PJIO vs. ICOW

Last updated Aug 4, 2026

PJIO (PGIM Jennison International Opportunities ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. PJIO is actively managed, while ICOW is passively managed. Over the past year, PJIO returned 3.86% vs 31.79% for ICOW. Their 0.57 correlation means they have sometimes moved together and sometimes differently. PJIO charges 0.90%/yr vs 0.65%/yr for ICOW.

Performance

PJIO vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison International Opportunities ETF (PJIO) 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, PJIO achieves a 0.97% return, which is significantly lower than ICOW's 14.59% return.

PJIO

• 1D: 1.33%
• 1M: -5.59%
• 6M: -0.87%
• YTD: 0.97%
• 1Y: 3.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.55%

ICOW

• 1D: 0.27%
• 1M: 4.34%
• 6M: 6.55%
• YTD: 14.59%
• 1Y: 31.79%
• 3Y*: 16.73%
• 5Y*: 10.28%
• 10Y*: —
• ALL TIME*: 9.63%

*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	$9.40M	$8.02M	$8.97M
PJIO PGIM Jennison International Opportunities ETF	$223.91K	$182.60K	$192.91K

PJIO vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJIO PGIM Jennison International Opportunities ETF	0.97%	17.75%	4.59%	-0.27%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	14.59%	36.95%	-2.59%	2.26%

Correlation

The correlation between PJIO and ICOW is 0.59, 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.	0.59
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.57

The correlation between PJIO and ICOW has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

PJIO vs. ICOW - Sectors Allocation Comparison

Sectors	PJIO	ICOW
Technology	41.5%	7.7%
Industrials	26.8%	25.2%
Healthcare	12.1%	8.3%
Consumer Cyclical	10.9%	14.4%
Communication Services	6.2%	12.7%
Consumer Defensive	2.4%	10.1%
Financial Services	1.7%	-
Basic Materials	-	9.9%
Energy	-	11.9%
Real Estate	-	-
Utilities	-	-

Return for Risk

PJIO vs. ICOW — Risk / Return Rank

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

PJIO

PJIO Risk / Return Rank: 14
PJIO Sharpe Ratio Rank: 13
PJIO Sortino Ratio Rank: 14
PJIO Omega Ratio Rank: 14
PJIO Calmar Ratio Rank: 13
PJIO Martin Ratio Rank: 14

ICOW

ICOW Risk / Return Rank: 81
ICOW Sharpe Ratio Rank: 85
ICOW Sortino Ratio Rank: 79
ICOW Omega Ratio Rank: 83
ICOW Calmar Ratio Rank: 85
ICOW Martin Ratio Rank: 71

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.

PJIO vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison International Opportunities ETF (PJIO) 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.

	PJIO	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	0.14	2.20	-2.06
Sortino ratio: Return per unit of downside risk	0.40	2.88	-2.48
Omega ratio: Gain probability vs. loss probability	1.05	1.39	-0.34
Calmar ratio: Return relative to maximum drawdown	0.20	3.58	-3.38
Martin ratio: Return relative to average drawdown	0.55	9.91	-9.36

PJIO vs. ICOW - Sharpe Ratio Comparison

The current PJIO Sharpe Ratio is 0.14, which is lower than the ICOW Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PJIO 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

PJIO vs. ICOW - Drawdown Comparison

The maximum PJIO drawdown since its inception was -19.42%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for PJIO and ICOW.

Drawdown Indicators

	PJIO	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-43.49%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-8.92%	-10.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-12.70%	-2.97%	-9.73%
Average Drawdown Average peak-to-trough decline	-4.48%	-7.55%	+3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.98%	3.22%	+3.76%

Volatility

PJIO vs. ICOW - Volatility Comparison

PGIM Jennison International Opportunities ETF (PJIO) has a higher volatility of 11.36% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 3.24%. This indicates that PJIO'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

	PJIO	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	3.24%	+8.12%
Volatility (6M) Calculated over the trailing 6-month period	25.00%	11.96%	+13.04%
Volatility (1Y) Calculated over the trailing 1-year period	27.02%	14.52%	+12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	16.74%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	18.44%	+4.32%

PJIO vs. ICOW - Expense Ratio Comparison

PJIO has a 0.90% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

PJIO vs. ICOW - Dividend Comparison

PJIO's dividend yield for the trailing twelve months is around 0.19%, less than ICOW's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.23%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
PJIO PGIM Jennison International Opportunities ETF	0.19%	0.19%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJIO and ICOW in my portfolio?

PJIO and ICOW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJIO or ICOW?

PJIO has higher volatility (11.36%) compared to ICOW (3.24%). In terms of maximum drawdown, PJIO dropped -19.42% vs ICOW's -43.49%.

Which ETF is better, PJIO or ICOW?

On 1-year performance, ICOW leads with 31.79% vs 3.86% for PJIO. On fees, ICOW is cheaper at 0.65% per year. On volatility, ICOW has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJIO or ICOW?

Over the 1-year period, ICOW has performed better with a 31.79% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJIO or ICOW?

ICOW is cheaper with a 0.65% expense ratio, compared with 0.90% for PJIO.

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

ICOW has the higher dividend yield at 2.23%, compared with 0.19% for PJIO.

What is the main difference between PJIO and ICOW?

They also come from different issuers: PGIM and Pacer. Their fees differ too: 0.90% for PJIO and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.20 vs 0.14), 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.