VEGI vs. COWZ

Last updated Jun 4, 2026

VEGI (iShares MSCI Agriculture Producers ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both Mid Cap Value Equities funds - VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index while COWZ tracks the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, VEGI returned 3.61%/yr vs 10.57%/yr for COWZ. A 0.74 correlation means they provide meaningful diversification when combined. VEGI charges 0.39%/yr vs 0.49%/yr for COWZ.

Performance

VEGI vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Agriculture Producers ETF (VEGI) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEGI achieves a 16.98% return, which is significantly higher than COWZ's 8.18% return.

VEGI

• 1D: 0.58%
• 1M: -1.31%
• YTD: 16.98%
• 6M: 16.00%
• 1Y: 14.94%
• 3Y*: 8.09%
• 5Y*: 3.61%
• 10Y*: 8.58%

COWZ

• 1D: -0.34%
• 1M: 2.61%
• YTD: 8.18%
• 6M: 9.03%
• 1Y: 22.23%
• 3Y*: 14.44%
• 5Y*: 10.57%
• 10Y*: —

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

VEGI vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEGI iShares MSCI Agriculture Producers ETF	16.98%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%
COWZ Pacer US Cash Cows 100 ETF	8.18%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between VEGI and COWZ is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.74

Over the past year, the correlation between VEGI and COWZ has dropped to 0.52 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

VEGI vs. COWZ - Sectors Allocation Comparison

Sectors	VEGI	COWZ
Industrials	34.2%	8.4%
Consumer Defensive	33.3%	10.9%
Basic Materials	31.7%	3.7%
Communication Services	-	10.4%
Consumer Cyclical	-	11.7%
Energy	-	16.9%
Financial Services	-	-
Healthcare	-	21.8%
Real Estate	-	-
Technology	-	16.0%
Utilities	-	-

Return for Risk

VEGI vs. COWZ — Risk / Return Rank

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

VEGI

VEGI Risk / Return Rank: 30
VEGI Sharpe Ratio Rank: 28
VEGI Sortino Ratio Rank: 29
VEGI Omega Ratio Rank: 27
VEGI Calmar Ratio Rank: 40
VEGI Martin Ratio Rank: 27

COWZ

COWZ Risk / Return Rank: 65
COWZ Sharpe Ratio Rank: 59
COWZ Sortino Ratio Rank: 62
COWZ Omega Ratio Rank: 57
COWZ Calmar Ratio Rank: 83
COWZ Martin Ratio Rank: 65

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.

VEGI vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Agriculture Producers ETF (VEGI) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	VEGI	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.02	-1.00
Sortino ratio: Return per unit of downside risk	1.57	2.98	-1.41
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.17
Calmar ratio: Return relative to maximum drawdown	2.00	4.46	-2.46
Martin ratio: Return relative to average drawdown	3.86	12.19	-8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEGI vs. COWZ - Sharpe Ratio Comparison

The current VEGI Sharpe Ratio is 1.02, which is lower than the COWZ Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VEGI and COWZ, 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

	VEGI	COWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	2.02	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.60	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.65	-0.31

Drawdowns

VEGI vs. COWZ - Drawdown Comparison

The maximum VEGI drawdown since its inception was -37.37%, roughly equal to the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for VEGI and COWZ.

Drawdown Indicators

	VEGI	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-37.37%	-38.63%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-5.00%	-2.49%
Max Drawdown (3Y) Largest decline over 3 years	-17.71%	-22.00%	+4.29%
Max Drawdown (5Y) Largest decline over 5 years	-28.86%	-22.00%	-6.86%
Max Drawdown (10Y) Largest decline over 10 years	-37.37%	—	—
Current Drawdown Current decline from peak	-4.33%	-0.91%	-3.42%
Average Drawdown Average peak-to-trough decline	-9.82%	-4.81%	-5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.83%	+2.05%

Volatility

VEGI vs. COWZ - Volatility Comparison

iShares MSCI Agriculture Producers ETF (VEGI) has a higher volatility of 4.52% compared to Pacer US Cash Cows 100 ETF (COWZ) at 2.56%. This indicates that VEGI's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEGI	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.56%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	11.80%	7.12%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	11.13%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.63%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	19.93%	-0.99%

VEGI vs. COWZ - Expense Ratio Comparison

VEGI has a 0.39% expense ratio, which is lower than COWZ's 0.49% expense ratio.

Dividends

VEGI vs. COWZ - Dividend Comparison

VEGI's dividend yield for the trailing twelve months is around 1.99%, which matches COWZ's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	1.99%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
VEGI iShares MSCI Agriculture Producers ETF	1.99%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both VEGI and COWZ in my portfolio?

VEGI and COWZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEGI or COWZ?

VEGI has higher volatility (4.52%) compared to COWZ (2.56%). In terms of maximum drawdown, VEGI dropped -37.37% vs COWZ's -38.63%.

Which ETF is better, VEGI or COWZ?

On 5-year performance, COWZ leads with 10.57% vs 3.61% for VEGI. On fees, VEGI is cheaper at 0.39% per year. On volatility, COWZ has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEGI or COWZ?

Over the 5-year period, COWZ has performed better with a 10.57% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEGI or COWZ?

VEGI is cheaper with a 0.39% expense ratio, compared with 0.49% for COWZ.

Which ETF pays a higher dividend yield, VEGI or COWZ?

VEGI and COWZ have nearly identical dividend yields, around 1.99%.

What is the main difference between VEGI and COWZ?

VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.39% for VEGI and 0.49% for COWZ.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (2.02 vs 1.02), 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.