ICOW vs SPY
Pacer Developed Markets International Cash Cows 100 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ICOW delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | ICOW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $1.8B | $789.1B | |
| Dividend Yield | 2.36% | 1.01% | |
| Holdings | 108 | 505 | |
| YTD Return | +14.27% | +14.47% | |
| 1Y Return | +25.74% | +21.96% | |
| 3Y Return (annualized) | +16.85% | +21.70% | |
| 5Y Return (annualized) | +10.00% | +13.30% | |
| Volatility (annualized) | 18.0% | 15.3% | |
| Max Drawdown | -43.5% | -56.5% | |
| Fund Family | Pacer ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 16, 2017 | Jan 22, 1993 |
ICOW vs SPY Performance
Pacer Developed Markets International Cash Cows 100 ETF (ICOW) 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 ICOW returned +25.74% while SPY returned +21.96%. Year to date, ICOW is up 14.27% versus a gain of 14.47% for SPY.
Over three years, ICOW compounded at +16.85% per year against +21.70% for SPY; over five years the annualized figures are +10.00% and +13.30% respectively. Across the full 9-year window we track, ICOW has the edge at +9.55% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ICOW has been the more volatile fund, with annualized monthly volatility of 18.0% 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 -43.5% for ICOW 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ICOW charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, ICOW currently yields 2.36% against 1.01% for SPY.
Holdings Overlap
ICOW and SPY share 2 holdings out of 603 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ICOW or SPY?
ICOW has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, ICOW or SPY?
Over the past year ICOW returned +25.74% vs +21.96% for SPY, so ICOW leads on 1-year performance. Over the longest common window we track (9 years), ICOW annualized +9.55% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, ICOW or SPY?
ICOW has been the more volatile fund at 18.0% annualized versus 15.3% for SPY. Worst drawdown: ICOW -43.5% vs SPY -56.5%.
Should I hold both ICOW and SPY?
ICOW and SPY have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ICOW and SPY?
ICOW and SPY share 2 common holdings with a 0.1% weight overlap. Combined, they hold 603 unique securities.
Which pays a higher dividend, ICOW or SPY?
ICOW yields 2.36% while SPY yields 1.01%, so ICOW currently pays the higher dividend yield.
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