MTRA vs. ICOW

Last updated Jun 6, 2026

MTRA (Invesco International Growth Focus ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. A 0.72 correlation means they provide meaningful diversification when combined. MTRA charges 0.54%/yr vs 0.65%/yr for ICOW.

Performance

MTRA vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Growth Focus ETF (MTRA) 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, MTRA achieves a -1.53% return, which is significantly lower than ICOW's 13.55% return.

MTRA

• 1D: -4.59%
• 1M: -3.34%
• YTD: -1.53%
• 6M: -1.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -3.24%
• 1M: -2.55%
• YTD: 13.55%
• 6M: 14.06%
• 1Y: 33.96%
• 3Y*: 18.66%
• 5Y*: 9.33%
• 10Y*: —

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

MTRA vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025
MTRA Invesco International Growth Focus ETF	-1.53%	4.90%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	13.55%	16.23%

Correlation

The correlation between MTRA and ICOW is 0.72, 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 Jun 12, 2025	0.72

Return for Risk

MTRA vs. ICOW — Risk / Return Rank

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

ICOW

ICOW Risk / Return Rank: 78
ICOW Sharpe Ratio Rank: 78
ICOW Sortino Ratio Rank: 72
ICOW Omega Ratio Rank: 75
ICOW Calmar Ratio Rank: 83
ICOW Martin Ratio Rank: 80

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.

MTRA vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Growth Focus ETF (MTRA) 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.

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

Sharpe Ratios by Period

	MTRA	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.53	-0.34

Drawdowns

MTRA vs. ICOW - Drawdown Comparison

The maximum MTRA drawdown since its inception was -15.77%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for MTRA and ICOW.

Drawdown Indicators

	MTRA	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-43.49%	+27.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.02%	—
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	-6.85%	-3.85%	-3.00%
Average Drawdown Average peak-to-trough decline	-3.81%	-7.58%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.25%	—

Volatility

Volatility by Period

	MTRA	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	14.12%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	16.70%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	18.49%	-0.70%

MTRA vs. ICOW - Expense Ratio Comparison

MTRA has a 0.54% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

MTRA vs. ICOW - Dividend Comparison

MTRA's dividend yield for the trailing twelve months is around 0.70%, less than ICOW's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.25%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
MTRA Invesco International Growth Focus ETF	0.70%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTRA and ICOW in my portfolio?

MTRA and ICOW have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MTRA or ICOW?

On fees, MTRA is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MTRA or ICOW?

MTRA is cheaper with a 0.54% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.25%, compared with 0.70% for MTRA.

What is the main difference between MTRA and ICOW?

They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.54% for MTRA and 0.65% for ICOW.