PSMJ vs. ICOW

Last updated Jun 4, 2026

PSMJ (Pacer Swan SOS Moderate (July) ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - PSMJ 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. PSMJ is actively managed, while ICOW is passively managed. Over the past 3 years, PSMJ returned 13.98%/yr vs 20.17%/yr for ICOW. A 0.60 correlation means they provide meaningful diversification when combined. PSMJ charges 0.61%/yr vs 0.65%/yr for ICOW.

Performance

PSMJ vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (July) ETF (PSMJ) 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, PSMJ achieves a 4.52% return, which is significantly lower than ICOW's 17.35% return.

PSMJ

• 1D: -0.01%
• 1M: 1.28%
• YTD: 4.52%
• 6M: 5.30%
• 1Y: 16.01%
• 3Y*: 13.98%
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

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

PSMJ vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSMJ Pacer Swan SOS Moderate (July) ETF	4.52%	13.29%	14.06%	19.80%	-2.41%	3.68%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.98%	-2.91%

Correlation

The correlation between PSMJ and ICOW is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.60

The correlation between PSMJ and ICOW has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

PSMJ vs. ICOW - Sectors Allocation Comparison

Sectors	PSMJ	ICOW
Technology	33.2%	6.2%
Financial Services	12.5%	-
Communication Services	10.3%	8.9%
Consumer Cyclical	10.0%	11.6%
Healthcare	9.6%	7.1%
Industrials	8.4%	28.7%
Consumer Defensive	5.4%	8.5%
Energy	4.2%	23.7%
Utilities	2.6%	-
Real Estate	2.0%	-
Basic Materials	1.9%	5.4%

Return for Risk

PSMJ vs. ICOW — Risk / Return Rank

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

PSMJ

PSMJ Risk / Return Rank: 89
PSMJ Sharpe Ratio Rank: 85
PSMJ Sortino Ratio Rank: 91
PSMJ Omega Ratio Rank: 92
PSMJ Calmar Ratio Rank: 82
PSMJ Martin Ratio Rank: 93

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

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.

PSMJ vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Moderate (July) ETF (PSMJ) 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.

	PSMJ	ICOW	Difference
Sharpe ratio Return per unit of total volatility	2.81	2.87	-0.06
Sortino ratio Return per unit of downside risk	4.30	3.72	+0.58
Omega ratio Gain probability vs. loss probability	1.61	1.50	+0.11
Calmar ratio Return relative to maximum drawdown	4.35	4.91	-0.56
Martin ratio Return relative to average drawdown	23.92	17.54	+6.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSMJ vs. ICOW - Sharpe Ratio Comparison

The current PSMJ Sharpe Ratio is 2.81, which is comparable to the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of PSMJ 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.

Sharpe Ratios by Period

	PSMJ	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	2.87	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.55	+0.63

Drawdowns

PSMJ vs. ICOW - Drawdown Comparison

The maximum PSMJ drawdown since its inception was -10.87%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for PSMJ and ICOW.

Drawdown Indicators

	PSMJ	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-10.87%	-43.49%	+32.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.70%	-8.02%	+4.32%
Max Drawdown (3Y) Largest decline over 3 years	-10.87%	-14.81%	+3.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-0.01%	-0.64%	+0.63%
Average Drawdown Average peak-to-trough decline	-1.37%	-7.59%	+6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	2.24%	-1.57%

Volatility

PSMJ vs. ICOW - Volatility Comparison

The current volatility for Pacer Swan SOS Moderate (July) ETF (PSMJ) is 0.38%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 4.41%. This indicates that PSMJ 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

	PSMJ	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	4.41%	-4.03%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	10.59%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	13.73%	-8.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.95%	16.64%	-7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.95%	18.47%	-9.52%

PSMJ vs. ICOW - Expense Ratio Comparison

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

Dividends

PSMJ vs. ICOW - Dividend Comparison

PSMJ has not paid dividends to shareholders, while ICOW's dividend yield for the trailing twelve months is around 2.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.12%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
PSMJ Pacer Swan SOS Moderate (July) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSMJ and ICOW in my portfolio?

PSMJ and ICOW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMJ or ICOW?

ICOW has higher volatility (4.41%) compared to PSMJ (0.38%). In terms of maximum drawdown, PSMJ dropped -10.87% vs ICOW's -43.49%.

Which ETF is better, PSMJ or ICOW?

On 3-year performance, ICOW leads with 20.17% vs 13.98% for PSMJ. On fees, PSMJ is cheaper at 0.61% per year. On volatility, PSMJ has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSMJ or ICOW?

Over the 3-year period, ICOW has performed better with a 20.17% return vs 13.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMJ or ICOW?

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

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

ICOW has the higher dividend yield at 2.12%, compared with 0.00% for PSMJ.

What is the main difference between PSMJ and ICOW?

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

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 2.81), 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.