SPWO vs. ICOW

Last updated Jun 5, 2026

SPWO (SP Funds S&P World ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net while ICOW tracks the Pacer Developed Markets International Cash Cows 100 Index. Both are passively managed. Over the past year, SPWO returned 47.54% vs 38.86% for ICOW. A 0.66 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 0.65%/yr for ICOW.

Performance

SPWO vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World ETF (SPWO) 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, SPWO achieves a 26.98% return, which is significantly higher than ICOW's 17.35% return.

SPWO

• 1D: 0.09%
• 1M: 8.23%
• YTD: 26.98%
• 6M: 27.41%
• 1Y: 47.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: 0.00%
• 1M: 1.48%
• YTD: 17.35%
• 6M: 18.03%
• 1Y: 38.86%
• 3Y*: 20.34%
• 5Y*: 10.06%
• 10Y*: —

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

SPWO vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World ETF	26.98%	26.32%	9.25%	2.96%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	17.35%	36.95%	-2.59%	2.10%

Correlation

The correlation between SPWO and ICOW is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.66

The correlation between SPWO and ICOW has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

SPWO vs. ICOW - Sectors Allocation Comparison

Sectors	SPWO	ICOW
Technology	48.9%	6.2%
Industrials	11.7%	28.7%
Healthcare	10.5%	7.1%
Consumer Cyclical	10.4%	11.6%
Basic Materials	6.5%	5.4%
Consumer Defensive	4.0%	8.5%
Energy	2.0%	23.7%
Communication Services	0.7%	8.9%
Real Estate	0.6%	-
Utilities	0.1%	-
Financial Services	0.0%	-

Return for Risk

SPWO vs. ICOW — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 73
SPWO Sharpe Ratio Rank: 76
SPWO Sortino Ratio Rank: 72
SPWO Omega Ratio Rank: 73
SPWO Calmar Ratio Rank: 71
SPWO Martin Ratio Rank: 72

ICOW

ICOW Risk / Return Rank: 85
ICOW Sharpe Ratio Rank: 87
ICOW Sortino Ratio Rank: 83
ICOW Omega Ratio Rank: 84
ICOW Calmar Ratio Rank: 87
ICOW Martin Ratio Rank: 85

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.

SPWO vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World ETF (SPWO) 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.

	SPWO	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.85	-0.41
Sortino ratio: Return per unit of downside risk	3.23	3.70	-0.47
Omega ratio: Gain probability vs. loss probability	1.43	1.50	-0.07
Calmar ratio: Return relative to maximum drawdown	3.48	4.87	-1.40
Martin ratio: Return relative to average drawdown	13.22	17.40	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPWO vs. ICOW - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 2.44, which is comparable to the ICOW Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SPWO 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

	SPWO	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.85	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.55	+0.89

Drawdowns

SPWO vs. ICOW - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for SPWO and ICOW.

Drawdown Indicators

	SPWO	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-43.49%	+25.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-8.02%	-5.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-1.12%	-0.63%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.79%	-7.58%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.24%	+1.37%

Volatility

SPWO vs. ICOW - Volatility Comparison

SP Funds S&P World ETF (SPWO) has a higher volatility of 7.55% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 3.99%. This indicates that SPWO'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

	SPWO	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	3.99%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	16.56%	10.58%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	13.72%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	16.64%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	18.46%	+0.56%

SPWO vs. ICOW - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

SPWO vs. ICOW - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.02%, less than ICOW's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.71%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
SPWO SP Funds S&P World ETF	1.02%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and ICOW in my portfolio?

SPWO and ICOW have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or ICOW?

SPWO has higher volatility (7.55%) compared to ICOW (3.99%). In terms of maximum drawdown, SPWO dropped -18.03% vs ICOW's -43.49%.

Which ETF is better, SPWO or ICOW?

On 1-year performance, SPWO leads with 47.54% vs 38.86% for ICOW. On fees, SPWO is cheaper at 0.55% per year. On volatility, ICOW has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or ICOW?

Over the 1-year period, SPWO has performed better with a 47.54% return vs 38.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or ICOW?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.71%, compared with 1.02% for SPWO.

What is the main difference between SPWO and ICOW?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. They also come from different issuers: SP Funds and Pacer. Their fees differ too: 0.55% for SPWO and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.85 vs 2.44), 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.