COWZ vs IWD: Grades, Fees and Holdings Compared

Pacer US Cash Cows 100 ETF

COWZCCboe

iShares Russell 1000 Value ETF

IWDANYSE Arca

Overlap

14.6%by weight

Expense ratio

IWD −0.31pt a year

COWZ0.49%IWD0.18%

Avg volume · 30D

IWD 2.0×the volume

COWZ987KIWD2.01M

5Y return · a year

COWZ +0.2pt

COWZ+11.8%IWD+11.6%

COWZ vs IWD Performance

Oct 29, 2021 – Oct 30, 2026

+74.8%COWZ+72.9%IWD

Expense ratio: COWZ 0.49%; IWD 0.18%, better
Fund size: COWZ $19.8B; IWD $83.2B
1Y total return: COWZ +25.8%; IWD +28.4%, better
Yield (12M): COWZ 1.91%, better; IWD 1.37%
Holdings: COWZ 102; IWD 874
Avg volume (30D): COWZ 987K sh; IWD 2.01M sh, better
NAV per share: COWZ $71.33; IWD $258.68
52W range

ETF.net Grade

Pillar letters and Scores for COWZ, IWD, with each pillar’s weight
Pillar	COWZ	IWD
Cost30% weight	F18	B59Higher
Mission25% weight	B69	A100Higher
Risk15% weight	C44	A79Higher
Tradability15% weight	A87	A96Higher
Holdings10% weight	C45Higher	C42
Durability5% weight	C54	A82Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. COWZ and IWD are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

IWD ranks 4th and COWZ 28th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 4AVOEVanguard Morningstar Mid-Cap Value ETFScore 77
Rank 26CFTAFirst Trust Large Cap Value AlphaDEX FundScore 51
Rank 28CCOWZPacer US Cash Cows 100 ETFScore 49
Rank 28CVFVAVanguard U.S. Value Factor ETFScore 49

Our read on each fund

ETF.net Research

COWZCPacer US Cash Cows 100 ETF

IWDAiShares Russell 1000 Value ETF

In short

COWZ Value measured in cash, not accounting bargains. COWZ ranks Russell 1000 large and mid caps by trailing free-cash-flow yield and holds the top 100, with financial companies screened out entirely.

IWD The original Russell 1000 Value tracker, live since 2000 and still one of the most traded ways to own the value half of US large caps. Roughly 900 stocks, followed closely, at a price that reflects the plumbing.

Stated mandate

COWZ The fund seeks to track, before fees and expenses, the total return of the Pacer US Cash Cows 100 Index. Its rules-based index targets 100 U.S. large- and mid-cap companies selected from the Russell 1000 for high trailing free-cash-flow yield after screens for projected cash flow, earnings, and financial companies.

IWD The fund seeks to track an index of U.S. large- and mid-cap stocks that may be undervalued relative to comparable companies.

Why people hold it

COWZ The screen is concrete: high trailing free-cash-flow yield, plus tests on projected cash flow and earnings. Cash a company actually throws off, not a cheap-looking book value.
Rules-based index, about 100 large and mid cap names, quarterly distributions, and a live track record dating to its 2016 launch.
A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.

IWD Follows the Russell 1000 Value Index closely, one of the tightest index-following records among US value funds.
About 900 large- and mid-cap names, so no single stock or sector drives the result.
Trading since 2000 and actively traded, it is among the easier value ETFs to move in and out of, in size.

Worth knowing

COWZ 0.49% a year buys the cash-flow screen. Plain-vanilla value funds sit far below that: VTV at 0.03%, SCHV at 0.04%.
No financials, by design. Ranking on cash yield also piles weight into whichever sectors are gushing cash, so the sector map can look nothing like a broad value index.
Against the US value ETFs we track, it lands in the bottom quartile of our review, with the fee the biggest weight on the scale.

IWD At 0.18% a year, it costs more than several broad value rivals (VTV 0.03%, SCHV 0.04%, IUSV 0.04%). The extra buys the Russell index and the trading depth.
Holding roughly 900 names out of a 1,000-stock parent index, the value tilt is wide and mild, not a concentrated deep-value bet.ishares.com
Distributions land quarterly, and the amount rides on what the underlying companies pay.

Full COWZ profile⁠

Full IWD profile⁠

COWZ vs IWD Holdings

As of Oct 27, 2026

How COWZ and IWD differ

Overlap by weight

14.6%

Shared holdings make up 88.1% of COWZ and 14.6% of IWD.

