NUEM vs. ECOW

Last updated Jun 26, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, NUEM returned 5.00%/yr vs 5.56%/yr for ECOW. A 0.68 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.70%/yr for ECOW.

Performance

NUEM vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUEM achieves a 18.06% return, which is significantly higher than ECOW's 8.49% return.

NUEM

• 1D: 0.52%
• 1M: -0.36%
• YTD: 18.06%
• 6M: 17.70%
• 1Y: 31.23%
• 3Y*: 18.96%
• 5Y*: 5.00%
• 10Y*: —

ECOW

• 1D: 0.45%
• 1M: -4.35%
• YTD: 8.49%
• 6M: 7.92%
• 1Y: 28.60%
• 3Y*: 17.54%
• 5Y*: 5.56%
• 10Y*: —

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

NUEM vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NUEM Nuveen ESG Emerging Markets Equity ETF	18.06%	27.12%	9.73%	8.57%	-19.74%	-1.08%	24.09%	3.21%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	8.49%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between NUEM and ECOW is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 6, 2019	0.68

The correlation between NUEM and ECOW has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

NUEM vs. ECOW - Sectors Allocation Comparison

Sectors	NUEM	ECOW
Technology	36.5%	10.3%
Financial Services	16.8%	-
Consumer Cyclical	11.2%	10.7%
Industrials	11.1%	15.0%
Basic Materials	7.9%	8.4%
Communication Services	7.6%	15.1%
Energy	2.6%	9.8%
Healthcare	2.6%	0.9%
Utilities	1.7%	6.2%
Consumer Defensive	1.5%	9.1%
Real Estate	0.6%	-

Return for Risk

NUEM vs. ECOW — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 55
NUEM Sharpe Ratio Rank: 50
NUEM Sortino Ratio Rank: 48
NUEM Omega Ratio Rank: 54
NUEM Calmar Ratio Rank: 63
NUEM Martin Ratio Rank: 58

ECOW

ECOW Risk / Return Rank: 69
ECOW Sharpe Ratio Rank: 69
ECOW Sortino Ratio Rank: 67
ECOW Omega Ratio Rank: 69
ECOW Calmar Ratio Rank: 76
ECOW Martin Ratio Rank: 66

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.

NUEM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NUEM	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.95	-0.42
Sortino ratio: Return per unit of downside risk	2.12	2.65	-0.53
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	2.71	3.44	-0.73
Martin ratio: Return relative to average drawdown	9.11	10.46	-1.35

NUEM vs. ECOW - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 1.53, which is comparable to the ECOW Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of NUEM and ECOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NUEM vs. ECOW - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, roughly equal to the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for NUEM and ECOW.

Drawdown Indicators

	NUEM	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-40.27%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-8.35%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-18.77%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-33.30%	-4.80%
Current Drawdown Current decline from peak	-4.82%	-7.46%	+2.64%
Average Drawdown Average peak-to-trough decline	-14.94%	-11.02%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	2.74%	+0.70%

Volatility

NUEM vs. ECOW - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 9.97% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 5.37%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.97%	5.37%	+4.60%
Volatility (6M) Calculated over the trailing 6-month period	18.42%	11.81%	+6.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.53%	14.75%	+5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	17.75%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	20.13%	+0.23%

NUEM vs. ECOW - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

NUEM vs. ECOW - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.03%, less than ECOW's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.63%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.03%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%

Frequently Asked Questions

Can I hold both NUEM and ECOW in my portfolio?

NUEM and ECOW have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUEM or ECOW?

NUEM has higher volatility (9.97%) compared to ECOW (5.37%). In terms of maximum drawdown, NUEM dropped -39.48% vs ECOW's -40.27%.

Which ETF is better, NUEM or ECOW?

On 5-year performance, ECOW leads with 5.56% vs 5.00% for NUEM. On fees, NUEM is cheaper at 0.35% per year. On volatility, ECOW has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or ECOW?

Over the 5-year period, ECOW has performed better with a 5.56% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or ECOW?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, NUEM or ECOW?

ECOW has the higher dividend yield at 4.63%, compared with 3.03% for NUEM.

What is the main difference between NUEM and ECOW?

NUEM tracks MSCI TIAA ESG Emerging Markets, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: Nuveen and Pacer. Their fees differ too: 0.35% for NUEM and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (1.95 vs 1.53), 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.