PWV vs. GCOW
PWV (Invesco Dynamic Large Cap Value ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both Large Cap Value Equities funds - PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX) while GCOW tracks the Pacer Global Cash Cows Dividends Index. Both are passively managed. Over the past 10 years, PWV returned 12.39%/yr vs 9.95%/yr for GCOW. A 0.75 correlation means they provide meaningful diversification when combined. PWV charges 0.58%/yr vs 0.60%/yr for GCOW.
Performance
PWV vs. GCOW - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 15.98% return, which is significantly higher than GCOW's 7.34% return. Over the past 10 years, PWV has outperformed GCOW with an annualized return of 12.39%, while GCOW has yielded a comparatively lower 9.95% annualized return.
PWV
- 1D
- 1.05%
- 1M
- 2.93%
- YTD
- 15.98%
- 6M
- 15.58%
- 1Y
- 27.69%
- 3Y*
- 21.59%
- 5Y*
- 14.11%
- 10Y*
- 12.39%
GCOW
- 1D
- 0.00%
- 1M
- -6.00%
- YTD
- 7.34%
- 6M
- 7.32%
- 1Y
- 21.14%
- 3Y*
- 15.59%
- 5Y*
- 11.72%
- 10Y*
- 9.95%
PWV vs. GCOW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 15.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
GCOW Pacer Global Cash Cows Dividend ETF | 7.34% | 27.34% | 3.52% | 13.95% | 5.49% | 14.58% | -4.33% | 17.81% | -7.99% | 20.71% |
Correlation
The correlation between PWV and GCOW is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016 | 0.75 |
The correlation between PWV and GCOW shifts across timeframes, from 0.61 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PWV vs. GCOW — Risk / Return Rank
PWV
GCOW
PWV vs. GCOW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Pacer Global Cash Cows Dividend ETF (GCOW). 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.
| PWV | GCOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.33 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 6.86 | 3.06 | +3.80 |
| Martin ratioReturn relative to average drawdown | 22.94 | 10.42 | +12.52 |
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Drawdowns
PWV vs. GCOW - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than GCOW's maximum drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for PWV and GCOW.
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Drawdown Indicators
| PWV | GCOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -37.64% | -11.40% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -6.93% | +2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -12.35% | -1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -21.48% | +5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -37.64% | -0.03% |
Current DrawdownCurrent decline from peak | -0.05% | -6.93% | +6.88% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -5.83% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 2.03% | -0.82% |
Volatility
PWV vs. GCOW - Volatility Comparison
Invesco Dynamic Large Cap Value ETF (PWV) has a higher volatility of 3.42% compared to Pacer Global Cash Cows Dividend ETF (GCOW) at 2.89%. This indicates that PWV's price experiences larger fluctuations and is considered to be riskier than GCOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | GCOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.89% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 8.29% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 11.09% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 13.50% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 16.03% | +1.12% |
PWV vs. GCOW - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is lower than GCOW's 0.60% expense ratio.
Dividends
PWV vs. GCOW - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.73%, less than GCOW's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCOW Pacer Global Cash Cows Dividend ETF | 4.90% | 4.06% | 5.14% | 5.28% | 4.39% | 4.23% | 4.12% | 4.40% | 3.94% | 2.79% | 1.95% | 0.00% |
PWV Invesco Dynamic Large Cap Value ETF | 1.73% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
PWV and GCOW have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (3.42%) compared to GCOW (2.89%). In terms of maximum drawdown, PWV dropped -49.04% vs GCOW's -37.64%.
On 10-year performance, PWV leads with 12.39% vs 9.95% for GCOW. On fees, PWV is cheaper at 0.58% per year. On volatility, GCOW has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWV has performed better with a 12.39% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWV is cheaper with a 0.58% expense ratio, compared with 0.60% for GCOW.
GCOW has the higher dividend yield at 4.90%, compared with 1.73% for PWV.
PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while GCOW tracks Pacer Global Cash Cows Dividends Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.58% for PWV and 0.60% for GCOW.
PWV currently has the higher Sharpe Ratio (2.92 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.
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