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PXF vs. ICOW
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PXF vs. ICOW

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).

PXF and ICOW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PXF is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Developed Markets ex-U.S. Index. It was launched on Jun 25, 2007. ICOW is a passively managed fund by Pacer that tracks the performance of the Pacer Developed Markets International Cash Cows 100 Index. It was launched on Jun 16, 2017. Both PXF and ICOW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PXF vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

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PXF vs. ICOW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		7.42%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%10.19%
ICOW
Pacer Developed Markets International Cash Cows 100 ETF		9.82%36.95%-2.59%18.94%-7.98%11.52%7.20%17.91%-16.09%16.98%

Returns By Period

In the year-to-date period, PXF achieves a 7.42% return, which is significantly lower than ICOW's 9.82% return.

PXF

1D
3.20%
1M
-7.54%
YTD
7.42%
6M
16.47%
1Y
39.79%
3Y*
21.01%
5Y*
12.53%
10Y*
10.96%

ICOW

1D
2.29%
1M
-5.12%
YTD
9.82%
6M
18.13%
1Y
38.68%
3Y*
17.01%
5Y*
10.19%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Pacer Developed Markets International Cash Cows 100 ETF

Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VXUSPXF vs. VEAPXF vs. VYMIPXF vs. IDVPXF vs. PXH
Often compared with ICOW:
ICOW vs. GCOWICOW vs. IDMOICOW vs. FYLDICOW vs. FIVLXICOW vs. COWZICOW vs. GSIEICOW vs. SCHY

PXF vs. ICOW - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than ICOW's 0.65% expense ratio.

ICOW
Pacer Developed Markets International Cash Cows 100 ETF
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Return for Risk

PXF vs. ICOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXF
PXF Risk / Return Rank: 9494
Overall Rank
PXF Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXF Omega Ratio Rank: 9595
Omega Ratio Rank
PXF Calmar Ratio Rank: 9292
Calmar Ratio Rank
PXF Martin Ratio Rank: 9393
Martin Ratio Rank
ICOW
ICOW Risk / Return Rank: 9494
Overall Rank
ICOW Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
ICOW Sortino Ratio Rank: 9494
Sortino Ratio Rank
ICOW Omega Ratio Rank: 9595
Omega Ratio Rank
ICOW Calmar Ratio Rank: 9191
Calmar Ratio Rank
ICOW Martin Ratio Rank: 9494
Martin Ratio Rank
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.

PXF vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) 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.

PXFICOWDifference

Sharpe ratio

Return per unit of total volatility

2.29

2.27

+0.02

Sortino ratio

Return per unit of downside risk

2.97

2.92

+0.05

Omega ratio

Gain probability vs. loss probability

1.46

1.45

+0.01

Calmar ratio

Return relative to maximum drawdown

3.34

3.08

+0.26

Martin ratio

Return relative to average drawdown

13.24

14.46

-1.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXF vs. ICOW - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.29, which is comparable to the ICOW Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PXF and ICOW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PXFICOWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

2.27

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.62

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.51

-0.30

Correlation

The correlation between PXF and ICOW is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PXF vs. ICOW - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.45%, more than ICOW's 2.26% yield.

TTM20252024202320222021202020192018201720162015
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.45%3.64%3.48%3.55%3.58%3.74%2.11%3.50%3.38%2.78%3.21%3.10%
ICOW
Pacer Developed Markets International Cash Cows 100 ETF		2.26%3.03%4.39%3.61%5.26%2.11%2.46%3.10%2.61%0.80%0.00%0.00%

Drawdowns

PXF vs. ICOW - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for PXF and ICOW.

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Drawdown Indicators

PXFICOWDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-43.49%

-21.25%

Max Drawdown (1Y)

Largest decline over 1 year

-11.52%

-12.08%

+0.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.82%

-28.48%

+1.66%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

—

—

Current Drawdown

Current decline from peak

-7.54%

-5.12%

-2.42%

Average Drawdown

Average peak-to-trough decline

-15.40%

-7.71%

-7.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.90%

2.57%

+0.33%

Volatility

PXF vs. ICOW - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 8.30% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 6.21%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than ICOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXFICOWDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.30%

6.21%

+2.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.63%

10.42%

+1.21%

Volatility (1Y)

Calculated over the trailing 1-year period

17.52%

17.15%

+0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.27%

16.58%

-0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

18.53%

-0.50%