ECOW vs PXH: Grades, Fees and Holdings Compared

Pacer Emerging Markets Cash Cows 100 ETF

ECOWDNasdaq

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

8.9%by weight

Expense ratio

PXH −0.23pt a year

ECOW0.70%PXH0.47%

Avg volume · 30D

PXH 6.1×the volume

ECOW36.8KPXH223K

5Y return · a year

PXH +2.7pt

ECOW+7.0%PXH+9.7%

ECOW vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+40.6%ECOW+59.1%PXH

Expense ratio: ECOW 0.70%; PXH 0.47%, better
Fund size: ECOW $194M; PXH $1.94B
1Y total return: ECOW +7.9%; PXH +13.1%, better
Yield (12M): ECOW 5.95%, better; PXH 4.13%
Holdings: ECOW 107; PXH 365
Avg volume (30D): ECOW 36.8K sh; PXH 223K sh, better
NAV per share: ECOW $25.50; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for ECOW, PXH, with each pillar’s weight
Pillar	ECOW	PXH
Cost30% weight	F23	C44Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B56	B63Higher
Tradability15% weight	D39	A77Higher
Holdings10% weight	C49	B55Higher
Durability5% weight	D37	A76Higher

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. ECOW and PXH are both graded against the same 10 Emerging Markets Factor Index funds, so their Grades compare head to head.

Emerging Markets Factor Index⁠

Category · 10 funds

See all 10 ›

PXH ranks 4th and ECOW 8th of 10 funds in the Emerging Markets Factor Index Category.

Rank 1AEEMViShares MSCI Emerging Markets Min Vol Factor ETFScore 78
Rank 2BEELVInvesco S&P Emerging Markets Low Volatility ETFScore 66
Rank 3BFNDESchwab Fundamental Emerging Markets Large Company Index ETFScore 64
Rank 4BPXHInvesco RAFI Emerging Markets ETFScore 57
Rank 5CBLESInspire Global Hope ETFScore 50
Rank 7CDEHPDimensional Emerging Markets High Profitability ETFScore 42
Rank 8DECOWPacer Emerging Markets Cash Cows 100 ETFScore 37
Rank 9DPIEInvesco Dorsey Wright Emerging Markets Momentum ETFScore 30

Our read on each fund

ETF.net Research

ECOWDPacer Emerging Markets Cash Cows 100 ETF

PXHBInvesco RAFI Emerging Markets ETF

In short

ECOW The emerging-markets arm of Pacer's Cash Cows family: rank the FTSE Emerging universe by free cash flow yield, keep the 100 best, then cap any single country or sector at 20 names. Cap-weighted EM this is not.

PXH Most emerging-markets funds size positions by share price. PXH sizes them by economic footprint (sales, cash flow, dividends, book value), the fundamental-indexing approach it has run since 2007. A value-tilted EM portfolio built from the accounting statements up.

Stated mandate

ECOW The Fund seeks capital appreciation by screening the FTSE Emerging Markets Index for 100 emerging-market companies with high free cash flow yield.

PXH The Fund seeks to track, before fees and expenses, the investment results of the RAFI strategy.

Why people hold it

ECOW Ranks the FTSE Emerging Markets universe on trailing free cash flow yield, holds the top 100, and weights them by the cash they actually generate, capped at 2% each.sec.gov
Caps of 20 companies per country and per sector loosen the China-and-Taiwan grip built into standard cap-weighted emerging-markets indexes.sec.gov
Size and liquidity screens apply before the ranking: no sub-$2B market caps, no names trading under $5M a day. Live since 2019, pays quarterly.sec.gov

PXH Position sizes come from book value, cash flow, sales and dividends, not market price, so a stock rallying does not automatically earn a bigger slot in the fund.invesco.com lseg.com
Running since 2007, one of the longest-lived fundamental-index plays in emerging markets, now at billion-dollar scale and moderately traded.
Roughly 400 stocks across emerging markets, paid out quarterly. Broad coverage rather than a concentrated country or sector bet.

Worth knowing

ECOW Costs 0.70% a year, above the typical emerging-markets factor fund. Low-vol peers EEMV (0.25%) and EELV (0.29%) run for a fraction of that.
Financials other than REITs are screened out entirely, so EM banks and insurers, a large slice of the asset class, never make the cut.sec.gov
A 100-stock, deep-value portfolio can move very differently from a broad EM index of hundreds of names, in both directions.sec.gov

PXH At 0.47% it costs a shade more than the 0.45% median index tracker, and multiples of the cheapest broad index funds (VT charges 0.06%).
Weighting by fundamentals means the portfolio can look very different from cap-weighted EM benchmarks, and move differently from them for long stretches.lseg.com invesco.com
The benchmark switched in 2025 (it was the FTSE RAFI Emerging Index before), so the fund's long history predates today's selection rules.invesco.com

Full ECOW profile⁠

Full PXH profile⁠

ECOW vs PXH Holdings

As of Oct 23, 2026

How ECOW and PXH differ

Overlap by weight

8.9%

Shared holdings make up 48.7% of ECOW and 10.8% of PXH.

