COWG vs SPYG: Grades, Fees and Holdings Compared

Pacer US Large Cap Cash Cows Growth Leaders ETF

COWGBNasdaq

State Street SPDR Portfolio S&P 500 Growth ETF

SPYGANYSE Arca

Overlap

15.5%by weight

Expense ratio

SPYG −0.45pt a year

COWG0.49%SPYG0.04%

Avg volume · 30D

SPYG 8.9×the volume

COWG256KSPYG2.28M

3Y return · a year

SPYG +2.4pt

COWG+24.7%SPYG+27.1%

COWG vs SPYG Performance

Oct 31, 2025 – Oct 30, 2026

+8.5%COWG+8.3%SPYG

Expense ratio: COWG 0.49%; SPYG 0.04%, better
Fund size: COWG $2.3B; SPYG $55.5B
1Y total return: COWG +8.5%, better; SPYG +8.3%
Yield (12M): COWG 0.75%, better; SPYG 0.50%
Holdings: COWG 101; SPYG 154
Avg volume (30D): COWG 256K sh; SPYG 2.28M sh, better
NAV per share: COWG $39.39; SPYG $119.59
52W range

ETF.net Grade

Pillar letters and Scores for COWG, SPYG, with each pillar’s weight
Pillar	COWG	SPYG
Cost30% weight	F18	A96Higher
Mission25% weight	A92	A98Higher
Risk15% weight	B57	B62Higher
Tradability15% weight	B66	A95Higher
Holdings10% weight	B65Higher	D38
Durability5% weight	C50	A79Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. COWG and SPYG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

SPYG ranks 1st and COWG 22nd of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 19BSNPGXtrackers S&P 500 Growth Scored & Screened ETFScore 59
Rank 22BCOWGPacer US Large Cap Cash Cows Growth Leaders ETFScore 55
Rank 23CRPGInvesco S&P 500 Pure Growth ETFScore 54

Our read on each fund

ETF.net Research

COWGBPacer US Large Cap Cash Cows Growth Leaders ETF

SPYGAState Street SPDR Portfolio S&P 500 Growth ETF

In short

COWG Pacer aimed its Cash Cows free-cash-flow playbook at growth stocks: roughly 100 Russell 1000 names chosen on cash generation and profitability rather than revenue growth alone. Growth, with the cash burners screened out.

SPYG The growth half of the S&P 500 for 0.04% a year, running since 2000. No exotic screen, no reinvention: just the index's fastest-growing names, in the cheapest wrapper tracking that index.

Stated mandate

COWG The Fund seeks to track, before fees and expenses, the Pacer US Large Cap Cash Cows Growth Leaders Index. Its rules-based strategy selects growth companies from the Russell 1000 using free cash flow margin and related profitability screens.

SPYG The fund seeks to track, before fees and expenses, the total return of the S&P 500 Growth Index. It provides exposure to S&P 500 companies selected for strong growth characteristics.

Why people hold it

COWG The screen is the product: Russell 1000 growth companies ranked on free cash flow margin and related profitability tests, and the fund has tracked that index closely.paceretfs.com
About 100 holdings, so the cash flow filter actually shows up in the portfolio instead of being diluted across a several-hundred-name growth benchmark.
Has reached multi-billion-dollar scale since its 2022 launch, trades at moderate volume, and pays on a quarterly schedule.

SPYG Costs 0.04% a year, well under the typical fee in the US growth-ETF group.
The cheapest way to buy the S&P 500 Growth Index: VOOG follows the same benchmark at 0.07%.
Has tracked its index tightly, one of the strongest implementations among growth funds we grade.
Trading since 2000, now a multi-billion-dollar fund that changes hands actively, so spreads stay thin. Pays quarterly.

Worth knowing

COWG The screen is not cheap: 0.49% a year against a growth-cohort median of 0.18%, and multiples of plain index rivals like VUG (0.03%) or SCHG (0.04%).
Short history. It launched in December 2022, so there is no full-cycle record behind the methodology yet.
A concentrated rules-based slice can look quite different from a standard large-cap growth index between rebalances, in either direction.

SPYG About 150 stocks, not 500. You get the growth slice, which means heavier single-name and sector concentration than the full index.
The index screens on growth and momentum, so rebalances lean into names that have already run and the ride is bumpier than the broad market.
Large-cap US only. No small caps, no international, no bonds.

Full COWG profile⁠

Full SPYG profile⁠

COWG vs SPYG Holdings

As of Oct 23, 2026

How COWG and SPYG differ

Overlap by weight

15.5%

Shared holdings make up 43.6% of COWG and 39.6% of SPYG.

