ICOW vs SPY
Pacer Developed Markets International Cash Cows 100 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ICOW or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. ICOW led over 1Y, SPY over 3Y, 5Y and the full window. ICOW is less concentrated, with 20.9% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ICOW | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $1.8B | $804.7B |
| Dividend Yield | 2.17% | 0.98% |
| Holdings | 111 | 505 |
| YTD Return | +11.94%Best | +11.52% |
| 1Y Return | +21.14%Best | +17.48% |
| 3Y Return (annualized) | +15.84% | +20.62%Best |
| 5Y Return (annualized) | +9.80% | +12.73%Best |
| Volatility (annualized) | 17.9% | 15.9%Best |
| Max Drawdown | -43.5% | -34.1%Best |
| $10,000 over 5 years | $15,959 | $18,205Best |
| Top 10 Weight | 20.9%Best | 38.0% |
| Fund Family | Pacer ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 16, 2017 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 19, 2017 to Sep 10, 2026 (9.2 years).
ICOW vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.2 years both funds cover.
ICOW vs SPY Performance
Pacer Developed Markets International Cash Cows 100 ETF (ICOW) is an ETF from Pacer ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ICOW returned +21.14% while SPY returned +17.48%. Year to date, ICOW is up 11.94% versus a gain of 11.52% for SPY.
Over three years, ICOW compounded at +15.84% per year against +20.62% for SPY; over five years the annualized figures are +9.80% and +12.73% respectively. Across the full 9-year window we track, SPY has the edge at +13.95% annualized vs +9.23%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ICOW has been the more volatile fund, with annualized monthly volatility of 17.9% compared with 15.9% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 2.17% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 102 holdings in ICOW and 504 in SPY, totalling 99.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 102 positions we hold weights for in ICOW and 504 in SPY, against full books of 111 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for ICOW (99.5% of the fund), and 2 for ICOW that do not appear in SPY (2.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of ICOW and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $56 a year on a $10,000 investment.
Which performed better, ICOW or SPY?
Over the past year ICOW returned +21.14% vs +17.48% for SPY, so ICOW leads on 1-year performance. Over the longest common window we track (9 years), ICOW annualized +9.23% vs +13.95% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ICOW or SPY?
ICOW has been the more volatile fund at 17.9% annualized versus 15.9% for SPY. Worst drawdown: ICOW -43.5% vs SPY -34.1%.
Should I hold both ICOW and SPY?
ICOW and SPY have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, ICOW or SPY?
ICOW yields 2.17% while SPY yields 0.98%, so ICOW currently pays the higher dividend yield.
Is SPY better than ICOW?
SPY has a lower expense ratio. ICOW led over 1Y, SPY over 3Y, 5Y and the full window. ICOW is less concentrated, with 20.9% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.