PREF vs. COWZ
PREF (Principal Spectrum Preferred Secs Active ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - PREF is a Preferred Stock fund actively managed by Principal, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. PREF is actively managed, while COWZ is passively managed. Over the past 5 years, PREF returned 2.80%/yr vs 10.98%/yr for COWZ. Their 0.28 correlation means their historical movements had little consistent relationship. PREF charges 0.55%/yr vs 0.49%/yr for COWZ.
Performance
PREF vs. COWZ - Performance Comparison
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Returns By Period
In the year-to-date period, PREF achieves a 1.65% return, which is significantly lower than COWZ's 11.74% return.
PREF
- 1D
- 0.08%
- 1M
- -0.55%
- 6M
- 1.33%
- YTD
- 1.65%
- 1Y
- 4.94%
- 3Y*
- 8.21%
- 5Y*
- 2.80%
- 10Y*
- —
- ALL TIME*
- 4.08%
COWZ
- 1D
- 0.19%
- 1M
- 4.89%
- 6M
- 7.97%
- YTD
- 11.74%
- 1Y
- 23.82%
- 3Y*
- 11.64%
- 5Y*
- 10.98%
- 10Y*
- —
- ALL TIME*
- 12.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $65.11M | $58.70M | $60.07M | |
| $3.81M | $4.18M | $4.46M |
PREF vs. COWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PREF Principal Spectrum Preferred Secs Active ETF | 1.65% | 7.64% | 11.43% | 7.36% | -11.80% | 2.08% | 7.52% | 17.32% | -5.45% | 2.05% |
COWZ Pacer US Cash Cows 100 ETF | 11.74% | 8.98% | 10.64% | 14.73% | 0.19% | 42.57% | 11.65% | 23.41% | -10.05% | 10.36% |
Correlation
The correlation between PREF and COWZ is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.28 |
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Return for Risk
PREF vs. COWZ — Risk / Return Rank
PREF
COWZ
PREF vs. COWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Spectrum Preferred Secs Active ETF (PREF) and Pacer US Cash Cows 100 ETF (COWZ). 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.
| PREF | COWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.34 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 3.83 | -2.08 |
| Martin ratioReturn relative to average drawdown | 8.92 | 11.22 | -2.29 |
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Drawdowns
PREF vs. COWZ - Drawdown Comparison
The maximum PREF drawdown since its inception was -22.99%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for PREF and COWZ.
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Drawdown Indicators
| PREF | COWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -38.63% | +15.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -5.95% | +3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.30% | -22.00% | +17.70% |
Max Drawdown (5Y)Largest decline over 5 years | -16.99% | -22.00% | +5.01% |
Current DrawdownCurrent decline from peak | -0.63% | -1.40% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -4.77% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 2.03% | -1.46% |
Volatility
PREF vs. COWZ - Volatility Comparison
The current volatility for Principal Spectrum Preferred Secs Active ETF (PREF) is 0.57%, while Pacer US Cash Cows 100 ETF (COWZ) has a volatility of 5.04%. This indicates that PREF experiences smaller price fluctuations and is considered to be less risky than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PREF | COWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 5.04% | -4.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 8.74% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 11.91% | -8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 17.69% | -12.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.25% | 19.86% | -13.61% |
PREF vs. COWZ - Expense Ratio Comparison
PREF has a 0.55% expense ratio, which is higher than COWZ's 0.49% expense ratio.
Dividends
PREF vs. COWZ - Dividend Comparison
PREF's dividend yield for the trailing twelve months is around 5.22%, more than COWZ's 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
COWZ Pacer US Cash Cows 100 ETF | 1.85% | 2.19% | 1.82% | 1.92% | 1.96% | 1.48% | 2.54% | 1.96% | 1.67% | 1.95% | 0.13% |
PREF Principal Spectrum Preferred Secs Active ETF | 4.81% | 4.87% | 4.65% | 4.67% | 4.63% | 4.07% | 4.35% | 4.67% | 5.49% | 2.35% | 0.00% |
Frequently Asked Questions
PREF and COWZ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COWZ has higher volatility (5.04%) compared to PREF (0.57%). In terms of maximum drawdown, PREF dropped -22.99% vs COWZ's -38.63%.
On 5-year performance, COWZ leads with 10.98% vs 2.80% for PREF. On fees, COWZ is cheaper at 0.49% per year. On volatility, PREF has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COWZ has performed better with a 10.98% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COWZ is cheaper with a 0.49% expense ratio, compared with 0.55% for PREF.
PREF has the higher dividend yield at 4.81%, compared with 1.85% for COWZ.
PREF is categorized as Preferred Stock, while COWZ is Mid Cap Value Equities. They also come from different issuers: Principal and Pacer. Their fees differ too: 0.55% for PREF and 0.49% for COWZ.
COWZ currently has the higher Sharpe Ratio (1.93 vs 1.63), 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.
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