Level by level

Holdings41 in both15.5%
Sector11 Sectors74.5%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in COWG and SPYG, widest gap first
Sector	More in COWGMore in SPYG	COWG	SPYG
Technology	COWG +14.8 points	67.7%	52.9%
Financials	SPYG +9.2 points	0.0%	9.2%
Communication	SPYG +8.4 points	6.4%	14.8%
Health Care	COWG +6.1 points	13.0%	6.8%
Industrials	SPYG +3.7 points	1.9%	5.6%
Consumer Discretionary	SPYG +3.7 points	4.6%	8.3%
Energy	COWG +2.7 points	2.7%	0.0%
Materials	COWG +1.2 points	1.5%	0.3%
Real Estate	SPYG +0.6 points	0.0%	0.6%
Consumer Staples	COWG +0.6 points	1.8%	1.2%
Utilities	Same weight	0.3%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in COWG and SPYG, widest gap first
Country	More in COWGMore in SPYG	COWG	SPYG
United States	COWG +0.2 points	100.0%	99.8%
China	SPYG +0.1 points	0.0%	0.1%
Mexico	SPYG +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

COWG29.8%
SPYG58.9%

Securities held

COWG100
SPYG152

Asset class

COWG: Equity
SPYG: Equity

Holdings

Only in COWG59
In both41
Only in SPYG111

Only in COWG

59 securities, 56.3% of COWG by weight

Okta Inc3.68%
Unity Software Inc2.98%
Credo Technology Group Holding Ltd2.62%
Paycom Software Inc2.51%
Iridium Communications Inc2.20%
Nutanix Inc2.07%
Manhattan Associates Inc1.91%
Dynatrace Inc1.85%
Halozyme Therapeutics Inc1.70%
F5 Inc1.69%
Docusign Inc1.65%
Western Digital Corp1.34%
Dropbox Inc1.32%
Duolingo Inc1.23%
Match Group Inc1.13%
Maplebear Inc1.12%
Pinterest Inc1.11%
Paychex Inc1.08%
Zoom Communications Inc1.04%
CCC Intelligent Solutions Holdings Inc1.02%
Salesforce Inc1.02%
Exelixis Inc1.01%
Texas Instruments Inc1.00%
Gen Digital Inc0.94%
Jazz Pharmaceuticals PLC0.93%
Roper Technologies Inc0.85%
Doximity Inc0.80%
Diamondback Energy Inc0.76%
GoDaddy Inc0.74%
Versant Media Group Inc0.74%
Synopsys Inc0.66%
PTC Inc0.66%
Adobe Inc0.65%
Ascendis Pharma A/S0.62%
Vertex Pharmaceuticals Inc0.62%
United Therapeutics Corp0.58%
Tyler Technologies Inc0.57%
Analog Devices Inc0.57%
Bentley Systems Inc0.56%
Altria Group Inc0.51%
Southern Copper Corp0.46%
Viper Energy Inc0.45%
Antero Midstream Corp0.44%
DT Midstream Inc0.40%
Rambus Inc0.39%
ADT Inc0.36%
EQT Corp0.36%
Graco Inc0.35%
Clearway Energy Inc0.33%
Pegasystems Inc0.32%

