QEMM vs. ECOW

Last updated Jul 17, 2026

QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - QEMM tracks the MSCI EM Factor Mix A-Series (USD) while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, QEMM returned 6.93%/yr vs 7.05%/yr for ECOW. A 0.71 correlation means they provide meaningful diversification when combined. QEMM charges 0.30%/yr vs 0.70%/yr for ECOW.

Performance

QEMM vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEMM achieves a 18.27% return, which is significantly higher than ECOW's 12.74% return.

QEMM

• 1D: -1.01%
• 1M: -5.26%
• 6M: 13.14%
• YTD: 18.27%
• 1Y: 27.96%
• 3Y*: 16.02%
• 5Y*: 6.93%
• 10Y*: 7.73%

ECOW

• 1D: 0.70%
• 1M: 1.60%
• 6M: 8.22%
• YTD: 12.74%
• 1Y: 30.43%
• 3Y*: 17.04%
• 5Y*: 7.05%
• 10Y*: —

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

QEMM vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	18.27%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	3.67%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.74%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between QEMM and ECOW is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 6, 2019	0.71

The correlation between QEMM and ECOW has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

QEMM vs. ECOW - Sectors Allocation Comparison

Sectors	QEMM	ECOW
Technology	26.2%	6.8%
Financial Services	12.7%	-
Consumer Cyclical	4.9%	14.7%
Basic Materials	2.8%	11.1%
Communication Services	2.4%	12.8%
Energy	2.3%	8.6%
Consumer Defensive	2.2%	13.1%
Industrials	1.8%	9.3%
Utilities	1.5%	7.2%
Healthcare	0.9%	3.6%
Real Estate	0.6%	-

Return for Risk

QEMM vs. ECOW — Risk / Return Rank

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

QEMM

QEMM Risk / Return Rank: 59
QEMM Sharpe Ratio Rank: 55
QEMM Sortino Ratio Rank: 51
QEMM Omega Ratio Rank: 58
QEMM Calmar Ratio Rank: 67
QEMM Martin Ratio Rank: 63

ECOW

ECOW Risk / Return Rank: 78
ECOW Sharpe Ratio Rank: 81
ECOW Sortino Ratio Rank: 78
ECOW Omega Ratio Rank: 79
ECOW Calmar Ratio Rank: 85
ECOW Martin Ratio Rank: 70

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.

QEMM vs. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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.

	QEMM	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.06	-0.57
Sortino ratio: Return per unit of downside risk	2.04	2.79	-0.76
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.70	3.66	-0.96
Martin ratio: Return relative to average drawdown	8.83	9.98	-1.15

QEMM vs. ECOW - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.49, which is comparable to the ECOW Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of QEMM and ECOW, 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

QEMM vs. ECOW - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum ECOW drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for QEMM and ECOW.

Drawdown Indicators

	QEMM	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-36.89%	-40.27%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-8.35%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-18.77%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-33.30%	+6.18%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-6.30%	-3.83%	-2.47%
Average Drawdown Average peak-to-trough decline	-10.57%	-10.98%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.06%	+0.11%

Volatility

QEMM vs. ECOW - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 6.23% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 4.23%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QEMM	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	4.23%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	12.07%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	14.85%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	17.78%	-2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	20.08%	-3.12%

QEMM vs. ECOW - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

QEMM vs. ECOW - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.56%, more than ECOW's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.45%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%	0.00%	0.00%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.56%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both QEMM and ECOW in my portfolio?

QEMM and ECOW have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QEMM or ECOW?

QEMM has higher volatility (6.23%) compared to ECOW (4.23%). In terms of maximum drawdown, QEMM dropped -36.89% vs ECOW's -40.27%.

Which ETF is better, QEMM or ECOW?

On 5-year performance, ECOW leads with 7.05% vs 6.93% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, ECOW has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEMM or ECOW?

Over the 5-year period, ECOW has performed better with a 7.05% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEMM or ECOW?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, QEMM or ECOW?

QEMM has the higher dividend yield at 4.56%, compared with 4.45% for ECOW.

What is the main difference between QEMM and ECOW?

QEMM tracks MSCI EM Factor Mix A-Series (USD), while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.30% for QEMM and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.06 vs 1.49), 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.