VDI vs. ICOW

Last updated Jun 24, 2026

VDI (Virtus International Dividend ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. VDI is actively managed, while ICOW is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. VDI charges 0.39%/yr vs 0.65%/yr for ICOW.

Performance

VDI vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus International Dividend ETF (VDI) 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, VDI achieves a 14.23% return, which is significantly higher than ICOW's 8.64% return.

VDI

• 1D: -1.84%
• 1M: 0.80%
• YTD: 14.23%
• 6M: 13.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -2.08%
• 1M: -6.45%
• YTD: 8.64%
• 6M: 8.47%
• 1Y: 27.98%
• 3Y*: 16.87%
• 5Y*: 8.76%
• 10Y*: —

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

VDI vs. ICOW - Yearly Performance Comparison

	2026 (YTD)	2025
VDI Virtus International Dividend ETF	14.23%	3.29%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	8.64%	1.47%

Correlation

The correlation between VDI and ICOW is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.77

VDI vs. ICOW - Sectors Allocation Comparison

Sectors	VDI	ICOW
Financial Services	31.5%	-
Industrials	13.8%	29.1%
Technology	10.4%	7.8%
Energy	7.8%	21.3%
Basic Materials	6.9%	5.6%
Utilities	6.1%	-
Healthcare	4.8%	6.7%
Consumer Defensive	3.8%	8.1%
Consumer Cyclical	2.7%	12.7%
Communication Services	2.0%	8.7%
Real Estate	1.8%	-

Return for Risk

VDI vs. ICOW — Risk / Return Rank

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

VDI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ICOW

ICOW Risk / Return Rank: 63
ICOW Sharpe Ratio Rank: 60
ICOW Sortino Ratio Rank: 56
ICOW Omega Ratio Rank: 58
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.

VDI vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus International Dividend ETF (VDI) 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.

	VDI	ICOW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.91	—
Sortino ratio: Return per unit of downside risk	—	2.52	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.51	—
Martin ratio: Return relative to average drawdown	—	11.46	—

Drawdowns

VDI vs. ICOW - Drawdown Comparison

The maximum VDI drawdown since its inception was -10.40%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for VDI and ICOW.

Drawdown Indicators

	VDI	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-10.40%	-43.49%	+33.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.79%	—
Current Drawdown Current decline from peak	-1.84%	-8.01%	+6.17%
Average Drawdown Average peak-to-trough decline	-1.73%	-7.56%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.45%	—

Volatility

Volatility by Period

	VDI	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	14.75%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	16.77%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	18.51%	-1.99%

VDI vs. ICOW - Expense Ratio Comparison

VDI has a 0.39% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

VDI vs. ICOW - Dividend Comparison

VDI's dividend yield for the trailing twelve months is around 2.35%, which matches ICOW's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.35%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
VDI Virtus International Dividend ETF	2.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VDI and ICOW in my portfolio?

VDI and ICOW have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VDI or ICOW?

On fees, VDI is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDI or ICOW?

VDI is cheaper with a 0.39% expense ratio, compared with 0.65% for ICOW.

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

VDI and ICOW have nearly identical dividend yields, around 2.35%.

What is the main difference between VDI and ICOW?

They also come from different issuers: Virtus and Pacer. Their fees differ too: 0.39% for VDI and 0.65% for ICOW.