - Sharpe Ratio Comparison

The current MILK Sharpe Ratio is 1.78, which is comparable to the IGCB Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of MILK and IGCB, 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	IGCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.38	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	1.09	-0.12

Drawdowns

MILK vs. IGCB - Drawdown Comparison

The maximum MILK drawdown since its inception was -6.16%, which is greater than IGCB's maximum drawdown of -4.20%. Use the drawdown chart below to compare losses from any high point for MILK and IGCB.

Drawdown Indicators

	MILK	IGCB	Difference
Max Drawdown Largest peak-to-trough decline	-6.16%	-4.20%	-1.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-2.91%	-0.84%
Current Drawdown Current decline from peak	-0.24%	-1.31%	+1.07%
Average Drawdown Average peak-to-trough decline	-1.09%	-0.93%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.95%	+0.09%

Volatility

MILK vs. IGCB - Volatility Comparison

Pacer US Cash Cows Bond ETF (MILK) has a higher volatility of 1.58% compared to TCW Corporate Bond ETF (IGCB) at 1.35%. This indicates that MILK's price experiences larger fluctuations and is considered to be riskier than IGCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MILK	IGCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.35%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	3.78%	2.78%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	3.92%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	4.82%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.69%	4.82%	+1.87%

MILK vs. IGCB - Expense Ratio Comparison

MILK has a 0.49% expense ratio, which is higher than IGCB's 0.35% expense ratio.

Dividends

MILK vs. IGCB - Dividend Comparison

MILK's dividend yield for the trailing twelve months is around 7.04%, more than IGCB's 4.75% yield.

Position	TTM	2025	2024
IGCB TCW Corporate Bond ETF	4.75%	4.52%	0.66%
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%	0.00%

Frequently Asked Questions

Can I hold both MILK and IGCB in my portfolio?

MILK and IGCB have a correlation of 0.82, 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 IGCB?

MILK has higher volatility (1.58%) compared to IGCB (1.35%). In terms of maximum drawdown, MILK dropped -6.16% vs IGCB's -4.20%.

Which ETF is better, MILK or IGCB?

On 1-year performance, MILK leads with 9.23% vs 5.37% for IGCB. On fees, IGCB is cheaper at 0.35% per year. On volatility, IGCB has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILK or IGCB?

Over the 1-year period, MILK has performed better with a 9.23% return vs 5.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILK or IGCB?

IGCB is cheaper with a 0.35% expense ratio, compared with 0.49% for MILK.

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

MILK has the higher dividend yield at 7.04%, compared with 4.75% for IGCB.

What is the main difference between MILK and IGCB?

MILK tracks Solactive Pacer US Cash Cows Bond Index, while IGCB tracks Actively Managed. They also come from different issuers: Pacer and TCW. Their fees differ too: 0.49% for MILK and 0.35% for IGCB.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.78 vs 1.38), 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.