QEFA vs. ICOW

Last updated Jun 4, 2026

QEFA (SPDR MSCI EAFE StrategicFactors ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - QEFA tracks the MSCI EAFE Factor Mix A-Series (USD) while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 5 years, QEFA returned 7.62%/yr vs 10.06%/yr for ICOW. Their correlation of 0.84 suggests significant overlap in exposure. QEFA charges 0.30%/yr vs 0.65%/yr for ICOW.

Performance

QEFA vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI EAFE StrategicFactors ETF (QEFA) 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, QEFA achieves a 6.80% return, which is significantly lower than ICOW's 17.35% return.

QEFA

• 1D: -0.49%
• 1M: 1.69%
• YTD: 6.80%
• 6M: 8.78%
• 1Y: 17.29%
• 3Y*: 14.76%
• 5Y*: 7.62%
• 10Y*: 8.67%

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)

QEFA vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEFA SPDR MSCI EAFE StrategicFactors ETF	6.80%	29.25%	2.27%	17.40%	-14.03%	12.50%	6.76%	21.91%	-10.39%	6.77%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	16.98%

Correlation

The correlation between QEFA and ICOW is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.84

The correlation between QEFA and ICOW has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

QEFA vs. ICOW - Sectors Allocation Comparison

Sectors	QEFA	ICOW
Financial Services	14.3%	-
Healthcare	11.6%	7.1%
Technology	10.1%	6.2%
Industrials	8.7%	28.7%
Consumer Cyclical	5.7%	11.6%
Energy	5.1%	23.7%
Basic Materials	4.9%	5.4%
Consumer Defensive	4.2%	8.5%
Communication Services	3.3%	8.9%
Utilities	2.7%	-
Real Estate	1.8%	-

Return for Risk

QEFA vs. ICOW — Risk / Return Rank

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

QEFA

QEFA Risk / Return Rank: 38
QEFA Sharpe Ratio Rank: 38
QEFA Sortino Ratio Rank: 37
QEFA Omega Ratio Rank: 37
QEFA Calmar Ratio Rank: 36
QEFA Martin Ratio Rank: 40

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.

QEFA vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EAFE StrategicFactors ETF (QEFA) 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.

	QEFA	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.87	-1.50
Sortino ratio: Return per unit of downside risk	1.94	3.72	-1.78
Omega ratio: Gain probability vs. loss probability	1.24	1.50	-0.26
Calmar ratio: Return relative to maximum drawdown	1.81	4.91	-3.09
Martin ratio: Return relative to average drawdown	6.52	17.54	-11.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEFA vs. ICOW - Sharpe Ratio Comparison

The current QEFA Sharpe Ratio is 1.37, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of QEFA 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

	QEFA	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.87	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.61	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.55	-0.12

Drawdowns

QEFA vs. ICOW - Drawdown Comparison

The maximum QEFA drawdown since its inception was -31.71%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for QEFA and ICOW.

Drawdown Indicators

	QEFA	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-31.71%	-43.49%	+11.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-8.02%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-14.81%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-28.48%	+0.39%
Max Drawdown (10Y) Largest decline over 10 years	-31.71%	—	—
Current Drawdown Current decline from peak	-2.93%	-0.64%	-2.29%
Average Drawdown Average peak-to-trough decline	-6.08%	-7.59%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.24%	+0.42%

Volatility

QEFA vs. ICOW - Volatility Comparison

The current volatility for SPDR MSCI EAFE StrategicFactors ETF (QEFA) is 3.94%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 4.41%. This indicates that QEFA 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

	QEFA	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	4.41%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	10.59%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	13.73%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	16.64%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	18.47%	-2.44%

QEFA vs. ICOW - Expense Ratio Comparison

QEFA has a 0.30% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

QEFA vs. ICOW - Dividend Comparison

QEFA's dividend yield for the trailing twelve months is around 2.87%, more than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
QEFA SPDR MSCI EAFE StrategicFactors ETF	2.87%	3.13%	3.17%	2.79%	3.02%	2.37%	1.82%	2.95%	3.22%	2.33%	2.01%	2.94%

Frequently Asked Questions

Can I hold both QEFA and ICOW in my portfolio?

QEFA and ICOW have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QEFA or ICOW?

ICOW has higher volatility (4.41%) compared to QEFA (3.94%). In terms of maximum drawdown, QEFA dropped -31.71% vs ICOW's -43.49%.

Which ETF is better, QEFA or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 7.62% for QEFA. On fees, QEFA is cheaper at 0.30% per year. On volatility, QEFA has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEFA or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 7.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEFA or ICOW?

QEFA is cheaper with a 0.30% expense ratio, compared with 0.65% for ICOW.

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

QEFA has the higher dividend yield at 2.87%, compared with 2.12% for ICOW.

What is the main difference between QEFA and ICOW?

QEFA tracks MSCI EAFE Factor Mix A-Series (USD), while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.30% for QEFA and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.37), 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.