Only in SPYG

111 securities, 60.4% of SPYG by weight

Microsoft Corp10.99%
Alphabet Inc Class A4.65%
Meta Platforms Inc Class A3.85%
Alphabet Inc Class C3.75%
Amazon.com Inc3.54%
Eli Lilly & Co3.07%
Berkshire Hathaway Inc Class B2.82%
Advanced Micro Devices2.58%
Tesla Inc1.97%
JPMorgan Chase & Co1.73%
Johnson & Johnson1.09%
Visa Inc Class A Shares1.07%
Mastercard Inc A0.96%
Applied Materials Inc0.93%
Lam Research Corp0.89%
Caterpillar Inc0.83%
Rtx Corp0.75%
Netflix Inc0.72%
Cisco Systems Inc0.63%
Amphenol Corp Class A0.57%
Goldman Sachs Group Inc0.49%
General Electric0.47%
Welltower Inc0.47%
Morgan Stanley0.38%
Uber Technologies Inc0.37%
Intl Business Machines Corp0.35%
Oracle Corp0.35%
American Express Co0.32%
Seagate Technology Holdings0.28%
Quanta Services Inc0.27%
Vertiv Holdings Co A0.26%
Marvell Technology Inc0.25%
Tjx Companies Inc0.24%
Marriott International Class A0.24%
Howmet Aerospace Inc0.23%
Lumentum Holdings Inc0.23%
Hilton Worldwide Holdings In0.22%
Royal Caribbean Cruises Ltd0.22%
Progressive Corp0.21%
Robinhood Markets Inc A0.20%
O Reilly Automotive Inc0.20%
Corning Inc0.20%
Hca Healthcare Inc0.20%
Doordash Inc A0.19%
Monster Beverage Corp0.19%
Parker Hannifin Corp0.18%
Bloom Energy Corp A0.18%
Transdigm Group Inc0.18%
Bank of New York Mellon Corp0.18%
Johnson Controls Internation0.18%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in COWG and SPYG, widest gap first
Holding	More in COWGMore in SPYG	COWG	SPYG
NVIDIA CorpNVDA	SPYG +13.54 points	0.90%	14.44%
Apple IncAAPL	SPYG +6.20 points	0.91%	7.11%
Broadcom IncAVGO	SPYG +3.86 points	0.72%	4.58%
Datadog IncDDOG	COWG +3.15 points	3.40%	0.25%
Fortinet IncFTNT	COWG +2.90 points	3.05%	0.15%
Palo Alto Networks IncPANW	COWG +2.65 points	3.14%	0.48%
Crowdstrike Holdings IncCRWD	COWG +2.64 points	3.38%	0.74%
Sandisk CorpSNDK	COWG +1.84 points	2.38%	0.54%
Veeva Systems IncVEEV	COWG +1.76 points	1.84%	0.08%
Workday IncWDAY	COWG +1.39 points	1.44%	0.05%
Expedia Group IncEXPE	COWG +1.23 points	1.32%	0.09%
ServiceNow IncNOW	COWG +1.09 points	1.28%	0.19%
Airbnb IncABNB	COWG +1.01 points	1.10%	0.09%
VeriSign IncVRSN	COWG +0.96 points	1.03%	0.07%
Dexcom IncDXCM	COWG +0.80 points	0.84%	0.04%
Arista Networks IncANET	COWG +0.77 points	1.31%	0.54%
Incyte CorpINCY	COWG +0.73 points	0.79%	0.06%
Cadence Design Systems IncCDNS	COWG +0.61 points	0.78%	0.17%
Autodesk IncADSK	COWG +0.55 points	0.63%	0.08%
Reddit IncRDDT	COWG +0.47 points	0.50%	0.03%
ResMed IncRMD	COWG +0.39 points	0.45%	0.06%
Verisk Analytics IncVRSK	COWG +0.39 points	0.43%	0.04%
First Solar IncFSLR	COWG +0.39 points	0.44%	0.05%
Booking Holdings IncBKNG	COWG +0.33 points	0.65%	0.32%
TKO Group Holdings IncTKO	COWG +0.28 points	0.31%	0.03%
Fair Isaac CorpFICO	COWG +0.26 points	0.28%	0.02%
Micron Technology IncMU	SPYG +0.24 points	2.71%	2.95%
Coca-Cola Co/TheKO	COWG +0.24 points	0.66%	0.42%
IDEXX Laboratories IncIDXX	COWG +0.23 points	0.36%	0.13%
Intuit IncINTU	COWG +0.23 points	0.37%	0.14%
Amgen IncAMGN	COWG +0.20 points	0.67%	0.47%
Gilead Sciences IncGILD	COWG +0.16 points	0.47%	0.31%
GE Vernova IncGEV	SPYG +0.14 points	0.52%	0.66%
Intuitive Surgical IncISRG	SPYG +0.10 points	0.34%	0.44%
Palantir Technologies IncPLTR	COWG +0.08 points	1.34%	1.26%
Newmont CorpNEM	COWG +0.08 points	0.41%	0.33%
AbbVie IncABBV	COWG +0.07 points	0.73%	0.66%
McDonald's CorpMCD	COWG +0.07 points	0.29%	0.22%
Kla CorpKLAC	COWG +0.05 points	0.66%	0.61%
AppLovin CorpAPP	COWG +0.04 points	0.23%	0.19%
Philip Morris International IncPM	COWG +0.02 points	0.53%	0.51%

All 102 COWG holdings⁠All 152 SPYG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

COWG vs SPYG Cost

Overpaying COWG vs SPYG

$8,943

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

COWG 0.49%
$9,792
SPYG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

COWG 0.49%
SPYG 0.04%
Overpaying

Year by year

Year	COWG	SPYG	Overpaying
10	$883	$73	$810
20	$3,394	$288	$3,106
30	$9,792	$849	$8,943

Expense ratio

0.49%COWG
0.04%SPYG, cheaper

SPYG0.04%COWG0.49%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

SPYG 2nd cheapest of 35 funds

COWG 28th cheapest of 35 funds

COWG vs SPYG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): COWG 0.75%, better; SPYG 0.50%
Payout (12M): COWG $0.30; SPYG $0.59
Last payment: COWG $0.19; SPYG $0.15
Ex-dividend: COWG Sep 3, 2026; SPYG Sep 21, 2026
Paid on: COWG Sep 8, 2026; SPYG Sep 23, 2026
Frequency: COWG Quarterly; SPYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

COWGQuarterly · 15 paymentsAll COWG payments⁠

SPYGQuarterly · 39 paymentsAll SPYG payments⁠

COWG vs SPYG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: COWG 16.0%, betterSPYG 16.5%
Return per unit of riskSharpe ratio, 3 years: COWG 1.19SPYG 1.28, better
Worst fallMax drawdown, 5 years: COWG −23.6%since Dec 2022SPYG −32.7%
Market sensitivityBeta, 5 years: COWG 1.04SPYG 1.17; Market = 1

COWG and SPYG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026SPYG
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026SPYG

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COWG vs SPYG

In short

Stated mandate

Why people hold it

Worth knowing

How COWG and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in COWG

Only in SPYG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best growth ETF is the cheap one on the index you want

The cheap large-cap growth pick is the S&P 500 list

How COWG and SPYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in COWG

Only in SPYG

Weight gaps