Level by level

Holdings90 in both14.6%
Sector11 Sectors74.3%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in COWZ and IWD, widest gap first
Sector	More in COWZMore in IWD	COWZ	IWD
Financials	IWD +18.3 points	0.0%	18.3%
Energy	COWZ +14.1 points	20.8%	6.7%
Communication	COWZ +4.5 points	7.4%	2.9%
Utilities	IWD +3.5 points	0.0%	3.5%
Real Estate	IWD +3.3 points	0.0%	3.3%
Technology	COWZ +2.7 points	22.9%	20.2%
Industrials	COWZ +1.7 points	12.2%	10.5%
Health Care	COWZ +1.6 points	15.1%	13.5%
Materials	COWZ +0.7 points	4.2%	3.5%
Consumer Discretionary	IWD +0.5 points	9.7%	10.2%
Consumer Staples	COWZ +0.2 points	7.8%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in COWZ and IWD, widest gap first
Country	More in COWZMore in IWD	COWZ	IWD
United States	COWZ +0.9 points	100.0%	99.1%
Other countries (10)	IWD +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

COWZ22.6%
IWD29.3%

Securities held

COWZ100
IWD871

Asset class

COWZ: Equity
IWD: Equity

Holdings

Only in COWZ10
In both90
Only in IWD781

Only in COWZ

10 securities, 11.7% of COWZ by weight

Lockheed Martin Corp2.30%
GE Vernova Inc1.73%
Booking Holdings Inc1.61%
Sandisk Corp1.42%
Airbnb Inc1.07%
Expedia Group Inc1.00%
Cencora Inc0.94%
Autodesk Inc0.75%
Las Vegas Sands Corp0.50%
Tapestry Inc0.38%

Only in IWD

781 securities, 85.2% of IWD by weight

Apple6.03%
Amazon.com Inc5.64%
Microsoft5.12%
Berkshire Hathaway Inc Class B2.67%
JPMorgan Chase & Co2.38%
Exxonmobil Holdings Corp2.04%
Johnson & Johnson1.74%
Walmart1.31%
AbbVie1.27%
Cisco Systems Inc1.09%
Procter & Gamble0.99%
Merck & Co Inc0.98%
UnitedHealth Group0.97%
Philip Morris International0.86%
Coca-Cola0.85%
Bank of America0.80%
Intel Corporation0.79%
Rtx0.71%
Thermo Fisher Scientific0.68%
Goldman Sachs Group0.68%
Costco Wholesale Corp0.67%
Wells Fargo0.67%
Meta Platforms Class A0.65%
Linde PLC0.63%
Morgan Stanley0.55%
Walt Disney0.51%
Analog Devices0.50%
Abbott Laboratories0.49%
Mcdonalds Corp0.48%
BlackRock0.46%
Nextera Energy0.46%
Citigroup0.46%
Welltower0.45%
Union Pacific0.44%
Deere0.44%
Pepsico0.44%
Danaher0.39%
Vertex Pharmaceuticals0.38%
S&P Global0.36%
Progressive0.36%
Charles Schwab0.35%
Chubb0.34%
Capital One Financial Corp0.33%
Eaton PLC0.32%
Prologis Reit0.32%
American Express0.31%
Medtronic PLC0.31%
Parker-Hannifin0.30%
Dell Technologies Inc Class C0.30%
Cme Group Class A0.29%

Weight gaps

All 90 Holdings in both funds, largest gap first.

