POWA vs. COWG

Last updated Aug 4, 2026

POWA (Invesco Bloomberg Pricing Power ETF) and COWG (Pacer US Large Cap Cash Cows Growth Leaders ETF) are both exchange-traded funds - POWA is a Large Cap Blend Equities fund tracking the Bloomberg Pricing Power Index, while COWG is a Large Cap Growth Equities fund tracking the Pacer US Large Cap Cash Cows Growth Leaders Index. Both are passively managed. Over the past 3 years, POWA returned 11.26%/yr vs 21.15%/yr for COWG. Their 0.68 correlation means they have sometimes moved together and sometimes differently. POWA charges 0.40%/yr vs 0.49%/yr for COWG.

Performance

POWA vs. COWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Pricing Power ETF (POWA) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, POWA achieves a 1.81% return, which is significantly lower than COWG's 8.98% return.

POWA

• 1D: 0.81%
• 1M: 2.31%
• 6M: -1.06%
• YTD: 1.81%
• 1Y: 5.70%
• 3Y*: 11.26%
• 5Y*: 7.24%
• 10Y*: 10.26%
• ALL TIME*: 8.69%

COWG

• 1D: 1.13%
• 1M: -1.45%
• 6M: 8.27%
• YTD: 8.98%
• 1Y: 11.63%
• 3Y*: 21.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.19%

*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)
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	$10.53M	$9.94M	$10.56M
POWA Invesco Bloomberg Pricing Power ETF	$275.81K	$326.17K	$415.64K

POWA vs. COWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
POWA Invesco Bloomberg Pricing Power ETF	1.81%	11.71%	13.18%	10.58%	-0.50%
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	8.98%	10.24%	34.99%	20.69%	-0.68%

Correlation

The correlation between POWA and COWG is 0.57, 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.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.68

The correlation between POWA and COWG shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

POWA vs. COWG - Sectors Allocation Comparison

Sectors	POWA	COWG
Technology	23.0%	59.8%
Industrials	19.6%	3.1%
Consumer Defensive	17.9%	2.7%
Healthcare	17.4%	13.1%
Consumer Cyclical	16.1%	2.7%
Communication Services	2.1%	8.6%
Real Estate	2.0%	-
Financial Services	1.9%	-
Basic Materials	-	3.4%
Energy	-	6.7%
Utilities	-	1.4%

Return for Risk

POWA vs. COWG — Risk / Return Rank

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

POWA

POWA Risk / Return Rank: 20
POWA Sharpe Ratio Rank: 21
POWA Sortino Ratio Rank: 21
POWA Omega Ratio Rank: 19
POWA Calmar Ratio Rank: 20
POWA Martin Ratio Rank: 20

COWG

COWG Risk / Return Rank: 29
COWG Sharpe Ratio Rank: 27
COWG Sortino Ratio Rank: 27
COWG Omega Ratio Rank: 26
COWG Calmar Ratio Rank: 32
COWG Martin Ratio Rank: 31

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.

POWA vs. COWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Pricing Power ETF (POWA) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG). 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.

	POWA	COWG	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.65	-0.17
Sortino ratio: Return per unit of downside risk	0.79	1.00	-0.21
Omega ratio: Gain probability vs. loss probability	1.09	1.12	-0.03
Calmar ratio: Return relative to maximum drawdown	0.59	1.08	-0.50
Martin ratio: Return relative to average drawdown	1.35	2.90	-1.55

POWA vs. COWG - Sharpe Ratio Comparison

The current POWA Sharpe Ratio is 0.47, which is comparable to the COWG Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of POWA and COWG, 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

POWA vs. COWG - Drawdown Comparison

The maximum POWA drawdown since its inception was -47.91%, which is greater than COWG's maximum drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for POWA and COWG.

Drawdown Indicators

	POWA	COWG	Difference
Max Drawdown Largest peak-to-trough decline	-47.91%	-23.60%	-24.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-10.79%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.00%	-23.60%	+8.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.53%	—	—
Current Drawdown Current decline from peak	-2.51%	-4.53%	+2.02%
Average Drawdown Average peak-to-trough decline	-6.23%	-3.30%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	4.02%	+0.23%

Volatility

POWA vs. COWG - Volatility Comparison

The current volatility for Invesco Bloomberg Pricing Power ETF (POWA) is 4.01%, while Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) has a volatility of 5.34%. This indicates that POWA experiences smaller price fluctuations and is considered to be less risky than COWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POWA	COWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	5.34%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	14.20%	-5.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	18.09%	-5.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	19.33%	-5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	19.33%	-3.25%

POWA vs. COWG - Expense Ratio Comparison

POWA has a 0.40% expense ratio, which is lower than COWG's 0.49% expense ratio.

Dividends

POWA vs. COWG - Dividend Comparison

POWA's dividend yield for the trailing twelve months is around 0.92%, more than COWG's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF	0.37%	0.32%	0.40%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
POWA Invesco Bloomberg Pricing Power ETF	0.92%	0.94%	0.79%	1.60%	1.48%	1.06%	1.34%	1.16%	1.39%	1.63%	2.18%	3.31%

Frequently Asked Questions

Can I hold both POWA and COWG in my portfolio?

POWA and COWG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, POWA or COWG?

COWG has higher volatility (5.34%) compared to POWA (4.01%). In terms of maximum drawdown, POWA dropped -47.91% vs COWG's -23.60%.

Which ETF is better, POWA or COWG?

On 3-year performance, COWG leads with 21.15% vs 11.26% for POWA. On fees, POWA is cheaper at 0.40% per year. On volatility, POWA has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, POWA or COWG?

Over the 3-year period, COWG has performed better with a 21.15% return vs 11.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, POWA or COWG?

POWA is cheaper with a 0.40% expense ratio, compared with 0.49% for COWG.

Which ETF pays a higher dividend yield, POWA or COWG?

POWA has the higher dividend yield at 0.92%, compared with 0.37% for COWG.

What is the main difference between POWA and COWG?

POWA is categorized as Large Cap Blend Equities, while COWG is Large Cap Growth Equities. POWA tracks Bloomberg Pricing Power Index, while COWG tracks Pacer US Large Cap Cash Cows Growth Leaders Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.40% for POWA and 0.49% for COWG.

Which has better risk-adjusted returns?

COWG currently has the higher Sharpe Ratio (0.65 vs 0.47), 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.