PIEL vs. GCOW

Last updated Jun 6, 2026

PIEL (Pacer International Export Leaders ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both exchange-traded funds - PIEL is a Foreign Large Cap Equities fund tracking the Pacer International Export Leaders Index, while GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

PIEL vs. GCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer International Export Leaders ETF (PIEL) and Pacer Global Cash Cows Dividend ETF (GCOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIEL achieves a 8.89% return, which is significantly lower than GCOW's 11.22% return.

PIEL

• 1D: -5.07%
• 1M: 0.19%
• YTD: 8.89%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GCOW

• 1D: -0.92%
• 1M: -1.46%
• YTD: 11.22%
• 6M: 12.99%
• 1Y: 25.95%
• 3Y*: 16.97%
• 5Y*: 12.15%
• 10Y*: 9.64%

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

PIEL vs. GCOW - Yearly Performance Comparison

	2026 (YTD)	2025
PIEL Pacer International Export Leaders ETF	8.89%	-0.43%
GCOW Pacer Global Cash Cows Dividend ETF	11.22%	-0.02%

Correlation

The correlation between PIEL and GCOW is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 24, 2025	0.39

Return for Risk

PIEL vs. GCOW — Risk / Return Rank

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

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 80
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW Martin Ratio Rank: 76

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.

PIEL vs. GCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer International Export Leaders ETF (PIEL) and Pacer Global Cash Cows Dividend ETF (GCOW). 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

	PIEL	GCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.58	+0.25

Drawdowns

PIEL vs. GCOW - Drawdown Comparison

The maximum PIEL drawdown since its inception was -14.67%, smaller than the maximum GCOW drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for PIEL and GCOW.

Drawdown Indicators

	PIEL	GCOW	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-37.64%	+22.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.64%	—
Current Drawdown Current decline from peak	-5.53%	-3.57%	-1.96%
Average Drawdown Average peak-to-trough decline	-3.71%	-5.84%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.83%	—

Volatility

Volatility by Period

	PIEL	GCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	10.84%	+13.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.11%	13.49%	+10.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	16.20%	+7.91%

PIEL vs. GCOW - Expense Ratio Comparison

Both PIEL and GCOW have an expense ratio of 0.60%.

Dividends

PIEL vs. GCOW - Dividend Comparison

PIEL has not paid dividends to shareholders, while GCOW's dividend yield for the trailing twelve months is around 4.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GCOW Pacer Global Cash Cows Dividend ETF	4.73%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%
PIEL Pacer International Export Leaders ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIEL and GCOW in my portfolio?

PIEL and GCOW have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PIEL or GCOW?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PIEL or GCOW?

PIEL and GCOW have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, PIEL or GCOW?

GCOW has the higher dividend yield at 4.73%, compared with 0.00% for PIEL.

What is the main difference between PIEL and GCOW?

PIEL is categorized as Foreign Large Cap Equities, while GCOW is Large Cap Value Equities. PIEL tracks Pacer International Export Leaders Index, while GCOW tracks Pacer Global Cash Cows Dividends Index.