COWG vs SPY
Pacer US Large Cap Cash Cows Growth Leaders ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | COWG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $2.3B | $821.1B | |
| Dividend Yield | 0.37% | 1.01% | |
| Holdings | 102 | 505 | |
| YTD Return | +12.47% | +12.68% | |
| 1Y Return | +15.13% | +21.82% | |
| 3Y Return (annualized) | +23.04% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 15.6% | 15.3% | |
| Max Drawdown | -23.6% | -56.5% | |
| Fund Family | Pacer ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 21, 2022 | Jan 22, 1993 |
COWG vs SPY Performance
Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) is a ETF from Pacer ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year COWG returned +15.13% while SPY returned +21.82%. Year to date, COWG is up 12.47% versus a gain of 12.68% for SPY.
Over three years, COWG compounded at +23.04% per year against +21.98% for SPY. Across the full 4-year window we track, COWG has the edge at +21.02% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
COWG has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -23.6% for COWG and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
COWG charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, COWG currently yields 0.37% against 1.01% for SPY.
Holdings Overlap
COWG and SPY share 64 holdings out of 541 unique holdings combined, representing a 13.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, COWG or SPY?
COWG has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, COWG or SPY?
Over the past year COWG returned +15.13% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), COWG annualized +21.02% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, COWG or SPY?
COWG has been the more volatile fund at 15.6% annualized versus 15.3% for SPY. Worst drawdown: COWG -23.6% vs SPY -56.5%.
Should I hold both COWG and SPY?
COWG and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between COWG and SPY?
COWG and SPY share 64 common holdings with a 13.0% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, COWG or SPY?
COWG yields 0.37% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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