SZNE vs. ICOW

Last updated Jun 4, 2026

SZNE (Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - SZNE is a Large Cap Growth Equities fund tracking the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, 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 5 years, SZNE returned 1.44%/yr vs 10.06%/yr for ICOW. A 0.63 correlation means they provide meaningful diversification when combined. SZNE charges 0.60%/yr vs 0.65%/yr for ICOW.

Performance

SZNE vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) 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, SZNE achieves a 9.68% return, which is significantly lower than ICOW's 17.35% return.

SZNE

• 1D: 0.00%
• 1M: 0.07%
• YTD: 9.68%
• 6M: 10.60%
• 1Y: 12.73%
• 3Y*: 3.38%
• 5Y*: 1.44%
• 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)

SZNE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	9.68%	-3.44%	2.05%	6.53%	-12.33%	26.36%	4.03%	35.75%	-6.90%
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%	-13.28%

Correlation

The correlation between SZNE and ICOW is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.63

The correlation between SZNE and ICOW shifts across timeframes, from 0.51 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

SZNE vs. ICOW - Sectors Allocation Comparison

Sectors	SZNE	ICOW
Consumer Cyclical	29.7%	11.6%
Technology	25.3%	6.2%
Industrials	23.6%	28.7%
Basic Materials	20.3%	5.4%
Communication Services	0.5%	8.9%
Energy	0.3%	23.7%
Utilities	0.3%	-
Consumer Defensive	-	8.5%
Financial Services	-	-
Healthcare	-	7.1%
Real Estate	-	-

Return for Risk

SZNE vs. ICOW — Risk / Return Rank

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

SZNE

SZNE Risk / Return Rank: 31
SZNE Sharpe Ratio Rank: 30
SZNE Sortino Ratio Rank: 30
SZNE Omega Ratio Rank: 29
SZNE Calmar Ratio Rank: 32
SZNE Martin Ratio Rank: 34

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.

SZNE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) 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.

	SZNE	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.87	-1.80
Sortino ratio: Return per unit of downside risk	1.61	3.72	-2.10
Omega ratio: Gain probability vs. loss probability	1.19	1.50	-0.31
Calmar ratio: Return relative to maximum drawdown	1.58	4.91	-3.33
Martin ratio: Return relative to average drawdown	5.14	17.54	-12.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SZNE vs. ICOW - Sharpe Ratio Comparison

The current SZNE Sharpe Ratio is 1.06, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of SZNE 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

	SZNE	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.87	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.61	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.55	-0.21

Drawdowns

SZNE vs. ICOW - Drawdown Comparison

The maximum SZNE drawdown since its inception was -39.79%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for SZNE and ICOW.

Drawdown Indicators

	SZNE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-39.79%	-43.49%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-8.02%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-22.92%	-14.81%	-8.11%
Max Drawdown (5Y) Largest decline over 5 years	-22.92%	-28.48%	+5.56%
Current Drawdown Current decline from peak	-1.15%	-0.64%	-0.51%
Average Drawdown Average peak-to-trough decline	-7.33%	-7.59%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.24%	+0.80%

Volatility

SZNE vs. ICOW - Volatility Comparison

The current volatility for Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) is 2.73%, while Pacer Developed Markets International Cash Cows 100 ETF (ICOW) has a volatility of 4.41%. This indicates that SZNE 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

	SZNE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	4.41%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	10.59%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	13.73%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	16.64%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	18.47%	+1.63%

SZNE vs. ICOW - Expense Ratio Comparison

SZNE has a 0.60% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

SZNE vs. ICOW - Dividend Comparison

SZNE's dividend yield for the trailing twelve months is around 1.37%, 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%
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	1.37%	1.47%	1.20%	1.21%	1.11%	0.79%	1.37%	0.90%	0.68%	0.00%

Frequently Asked Questions

Can I hold both SZNE and ICOW in my portfolio?

SZNE and ICOW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SZNE or ICOW?

ICOW has higher volatility (4.41%) compared to SZNE (2.73%). In terms of maximum drawdown, SZNE dropped -39.79% vs ICOW's -43.49%.

Which ETF is better, SZNE or ICOW?

On 5-year performance, ICOW leads with 10.06% vs 1.44% for SZNE. On fees, SZNE is cheaper at 0.60% per year. On volatility, SZNE has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZNE or ICOW?

Over the 5-year period, ICOW has performed better with a 10.06% return vs 1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZNE or ICOW?

SZNE is cheaper with a 0.60% expense ratio, compared with 0.65% for ICOW.

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

ICOW has the higher dividend yield at 2.12%, compared with 1.37% for SZNE.

What is the main difference between SZNE and ICOW?

SZNE is categorized as Large Cap Growth Equities, while ICOW is Foreign Large Cap Equities. SZNE tracks Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.60% for SZNE and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs 1.06), 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.