SHPP vs. ICOW

Last updated Jun 4, 2026

SHPP (Pacer Industrials and Logistics ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - SHPP is a Industrials Equities fund tracking the Pacer Global Supply Chain Infrastructure Index - Benchmark TR Net, while ICOW is a Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past 3 years, SHPP returned 13.21%/yr vs 20.17%/yr for ICOW. A 0.73 correlation means they provide meaningful diversification when combined. SHPP charges 0.61%/yr vs 0.65%/yr for ICOW.

Performance

SHPP vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Industrials and Logistics ETF (SHPP) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SHPP having a 17.15% return and ICOW slightly higher at 17.35%.

SHPP

• 1D: -1.13%
• 1M: 6.92%
• YTD: 17.15%
• 6M: 18.13%
• 1Y: 26.19%
• 3Y*: 13.21%
• 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)

SHPP vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SHPP Pacer Industrials and Logistics ETF	17.15%	12.88%	0.76%	20.86%	-4.12%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	18.94%	-6.48%

Correlation

The correlation between SHPP and ICOW is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.73

The correlation between SHPP and ICOW has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

SHPP vs. ICOW - Sectors Allocation Comparison

Sectors	SHPP	ICOW
Industrials	80.9%	28.7%
Technology	14.2%	6.2%
Consumer Cyclical	2.2%	11.6%
Basic Materials	-	5.4%
Communication Services	-	8.9%
Consumer Defensive	-	8.5%
Energy	-	23.7%
Financial Services	-	-
Healthcare	-	7.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

SHPP vs. ICOW — Risk / Return Rank

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

SHPP

SHPP Risk / Return Rank: 50
SHPP Sharpe Ratio Rank: 51
SHPP Sortino Ratio Rank: 50
SHPP Omega Ratio Rank: 48
SHPP Calmar Ratio Rank: 48
SHPP Martin Ratio Rank: 53

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.

SHPP vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Industrials and Logistics ETF (SHPP) 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.

	SHPP	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.87	-1.12
Sortino ratio: Return per unit of downside risk	2.44	3.72	-1.28
Omega ratio: Gain probability vs. loss probability	1.30	1.50	-0.20
Calmar ratio: Return relative to maximum drawdown	2.38	4.91	-2.53
Martin ratio: Return relative to average drawdown	9.01	17.54	-8.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHPP vs. ICOW - Sharpe Ratio Comparison

The current SHPP Sharpe Ratio is 1.74, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of SHPP 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

	SHPP	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.87	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.55	+0.12

Drawdowns

SHPP vs. ICOW - Drawdown Comparison

The maximum SHPP drawdown since its inception was -21.57%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for SHPP and ICOW.

Drawdown Indicators

	SHPP	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-21.57%	-43.49%	+21.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.02%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-14.81%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-1.13%	-0.64%	-0.49%
Average Drawdown Average peak-to-trough decline	-4.26%	-7.59%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.24%	+0.67%

Volatility

SHPP vs. ICOW - Volatility Comparison

Pacer Industrials and Logistics ETF (SHPP) has a higher volatility of 4.65% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that SHPP'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.

Volatility by Period

	SHPP	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	4.41%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	10.59%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.09%	13.73%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	16.64%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	18.47%	-1.02%

SHPP vs. ICOW - Expense Ratio Comparison

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

Dividends

SHPP vs. ICOW - Dividend Comparison

SHPP's dividend yield for the trailing twelve months is around 1.65%, less than ICOW's 2.12% yield.

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%
SHPP Pacer Industrials and Logistics ETF	1.65%	1.80%	2.41%	2.89%	1.15%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHPP and ICOW in my portfolio?

SHPP and ICOW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHPP or ICOW?

SHPP has higher volatility (4.65%) compared to ICOW (4.41%). In terms of maximum drawdown, SHPP dropped -21.57% vs ICOW's -43.49%.

Which ETF is better, SHPP or ICOW?

On 3-year performance, ICOW leads with 20.17% vs 13.21% for SHPP. On fees, SHPP is cheaper at 0.61% per year. On volatility, ICOW has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHPP or ICOW?

Over the 3-year period, ICOW has performed better with a 20.17% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHPP or ICOW?

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

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

ICOW has the higher dividend yield at 2.12%, compared with 1.65% for SHPP.

What is the main difference between SHPP and ICOW?

SHPP is categorized as Industrials Equities, while ICOW is Foreign Large Cap Equities. SHPP tracks Pacer Global Supply Chain Infrastructure Index - Benchmark TR Net, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.61% for SHPP and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.74), 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.