Pacer Developed Markets International Cash… (ICOW) Performance
ICOW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.8% since Dec 31, 2025
- 1 year
- +18.5% total return
- 5 years
- +10.8% a year
- Since first price
- +9.3% a year since 2017
ICOW trailing returns vs SPY, QQQ, AGG
| Period | ICOW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.2% | −0.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.9% | +0.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.9% | −1.8% | +7.8% | +8.4% | −1.5% |
| YTD | +13.8% | +10.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +18.5% | +13.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +66.0%+18.4%/yr | +48.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +66.6%+10.8%/yr | +37.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 19, 2017 | +130.0%+9.3%/yr | +69.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ICOW vs SPY
From Jun 19, 2017: ICOW grew to $23,001, SPY to $35,829.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ICOW returns by calendar year
5 of 8 full years positive. Best 2025 (+37.0%), worst 2018 (−16.1%). 2026 is year to date.
ICOW annual returns table
| Year | ICOW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.8% | −8.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +37.0% | −14.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.6% | −9.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +18.9% | −8.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.0% | −27.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +11.5% | −11.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.2% | −40.3% | +18.3% | +48.6% | +7.5% |
| 2019 | +17.9% | −14.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −16.1% | −23.0% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ICOW largest drawdowns
Now 5.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −43.5% | Mar 18, 2020 | Dec 15, 2020 | 2.1 years | 2.9 years |
| Jun 7, 2021 | −28.5% | Sep 26, 2022 | Jul 24, 2023 | 1.3 years | 2.1 years |
| Mar 19, 2025 | −14.8% | Apr 8, 2025 | May 13, 2025 | 20 days | 55 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ICOW risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +16.3% | +10.5% | +9.1% |
| Volatility (annualized) | 12.9% | 16.8% | 18.0% |
| Sharpe ratio | 0.90 | 0.47 | 0.44 |
| Sortino ratio | 1.42 | 0.70 | 0.66 |
| Best month | +9.1% | +13.9% | +20.0% |
| Worst month | −7.4% | −12.2% | −17.3% |
| Best 12 months | +50.4% | +50.4% | +65.7% |
| Worst 12 months | −2.6% | −22.3% | −24.7% |
| Positive months | 69% | 63% | 61% |
| Beta vs S&P 500 | 0.43 | 0.70 | — |
| Correlation with S&P 500 | 0.42 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ICOW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 101 | −24.7% | +7.3% | +65.7% | 65% |
| 3-year (a year) | 77 | −4.8% | +7.1% | +21.6% | 94% |
| 5-year (a year) | 53 | −0.6% | +7.4% | +15.1% | 98% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
ICOW performance overview
Pacer Developed Markets International Cash… (ICOW) returned +18.5% over the past year and +10.8% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +9.3% a year, turning $10,000 into about $23,001. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −43.5%, from Jan 26, 2018 to Mar 18, 2020, and it took 9 months to get back to the old high. ICOW finished 5 of its 8 full calendar years with a gain; the best year was 2025 (+37.0%) and the worst 2018 (−16.1%). Volatility has been 18.0% a year.
Related: ICOW chart, ICOW holdings, ICOW dividends. See the ICOW overview for the latest quote and fund facts.
ICOW performance FAQ
What is the ICOW return over the past year?
ICOW returned +18.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.8%.
What is the average annual return of ICOW?
ICOW has returned +10.8% a year over 5 years, +9.3% a year since June 19, 2017 (total return, distributions reinvested).
How much would $10,000 invested in ICOW be worth?
$10,000 invested in ICOW at its first recorded close on June 19, 2017 would be worth about $23,001 on October 23, 2026 with distributions reinvested.
What was the worst year for ICOW?
The worst calendar year was 2018, with a total return of −16.1%. The best was 2025 at +37.0%.
What is the biggest drawdown of ICOW?
The largest peak-to-trough decline was −43.5% between January 26, 2018 and March 18, 2020. It recovered to the old high on December 15, 2020, 9 months after the bottom.
How volatile is ICOW?
Over the past 3 years ICOW had an annualized volatility of 12.9% and a Sharpe ratio of 0.90 (excess return over 1–3 month T-bills per unit of risk).