PSFM vs. ICOW

Last updated Jun 24, 2026

PSFM (Pacer Swan SOS Flex (April) ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - PSFM is a Defined Outcome fund actively managed by Pacer, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. PSFM is actively managed, while ICOW is passively managed. Over the past 5 years, PSFM returned 9.70%/yr vs 8.76%/yr for ICOW. A 0.62 correlation means they provide meaningful diversification when combined. PSFM charges 0.61%/yr vs 0.65%/yr for ICOW.

Performance

PSFM vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Flex (April) ETF (PSFM) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PSFM having a 8.72% return and ICOW slightly lower at 8.64%.

PSFM

• 1D: -0.42%
• 1M: 0.09%
• YTD: 8.72%
• 6M: 8.75%
• 1Y: 16.21%
• 3Y*: 12.82%
• 5Y*: 9.70%
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

PSFM vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSFM Pacer Swan SOS Flex (April) ETF	8.72%	7.28%	14.18%	18.32%	-5.23%	11.47%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	36.95%	-2.59%	18.94%	-7.98%	2.07%

Correlation

The correlation between PSFM and ICOW is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.62

The correlation between PSFM and ICOW has been stable across timeframes, ranging from 0.52 to 0.62 - a consistent structural relationship.

Return for Risk

PSFM vs. ICOW — Risk / Return Rank

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

PSFM

PSFM Risk / Return Rank: 97
PSFM Sharpe Ratio Rank: 96
PSFM Sortino Ratio Rank: 98
PSFM Omega Ratio Rank: 97
PSFM Calmar Ratio Rank: 98
PSFM Martin Ratio Rank: 98

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

PSFM vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Flex (April) ETF (PSFM) 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.

	PSFM	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	3.94	1.91	+2.04
Sortino ratio: Return per unit of downside risk	6.70	2.52	+4.18
Omega ratio: Gain probability vs. loss probability	1.91	1.34	+0.57
Calmar ratio: Return relative to maximum drawdown	11.01	3.51	+7.51
Martin ratio: Return relative to average drawdown	55.56	11.46	+44.10

PSFM vs. ICOW - Sharpe Ratio Comparison

The current PSFM Sharpe Ratio is 3.94, which is higher than the ICOW Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PSFM 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

PSFM vs. ICOW - Drawdown Comparison

The maximum PSFM drawdown since its inception was -14.33%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for PSFM and ICOW.

Drawdown Indicators

	PSFM	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-43.49%	+29.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-8.02%	+6.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-14.81%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-27.79%	+13.46%
Current Drawdown Current decline from peak	-0.75%	-8.01%	+7.26%
Average Drawdown Average peak-to-trough decline	-2.25%	-7.56%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	2.45%	-2.16%

Volatility

PSFM vs. ICOW - Volatility Comparison

The current volatility for Pacer Swan SOS Flex (April) ETF (PSFM) is 1.74%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 5.85%. This indicates that PSFM experiences smaller price fluctuations and is considered to be less risky than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSFM	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	5.85%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	3.29%	11.90%	-8.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	14.75%	-10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	16.77%	-6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	18.51%	-8.03%

PSFM vs. ICOW - Expense Ratio Comparison

PSFM has a 0.61% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

PSFM vs. ICOW - Dividend Comparison

PSFM has not paid dividends to shareholders, while ICOW's dividend yield for the trailing twelve months is around 2.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
PSFM Pacer Swan SOS Flex (April) 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 PSFM and ICOW in my portfolio?

PSFM and ICOW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSFM or ICOW?

ICOW has higher volatility (5.85%) compared to PSFM (1.74%). In terms of maximum drawdown, PSFM dropped -14.33% vs ICOW's -43.49%.

Which ETF is better, PSFM or ICOW?

On 5-year performance, PSFM leads with 9.70% vs 8.76% for ICOW. On fees, PSFM is cheaper at 0.61% per year. On volatility, PSFM has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSFM or ICOW?

Over the 5-year period, PSFM has performed better with a 9.70% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSFM or ICOW?

PSFM is cheaper with a 0.61% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.35%, compared with 0.00% for PSFM.

What is the main difference between PSFM and ICOW?

PSFM is categorized as Defined Outcome, while ICOW is Foreign Large Cap Equities. Their fees differ too: 0.61% for PSFM and 0.65% for ICOW.

Which has better risk-adjusted returns?

PSFM currently has the higher Sharpe Ratio (3.94 vs 1.91), 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.