OVF vs. ICOW

Last updated Jun 24, 2026

OVF (Overlay Shares Foreign Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. OVF is actively managed, while ICOW is passively managed. Over the past 5 years, OVF returned 9.08%/yr vs 8.76%/yr for ICOW. Their correlation of 0.82 suggests significant overlap in exposure. OVF charges 0.95%/yr vs 0.65%/yr for ICOW.

Performance

OVF vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Foreign Equity ETF (OVF) 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, OVF achieves a 12.53% return, which is significantly higher than ICOW's 8.64% return.

OVF

• 1D: -2.89%
• 1M: -0.30%
• YTD: 12.53%
• 6M: 12.22%
• 1Y: 29.96%
• 3Y*: 19.26%
• 5Y*: 9.08%
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

OVF vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVF Overlay Shares Foreign Equity ETF	12.53%	33.03%	6.40%	15.25%	-17.64%	9.56%	2.65%	5.76%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	9.33%

Correlation

The correlation between OVF and ICOW is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.82

The correlation between OVF and ICOW has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

OVF vs. ICOW - Sectors Allocation Comparison

Sectors	OVF	ICOW
Financial Services	21.3%	-
Technology	19.7%	7.8%
Industrials	16.6%	29.1%
Consumer Cyclical	8.3%	12.7%
Healthcare	8.0%	6.7%
Basic Materials	6.4%	5.6%
Consumer Defensive	5.5%	8.1%
Communication Services	4.9%	8.7%
Energy	3.7%	21.3%
Utilities	3.1%	-
Real Estate	2.5%	-

Return for Risk

OVF vs. ICOW — Risk / Return Rank

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

OVF

OVF Risk / Return Rank: 53
OVF Sharpe Ratio Rank: 52
OVF Sortino Ratio Rank: 49
OVF Omega Ratio Rank: 51
OVF Calmar Ratio Rank: 56
OVF Martin Ratio Rank: 58

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW 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.

OVF vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Foreign Equity ETF (OVF) 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.

	OVF	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.91	-0.22
Sortino ratio: Return per unit of downside risk	2.30	2.52	-0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.59	3.51	-0.92
Martin ratio: Return relative to average drawdown	9.81	11.46	-1.65

OVF vs. ICOW - Sharpe Ratio Comparison

The current OVF Sharpe Ratio is 1.69, which is comparable to the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of OVF 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

OVF vs. ICOW - Drawdown Comparison

The maximum OVF drawdown since its inception was -30.07%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for OVF and ICOW.

Drawdown Indicators

	OVF	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-30.07%	-43.49%	+13.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-8.02%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.89%	-14.81%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-27.79%	-2.28%
Current Drawdown Current decline from peak	-2.90%	-8.01%	+5.11%
Average Drawdown Average peak-to-trough decline	-7.40%	-7.56%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.45%	+0.61%

Volatility

OVF vs. ICOW - Volatility Comparison

Overlay Shares Foreign Equity ETF (OVF) has a higher volatility of 7.25% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 5.85%. This indicates that OVF'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

	OVF	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	5.85%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	11.90%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	14.75%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	16.77%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	18.51%	-1.27%

OVF vs. ICOW - Expense Ratio Comparison

OVF has a 0.95% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

OVF vs. ICOW - Dividend Comparison

OVF's dividend yield for the trailing twelve months is around 9.74%, more than ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
OVF Overlay Shares Foreign Equity ETF	9.74%	6.32%	5.13%	5.17%	4.50%	4.88%	2.55%	2.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVF and ICOW in my portfolio?

OVF and ICOW have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVF or ICOW?

OVF has higher volatility (7.25%) compared to ICOW (5.85%). In terms of maximum drawdown, OVF dropped -30.07% vs ICOW's -43.49%.

Which ETF is better, OVF or ICOW?

On 5-year performance, OVF leads with 9.08% vs 8.76% for ICOW. On fees, ICOW is cheaper at 0.65% per year. On volatility, ICOW has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVF or ICOW?

Over the 5-year period, OVF has performed better with a 9.08% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVF or ICOW?

ICOW is cheaper with a 0.65% expense ratio, compared with 0.95% for OVF.

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

OVF has the higher dividend yield at 9.74%, compared with 2.35% for ICOW.

What is the main difference between OVF and ICOW?

They also come from different issuers: Liquid Strategies and Pacer. Their fees differ too: 0.95% for OVF and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.91 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.