Holding weights in COWZ and IWD, widest gap first
Holding	More in COWZMore in IWD	COWZ	IWD
Accenture PLCACN	COWZ +2.25 points	2.67%	0.42%
Marathon Petroleum CorpMPC	COWZ +2.18 points	2.35%	0.17%
Valero Energy CorpVLO	COWZ +1.99 points	2.26%	0.27%
Adobe IncADBE	COWZ +1.90 points	1.98%	0.08%
Altria Group IncMO	COWZ +1.82 points	2.16%	0.34%
ConocoPhillipsCOP	COWZ +1.75 points	2.25%	0.50%
Intuit IncINTU	COWZ +1.68 points	1.85%	0.17%
Pfizer IncPFE	COWZ +1.65 points	2.11%	0.46%
CVS Health CorpCVS	COWZ +1.62 points	1.93%	0.31%
QUALCOMM IncQCOM	COWZ +1.62 points	2.08%	0.46%
McKesson CorpMCK	COWZ +1.55 points	1.57%	0.02%
International Business Machines CorpIBM	COWZ +1.52 points	2.16%	0.64%
Gilead Sciences IncGILD	COWZ +1.51 points	2.07%	0.56%
Bristol-Myers Squibb CoBMY	COWZ +1.50 points	1.84%	0.34%
Comcast CorpCMCSA	COWZ +1.49 points	1.71%	0.22%
EOG Resources IncEOG	COWZ +1.50 points	1.73%	0.23%
Uber Technologies IncUBER	COWZ +1.46 points	1.76%	0.30%
Diamondback Energy IncFANG	COWZ +1.44 points	1.56%	0.12%
Salesforce IncCRM	COWZ +1.44 points	1.92%	0.48%
T-Mobile US IncTMUS	COWZ +1.41 points	1.61%	0.20%
Newmont CorpNEM	COWZ +1.40 points	1.70%	0.30%
Phillips 66PSX	COWZ +1.37 points	1.65%	0.28%
Verizon Communications IncVZ	COWZ +1.29 points	1.78%	0.49%
Lowe's Cos IncLOW	COWZ +1.27 points	1.58%	0.31%
AT&T IncT	COWZ +1.25 points	1.63%	0.38%
General Dynamics CorpGD	COWZ +1.20 points	1.45%	0.25%
Occidental Petroleum CorpOXY	COWZ +1.20 points	1.32%	0.12%
Chevron CorpCVX	COWZ +1.09 points	2.24%	1.15%
United Parcel Service IncUPS	COWZ +1.04 points	1.25%	0.21%
Cardinal Health IncCAH	COWZ +0.98 points	1.06%	0.08%
FedEx CorpFDX	COWZ +0.92 points	1.10%	0.18%
HP IncHPQ	COWZ +0.86 points	0.93%	0.07%
Hewlett Packard Enterprise CoHPE	COWZ +0.86 points	1.05%	0.19%
Colgate-Palmolive CoCL	COWZ +0.84 points	0.95%	0.11%
Honeywell International IncHON	COWZ +0.84 points	1.02%	0.18%
Kraft Heinz Co/TheKHC	COWZ +0.82 points	0.88%	0.06%
EQT CorpEQT	COWZ +0.79 points	0.88%	0.09%
Target CorpTGT	COWZ +0.77 points	0.96%	0.18%
SLB LtdSLB	COWZ +0.76 points	0.97%	0.21%
Anglogold Ashanti PlcAU	COWZ +0.74 points	0.75%	0.01%
Carnival Corp LtdCCL	COWZ +0.72 points	0.82%	0.10%
DR Horton IncDHI	COWZ +0.67 points	0.77%	0.10%
Kroger Co/TheKR	COWZ +0.66 points	0.76%	0.10%
Tenet Healthcare CorpTHC	COWZ +0.65 points	0.71%	0.06%
Delta Air Lines IncDAL	COWZ +0.64 points	0.76%	0.12%
eBay IncEBAY	COWZ +0.61 points	0.71%	0.10%
Workday IncWDAY	COWZ +0.61 points	0.71%	0.10%
Cognizant Technology Solutions CorpCTSH	COWZ +0.60 points	0.68%	0.08%
HF Sinclair CorpDINO	COWZ +0.57 points	0.62%	0.05%
Zoetis IncZTS	COWZ +0.57 points	0.59%	0.02%
Biogen IncBIIB	COWZ +0.56 points	0.66%	0.10%
Ovintiv IncOVV	COWZ +0.53 points	0.58%	0.05%
Roper Technologies IncROP	COWZ +0.52 points	0.64%	0.12%
L3Harris Technologies IncLHX	COWZ +0.51 points	0.65%	0.14%
Omnicom Group IncOMC	COWZ +0.49 points	0.55%	0.06%
Expand Energy CorpEXE	COWZ +0.50 points	0.55%	0.05%
Baker Hughes CoBKR	COWZ +0.50 points	0.64%	0.14%
United Airlines Holdings IncUAL	COWZ +0.44 points	0.52%	0.08%
Hershey Co/TheHSY	COWZ +0.43 points	0.49%	0.06%
Paychex IncPAYX	COWZ +0.41 points	0.51%	0.10%
Constellation Brands IncSTZ	COWZ +0.41 points	0.46%	0.05%
Best Buy Co IncBBY	COWZ +0.40 points	0.45%	0.05%
Viatris IncVTRS	COWZ +0.39 points	0.45%	0.06%
Dollar General CorpDG	COWZ +0.38 points	0.46%	0.08%
NetApp IncNTAP	COWZ +0.37 points	0.44%	0.07%
Dollar Tree IncDLTR	COWZ +0.37 points	0.44%	0.07%
Zoom Communications IncZM	COWZ +0.35 points	0.42%	0.07%
CF Industries Holdings IncCF	COWZ +0.35 points	0.40%	0.05%
Incyte CorpINCY	COWZ +0.35 points	0.40%	0.05%
Otis Worldwide CorpOTIS	COWZ +0.34 points	0.42%	0.08%
LyondellBasell Industries NVLYB	COWZ +0.33 points	0.38%	0.05%
ResMed IncRMD	COWZ +0.33 points	0.42%	0.09%
SS&C Technologies Holdings IncSSNC	COWZ +0.31 points	0.35%	0.04%
Halliburton CoHAL	COWZ +0.30 points	0.38%	0.08%
General Mills IncGIS	COWZ +0.29 points	0.34%	0.05%
PulteGroup IncPHM	COWZ +0.29 points	0.35%	0.06%
Williams-Sonoma IncWSM	COWZ +0.28 points	0.35%	0.07%
TechnipFMC PLCFTI	COWZ +0.28 points	0.32%	0.04%
ON Semiconductor CorpON	COWZ +0.27 points	0.34%	0.07%
Gen Digital IncGEN	COWZ +0.25 points	0.29%	0.04%
PPG Industries IncPPG	COWZ +0.25 points	0.32%	0.07%
First Solar IncFSLR	COWZ +0.25 points	0.29%	0.04%
United Therapeutics CorpUTHR	COWZ +0.23 points	0.30%	0.07%
Permian Resources CorpPR	COWZ +0.22 points	0.27%	0.05%
F5 IncFFIV	COWZ +0.21 points	0.26%	0.05%
DuPont de Nemours IncDD	COWZ +0.20 points	0.25%	0.05%
Copart IncCPRT	COWZ +0.20 points	0.27%	0.07%
Snap-on IncSNA	COWZ +0.19 points	0.24%	0.05%
Fortive CorpFTV	COWZ +0.18 points	0.23%	0.05%
Coeur Mining Inc.CDE	COWZ +0.13 points	0.17%	0.04%

