ODMAX vs. ICOW

Last updated Aug 1, 2026

ODMAX (Invesco Developing Markets Fund) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both funds - ODMAX is a Emerging Markets Equities fund managed by Invesco, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Over the past 5 years, ODMAX returned 2.83%/yr vs 10.30%/yr for ICOW. Their 0.68 correlation means they have sometimes moved together and sometimes differently. ODMAX charges 1.24%/yr vs 0.65%/yr for ICOW.

Performance

ODMAX vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Developing Markets Fund (ODMAX) 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, ODMAX achieves a 15.36% return, which is significantly higher than ICOW's 13.73% return.

ODMAX

• 1D: 3.19%
• 1M: 1.48%
• 6M: 7.10%
• YTD: 15.36%
• 1Y: 35.35%
• 3Y*: 11.70%
• 5Y*: 2.83%
• 10Y*: 6.74%
• ALL TIME*: 10.09%

ICOW

• 1D: -1.20%
• 1M: 3.55%
• 6M: 7.19%
• YTD: 13.73%
• 1Y: 31.73%
• 3Y*: 15.95%
• 5Y*: 10.30%
• 10Y*: —
• ALL TIME*: 9.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICOW Pacer Developed Markets International Cash Cows 100 ETF	$9.84M	$8.25M	$8.96M
ODMAX Invesco Developing Markets Fund	$0.00	$0.00	$0.00

ODMAX vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ODMAX Invesco Developing Markets Fund	15.36%	28.34%	-1.39%	11.17%	-25.16%	-7.54%	17.22%	24.02%	-12.14%	13.99%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	13.73%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.93%

Correlation

The correlation between ODMAX and ICOW is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 19, 2017	0.68

The correlation between ODMAX and ICOW has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

ODMAX vs. ICOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ODMAX

ODMAX Risk / Return Rank: 72
ODMAX Sharpe Ratio Rank: 73
ODMAX Sortino Ratio Rank: 68
ODMAX Omega Ratio Rank: 73
ODMAX Calmar Ratio Rank: 82
ODMAX Martin Ratio Rank: 65

ICOW

ICOW Risk / Return Rank: 86
ICOW Sharpe Ratio Rank: 89
ICOW Sortino Ratio Rank: 86
ICOW Omega Ratio Rank: 87
ICOW Calmar Ratio Rank: 88
ICOW Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ODMAX vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Developing Markets Fund (ODMAX) 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.

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.

	ODMAX	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.17	-0.48
Sortino ratio: Return per unit of downside risk	2.28	2.85	-0.57
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.72	3.54	-0.82
Martin ratio: Return relative to average drawdown	8.18	9.84	-1.66

ODMAX vs. ICOW - Sharpe Ratio Comparison

The current ODMAX Sharpe Ratio is 1.69, which is comparable to the ICOW Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ODMAX 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.

Drawdowns

ODMAX vs. ICOW - Drawdown Comparison

The maximum ODMAX drawdown since its inception was -61.63%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for ODMAX and ICOW.

Drawdown Indicators

	ODMAX	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-61.63%	-43.49%	-18.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-8.92%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.26%	-14.81%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-41.66%	-27.79%	-13.87%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-6.80%	-3.70%	-3.10%
Average Drawdown Average peak-to-trough decline	-14.54%	-7.55%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.20%	+0.80%

Volatility

ODMAX vs. ICOW - Volatility Comparison

Invesco Developing Markets Fund (ODMAX) has a higher volatility of 6.53% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 3.79%. This indicates that ODMAX'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

	ODMAX	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.53%	3.79%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	12.07%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.45%	14.55%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	16.74%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	18.44%	-0.37%

ODMAX vs. ICOW - Expense Ratio Comparison

ODMAX has a 1.24% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

ODMAX vs. ICOW - Dividend Comparison

ODMAX's dividend yield for the trailing twelve months is around 36.02%, more than ICOW's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.24%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%	0.00%	0.00%
ODMAX Invesco Developing Markets Fund	36.02%	41.55%	0.01%	0.53%	0.57%	5.01%	0.00%	2.12%	0.28%	0.30%	0.23%	0.43%

Frequently Asked Questions

Can I hold both ODMAX and ICOW in my portfolio?

ODMAX and ICOW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODMAX or ICOW?

ODMAX has higher volatility (6.53%) compared to ICOW (3.79%). In terms of maximum drawdown, ODMAX dropped -61.63% vs ICOW's -43.49%.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.17 vs 1.69), 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.