TGLS vs. ICOW

Last updated Jun 4, 2026

TGLS (Tecnoglass Inc.) is a stock, while ICOW (Pacer Developed Markets International Cash Cows 100 ETF) is Foreign Large Cap Equities fund tracking the Pacer Developed Markets International Cash Cows 100 Index. Over the past 5 years, TGLS returned 17.30%/yr vs 10.06%/yr for ICOW. At a 0.30 correlation, their price movements are largely independent.

Performance

TGLS vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tecnoglass Inc. (TGLS) 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, TGLS achieves a -15.54% return, which is significantly lower than ICOW's 17.35% return.

TGLS

• 1D: -3.20%
• 1M: 3.22%
• YTD: -15.54%
• 6M: -16.25%
• 1Y: -49.98%
• 3Y*: 2.20%
• 5Y*: 17.30%
• 10Y*: 16.78%

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)

TGLS vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGLS Tecnoglass Inc.	-15.54%	-35.98%	74.88%	49.86%	18.91%	281.83%	-14.53%	10.03%	15.12%	-16.63%
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%	-16.09%	16.98%

Correlation

The correlation between TGLS and ICOW is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 20, 2017	0.30

The correlation between TGLS and ICOW shifts across timeframes, from 0.28 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TGLS vs. ICOW — Risk / Return Rank

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

TGLS

TGLS Risk / Return Rank: 5
TGLS Sharpe Ratio Rank: 1
TGLS Sortino Ratio Rank: 2
TGLS Omega Ratio Rank: 4
TGLS Calmar Ratio Rank: 6
TGLS Martin Ratio Rank: 10

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.

TGLS vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tecnoglass Inc. (TGLS) 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.

	TGLS	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	-1.28	2.87	-4.15
Sortino ratio: Return per unit of downside risk	-2.03	3.72	-5.75
Omega ratio: Gain probability vs. loss probability	0.77	1.50	-0.73
Calmar ratio: Return relative to maximum drawdown	-0.89	4.91	-5.79
Martin ratio: Return relative to average drawdown	-1.33	17.54	-18.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGLS vs. ICOW - Sharpe Ratio Comparison

The current TGLS Sharpe Ratio is -1.28, which is lower than the ICOW Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of TGLS 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

	TGLS	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.28	2.87	-4.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.61	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.55	-0.28

Drawdowns

TGLS vs. ICOW - Drawdown Comparison

The maximum TGLS drawdown since its inception was -81.32%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for TGLS and ICOW.

Drawdown Indicators

	TGLS	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-81.32%	-43.49%	-37.83%
Max Drawdown (1Y) Largest decline over 1 year	-56.55%	-8.02%	-48.53%
Max Drawdown (3Y) Largest decline over 3 years	-56.55%	-14.81%	-41.74%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-28.48%	-28.07%
Max Drawdown (10Y) Largest decline over 10 years	-77.98%	—	—
Current Drawdown Current decline from peak	-51.60%	-0.64%	-50.96%
Average Drawdown Average peak-to-trough decline	-22.90%	-7.59%	-15.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.61%	2.24%	+35.37%

Volatility

TGLS vs. ICOW - Volatility Comparison

Tecnoglass Inc. (TGLS) has a higher volatility of 15.69% compared to Pacer Developed Markets International Cash Cows 100 ETF (ICOW) at 4.41%. This indicates that TGLS'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

	TGLS	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.69%	4.41%	+11.28%
Volatility (6M) Calculated over the trailing 6-month period	29.76%	10.59%	+19.17%
Volatility (1Y) Calculated over the trailing 1-year period	39.23%	13.73%	+25.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.91%	16.64%	+37.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.26%	18.47%	+35.79%

Dividends

TGLS vs. ICOW - Dividend Comparison

TGLS's dividend yield for the trailing twelve months is around 1.42%, less than ICOW's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
TGLS Tecnoglass Inc.	1.42%	1.19%	0.61%	0.79%	0.91%	0.56%	1.59%	6.79%	5.20%	7.21%	2.04%

Frequently Asked Questions

Can I hold both TGLS and ICOW in my portfolio?

TGLS and ICOW have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGLS or ICOW?

TGLS has higher volatility (15.69%) compared to ICOW (4.41%). In terms of maximum drawdown, TGLS dropped -81.32% vs ICOW's -43.49%.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (2.87 vs -1.28), 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.