All 102 COWZ holdings⁠All 871 IWD 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.

COWZ vs IWD Cost

Overpaying COWZ vs IWD

$6,043

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

COWZ 0.49%
$9,792
IWD 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

COWZ 0.49%
IWD 0.18%
Overpaying

Year by year

Year	COWZ	IWD	Overpaying
10	$883	$328	$555
20	$3,394	$1,281	$2,113
30	$9,792	$3,749	$6,043

Expense ratio

0.49%COWZ
0.18%IWD, cheaper

IWD0.18%COWZ0.49%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IWD 16th cheapest of 40 funds

COWZ 32nd cheapest of 40 funds

COWZ vs IWD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): COWZ 1.91%, better; IWD 1.37%
Payout (12M): COWZ $1.36; IWD $3.53
Last payment: COWZ $0.43; IWD $0.93
Ex-dividend: COWZ Sep 3, 2026; IWD Sep 15, 2026
Paid on: COWZ Sep 8, 2026; IWD Sep 18, 2026
Frequency: COWZ Quarterly; IWD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

COWZQuarterly · 39 paymentsAll COWZ payments⁠

IWDQuarterly · 39 paymentsAll IWD payments⁠

COWZ vs IWD Risk

Fall from peak · 5 years

COWZ
IWD

Risk facts

VolatilityStd dev, 3 years: COWZ 14.7%IWD 12.1%, better
Return per unit of riskSharpe ratio, 3 years: COWZ 0.82IWD 1.42, better
Worst fallMax drawdown, 5 years: COWZ −22.0%IWD −19.0%, better
Market sensitivityBeta, 5 years: COWZ 0.74IWD 0.85; Market = 1

COWZ and IWD in the news

All news⁠

Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026COWZIWD
Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026IWD
Head-to-Head
IWD vs VBR: a lower fee does not buy the other value portfolio
12 hours agoIWD
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026IWD
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IWD
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026IWD

Popular comparisons

COWZCvsSCHVA
Pacer US Cash Cows 100 ETF · Schwab U.S. Large-Cap Value ETF
Expense ratio
0.49% · 0.04%
Category
IWDAvsSCHVA
iShares Russell 1000 Value ETF · Schwab U.S. Large-Cap Value ETF
Expense ratio
0.18% · 0.04%
Category
COWZCvsVTVA
Pacer US Cash Cows 100 ETF · Vanguard Morningstar Value ETF
Expense ratio
0.49% · 0.03%
Category
IWDAvsVTVA
iShares Russell 1000 Value ETF · Vanguard Morningstar Value ETF
Expense ratio
0.18% · 0.03%
Category
COWZCvsIUSVA
Pacer US Cash Cows 100 ETF · iShares Core S&P U.S. Value ETF
Expense ratio
0.49% · 0.04%
Category
IWDAvsIUSVA
iShares Russell 1000 Value ETF · iShares Core S&P U.S. Value ETF
Expense ratio
0.18% · 0.04%
Category

COWZ vs IWD

In short

Stated mandate

Why people hold it