SPDV vs. GCOW

Last updated Jun 4, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and GCOW (Pacer Global Cash Cows Dividend ETF) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while GCOW is a Large Cap Value Equities fund tracking the Pacer Global Cash Cows Dividends Index. Both are passively managed. Over the past 5 years, SPDV returned 8.17%/yr vs 12.34%/yr for GCOW. A 0.76 correlation means they provide meaningful diversification when combined. SPDV charges 0.29%/yr vs 0.60%/yr for GCOW.

Performance

SPDV vs. GCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) and Pacer Global Cash Cows Dividend ETF (GCOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDV achieves a 14.19% return, which is significantly higher than GCOW's 12.18% return.

SPDV

• 1D: -0.38%
• 1M: 3.73%
• YTD: 14.19%
• 6M: 14.91%
• 1Y: 27.39%
• 3Y*: 16.86%
• 5Y*: 8.17%
• 10Y*: —

GCOW

• 1D: -0.56%
• 1M: 0.09%
• YTD: 12.18%
• 6M: 13.23%
• 1Y: 27.12%
• 3Y*: 17.41%
• 5Y*: 12.34%
• 10Y*: 9.91%

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

SPDV vs. GCOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	14.19%	10.90%	14.40%	5.45%	-2.27%	29.54%	-6.09%	20.46%	-6.59%	3.65%
GCOW Pacer Global Cash Cows Dividend ETF	12.18%	27.34%	3.52%	13.95%	5.49%	14.58%	-4.33%	17.81%	-7.99%	2.18%

Correlation

The correlation between SPDV and GCOW is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.76

The correlation between SPDV and GCOW shifts across timeframes, from 0.66 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

SPDV vs. GCOW - Sectors Allocation Comparison

Sectors	SPDV	GCOW
Consumer Cyclical	13.5%	4.6%
Energy	12.3%	24.4%
Technology	11.1%	0.9%
Healthcare	9.7%	14.6%
Financial Services	9.2%	-
Consumer Defensive	9.1%	17.1%
Real Estate	8.7%	-
Industrials	7.8%	12.4%
Communication Services	7.8%	14.6%
Utilities	5.8%	4.1%
Basic Materials	5.1%	7.3%

Return for Risk

SPDV vs. GCOW — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 73
SPDV Sharpe Ratio Rank: 68
SPDV Sortino Ratio Rank: 73
SPDV Omega Ratio Rank: 65
SPDV Calmar Ratio Rank: 85
SPDV Martin Ratio Rank: 72

GCOW

GCOW Risk / Return Rank: 79
GCOW Sharpe Ratio Rank: 76
GCOW Sortino Ratio Rank: 79
GCOW Omega Ratio Rank: 72
GCOW Calmar Ratio Rank: 90
GCOW Martin Ratio Rank: 77

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.

SPDV vs. GCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	GCOW	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.52	-0.26
Sortino ratio Return per unit of downside risk	3.35	3.63	-0.28
Omega ratio Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio Return relative to maximum drawdown	4.74	5.71	-0.97
Martin ratio Return relative to average drawdown	13.66	15.05	-1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDV vs. GCOW - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.26, which is comparable to the GCOW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SPDV and GCOW, 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

	SPDV	GCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.52	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.92	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.59	-0.13

Drawdowns

SPDV vs. GCOW - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than GCOW's maximum drawdown of -37.64%. Use the drawdown chart below to compare losses from any high point for SPDV and GCOW.

Drawdown Indicators

	SPDV	GCOW	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-37.64%	-6.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-4.77%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-12.35%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-21.48%	+0.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.64%	—
Current Drawdown Current decline from peak	-0.62%	-2.73%	+2.11%
Average Drawdown Average peak-to-trough decline	-6.57%	-5.84%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.81%	+0.20%

Volatility

SPDV vs. GCOW - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) and Pacer Global Cash Cows Dividend ETF (GCOW) have volatilities of 2.76% and 2.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	GCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.85%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	7.99%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.18%	10.81%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	13.49%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	16.20%	+4.11%

SPDV vs. GCOW - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is lower than GCOW's 0.60% expense ratio.

Dividends

SPDV vs. GCOW - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.31%, less than GCOW's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GCOW Pacer Global Cash Cows Dividend ETF	4.43%	4.06%	5.14%	5.28%	4.39%	4.23%	4.12%	4.40%	3.94%	2.79%	1.95%
SPDV AAM S&P 500 High Dividend Value ETF	3.31%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%	0.00%

Frequently Asked Questions

Can I hold both SPDV and GCOW in my portfolio?

SPDV and GCOW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or GCOW?

GCOW has higher volatility (2.85%) compared to SPDV (2.76%). In terms of maximum drawdown, SPDV dropped -43.81% vs GCOW's -37.64%.

Which ETF is better, SPDV or GCOW?

On 5-year performance, GCOW leads with 12.34% vs 8.17% for SPDV. On fees, SPDV is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or GCOW?

Over the 5-year period, GCOW has performed better with a 12.34% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or GCOW?

SPDV is cheaper with a 0.29% expense ratio, compared with 0.60% for GCOW.

Which ETF pays a higher dividend yield, SPDV or GCOW?

GCOW has the higher dividend yield at 4.43%, compared with 3.31% for SPDV.

What is the main difference between SPDV and GCOW?

SPDV is categorized as Dividend, while GCOW is Large Cap Value Equities. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while GCOW tracks Pacer Global Cash Cows Dividends Index. They also come from different issuers: Advisors Asset Management and Pacer. Their fees differ too: 0.29% for SPDV and 0.60% for GCOW.

Which has better risk-adjusted returns?

GCOW currently has the higher Sharpe Ratio (2.52 vs 2.26), 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.