PIEL vs. ICOW

Last updated Jun 6, 2026

PIEL (Pacer International Export Leaders ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds from Pacer - PIEL tracks the Pacer International Export Leaders Index while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. PIEL charges 0.60%/yr vs 0.65%/yr for ICOW.

Performance

PIEL vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer International Export Leaders ETF (PIEL) 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, PIEL achieves a 8.89% return, which is significantly lower than ICOW's 13.55% return.

PIEL

• 1D: -5.07%
• 1M: 0.19%
• YTD: 8.89%
• 6M: —
• 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)

PIEL vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025
PIEL Pacer International Export Leaders ETF	8.89%	-0.43%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	13.55%	-0.16%

Correlation

The correlation between PIEL and ICOW is 0.76, 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 Dec 24, 2025	0.76

Return for Risk

PIEL 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.

PIEL vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer International Export Leaders ETF (PIEL) 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

	PIEL	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	0.83	0.53	+0.30

Drawdowns

PIEL vs. ICOW - Drawdown Comparison

The maximum PIEL drawdown since its inception was -14.67%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for PIEL and ICOW.

Drawdown Indicators

	PIEL	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-43.49%	+28.82%
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	-5.53%	-3.85%	-1.68%
Average Drawdown Average peak-to-trough decline	-3.71%	-7.58%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.25%	—

Volatility

Volatility by Period

	PIEL	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	24.11%	14.12%	+9.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.11%	16.70%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	18.49%	+5.62%

PIEL vs. ICOW - Expense Ratio Comparison

PIEL has a 0.60% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

PIEL vs. ICOW - Dividend Comparison

PIEL has not paid dividends to shareholders, while ICOW's dividend yield for the trailing twelve months is around 2.25%.

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%
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%

Frequently Asked Questions

Can I hold both PIEL and ICOW in my portfolio?

PIEL and ICOW have a correlation of 0.76, 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 ICOW?

On fees, PIEL is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PIEL or ICOW?

PIEL is cheaper with a 0.60% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.25%, compared with 0.00% for PIEL.

What is the main difference between PIEL and ICOW?

PIEL tracks Pacer International Export Leaders Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.60% for PIEL and 0.65% for ICOW.