USAI vs. ICOW

Last updated Jun 26, 2026

USAI (Pacer American Energy Independence ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both exchange-traded funds - USAI is a Energy Equities fund tracking the American Energy Independence 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, USAI returned 18.72%/yr vs 8.60%/yr for ICOW. A 0.52 correlation means they provide meaningful diversification when combined. USAI charges 0.75%/yr vs 0.65%/yr for ICOW.

Performance

USAI vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer American Energy Independence ETF (USAI) 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, USAI achieves a 22.85% return, which is significantly higher than ICOW's 8.14% return.

USAI

• 1D: 1.67%
• 1M: -2.02%
• YTD: 22.85%
• 6M: 23.14%
• 1Y: 21.57%
• 3Y*: 25.93%
• 5Y*: 18.72%
• 10Y*: —

ICOW

• 1D: -0.10%
• 1M: -7.87%
• YTD: 8.14%
• 6M: 7.82%
• 1Y: 26.93%
• 3Y*: 16.42%
• 5Y*: 8.60%
• 10Y*: —

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

USAI vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAI Pacer American Energy Independence ETF	22.85%	0.69%	43.99%	14.21%	19.82%	37.10%	-15.10%	21.63%	-17.31%	3.77%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.14%	36.95%	-2.59%	18.94%	-7.98%	11.52%	7.20%	17.91%	-16.09%	3.22%

Correlation

The correlation between USAI and ICOW is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 13, 2017	0.52

Over the past year, the correlation between USAI and ICOW has dropped to 0.09 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

USAI vs. ICOW - Sectors Allocation Comparison

Sectors	USAI	ICOW
Energy	97.8%	21.3%
Utilities	2.1%	-
Basic Materials	-	5.6%
Communication Services	-	8.7%
Consumer Cyclical	-	12.7%
Consumer Defensive	-	8.1%
Financial Services	-	-
Healthcare	-	6.7%
Industrials	-	29.1%
Real Estate	-	-
Technology	-	7.8%

Return for Risk

USAI vs. ICOW — Risk / Return Rank

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

USAI

USAI Risk / Return Rank: 43
USAI Sharpe Ratio Rank: 43
USAI Sortino Ratio Rank: 41
USAI Omega Ratio Rank: 38
USAI Calmar Ratio Rank: 56
USAI Martin Ratio Rank: 37

ICOW

ICOW Risk / Return Rank: 65
ICOW Sharpe Ratio Rank: 64
ICOW Sortino Ratio Rank: 59
ICOW Omega Ratio Rank: 61
ICOW Calmar Ratio Rank: 73
ICOW Martin Ratio Rank: 66

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.

USAI vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer American Energy Independence ETF (USAI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USAI	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.84	-0.48
Sortino ratio: Return per unit of downside risk	1.88	2.44	-0.56
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	2.41	3.21	-0.80
Martin ratio: Return relative to average drawdown	5.05	10.55	-5.50

USAI vs. ICOW - Sharpe Ratio Comparison

The current USAI Sharpe Ratio is 1.35, which is comparable to the ICOW Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of USAI 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.

Drawdowns

USAI vs. ICOW - Drawdown Comparison

The maximum USAI drawdown since its inception was -65.25%, which is greater than ICOW's maximum drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for USAI and ICOW.

Drawdown Indicators

	USAI	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-65.25%	-43.49%	-21.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-8.44%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.22%	-14.81%	-3.41%
Max Drawdown (5Y) Largest decline over 5 years	-20.68%	-27.79%	+7.11%
Current Drawdown Current decline from peak	-5.46%	-8.44%	+2.98%
Average Drawdown Average peak-to-trough decline	-9.34%	-7.56%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	2.56%	+1.72%

Volatility

USAI vs. ICOW - Volatility Comparison

Pacer American Energy Independence ETF (USAI) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW) have volatilities of 5.63% and 5.65%, 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

	USAI	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.65%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	11.91%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	14.74%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	16.77%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.25%	18.50%	+8.75%

USAI vs. ICOW - Expense Ratio Comparison

USAI has a 0.75% expense ratio, which is higher than ICOW's 0.65% expense ratio.

Dividends

USAI vs. ICOW - Dividend Comparison

USAI's dividend yield for the trailing twelve months is around 4.53%, more than ICOW's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.36%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
USAI Pacer American Energy Independence ETF	4.53%	5.03%	3.62%	4.99%	5.41%	6.15%	7.67%	6.50%	5.56%	0.08%

Frequently Asked Questions

Can I hold both USAI and ICOW in my portfolio?

USAI and ICOW have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAI or ICOW?

ICOW has higher volatility (5.65%) compared to USAI (5.63%). In terms of maximum drawdown, USAI dropped -65.25% vs ICOW's -43.49%.

Which ETF is better, USAI or ICOW?

On 5-year performance, USAI leads with 18.72% vs 8.60% for ICOW. On fees, ICOW is cheaper at 0.65% 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, USAI or ICOW?

Over the 5-year period, USAI has performed better with a 18.72% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USAI or ICOW?

ICOW is cheaper with a 0.65% expense ratio, compared with 0.75% for USAI.

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

USAI has the higher dividend yield at 4.53%, compared with 2.36% for ICOW.

What is the main difference between USAI and ICOW?

USAI is categorized as Energy Equities, while ICOW is Foreign Large Cap Equities. USAI tracks American Energy Independence Index, while ICOW tracks Pacer Developed Markets International Cash Cows 100 Index. Their fees differ too: 0.75% for USAI and 0.65% for ICOW.

Which has better risk-adjusted returns?

ICOW currently has the higher Sharpe Ratio (1.84 vs 1.35), 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.