Level by level

Holdings34 in both8.9%
Sector11 Sectors54.0%
Countryby domicile61.0%
Asset classEquity100%

Sector

Sector weights in ECOW and PXH, widest gap first
Sector	More in ECOWMore in PXH	ECOW	PXH
Financials	PXH +27.8 points	0.0%	27.8%
Technology	PXH +16.7 points	3.4%	20.1%
Communication	ECOW +13.2 points	19.0%	5.8%
Consumer Staples	ECOW +8.4 points	11.2%	2.8%
Utilities	ECOW +5.6 points	7.9%	2.3%
Industrials	ECOW +4.8 points	9.8%	5.0%
Consumer Discretionary	ECOW +4.6 points	14.8%	10.2%
Health Care	ECOW +3.4 points	4.4%	1.0%
Energy	ECOW +3.3 points	16.4%	13.1%
Materials	ECOW +2.6 points	13.2%	10.6%
Real Estate	PXH +1.5 points	0.0%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in ECOW and PXH, widest gap first
Country	More in ECOWMore in PXH	ECOW	PXH
South Africa	ECOW +16.8 points	22.9%	6.1%
China	PXH +16.5 points	20.0%	36.5%
Taiwan	PXH +11.6 points	14.8%	26.4%
India	PXH +10.0 points	0.0%	10.0%
Mexico	ECOW +5.2 points	8.4%	3.2%
Greece	ECOW +3.4 points	3.4%	0.0%
Indonesia	ECOW +2.8 points	3.8%	1.0%
Malaysia	ECOW +2.7 points	3.6%	0.9%
Other countries (7)	ECOW +7.2 points	23.1%	15.9%

Outside the US: ECOW 0% developed, 100% emerging. PXH 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

ECOW22.8%
PXH28.4%

Securities held

ECOW101
PXH359

Asset class

ECOW: Equity
PXH: Equity

Holdings

Only in ECOW67
In both34
Only in PXH325

Only in ECOW

67 securities, 50.8% of ECOW by weight

Emirates Telecommunications Group Co PJSC2.22%
Dubai Electricity & Water Authority PJSC2.01%
Industrias Penoles SAB de CV1.93%
Motor Oil Hellas Corinth Refineries SA1.93%
Adnoc Gas PLC1.92%
Latam Airlines Group SA1.76%
TIM SA/Brazil1.59%
Geely Automobile Holdings Ltd1.55%
JD Health International Inc1.55%
CPFL Energia SA1.45%
ADNOC Drilling Co PJSC1.33%
3SBio Inc1.27%
Kunlun Energy Co Ltd1.27%
Zhejiang Leapmotor Technology Co Ltd1.22%
JD Logistics Inc1.20%
Ford Otomotiv Sanayi AS1.12%
Ooredoo QPSC1.11%
Central Retail Corp PCL1.08%
New Oriental Education & Technology Group Inc0.91%
PTT Oil & Retail Business PCL0.83%
MISC Bhd0.81%
Enel Chile SA0.81%
Talabat Holding PLC0.81%
United Integrated Services Co Ltd0.80%
Kumba Iron Ore Ltd0.77%
Richter Gedeon Nyrt0.77%
Bosideng International Holdings Ltd0.77%
Magyar Telekom Telecommunications PLC0.77%
Petronas Dagangan Bhd0.72%
Harmony Gold Mining Co Ltd0.71%
Hellenic Telecommunications Organization SA0.69%
President Chain Store Corp0.66%
Yadea Group Holdings Ltd0.64%
Iskenderun Demir ve Celik AS0.62%
Engie Brasil Energia SA0.61%
Bilibili Inc0.60%
Global Power Synergy PCL0.56%
Lojas Renner SA0.53%
Telekom Malaysia Bhd0.52%
Li Ning Co Ltd0.51%
Mr Price Group Ltd0.44%
Fertiglobe plc0.44%
Gruma SAB de CV0.43%
International Games System Co Ltd0.43%
Tongcheng Travel Holdings Ltd0.42%
Cheng Shin Rubber Industry Co Ltd0.41%
Enka Insaat ve Sanayi AS0.40%
Migros Ticaret AS0.40%
Kimberly-Clark de Mexico SAB de CV0.39%
Jumbo SA0.38%

Only in PXH

325 securities, 88.8% of PXH by weight

Taiwan Semiconductor Manufacturing Co Ltd5.84%
Alibaba Group Holding Ltd2.96%
China Construction Bank Corp2.86%
Hon Hai Precision Industry Co Ltd2.62%
Industrial & Commercial Bank of China Ltd2.15%
Tencent Holdings Ltd2.10%
MediaTek Inc1.72%
Bank of China Ltd1.70%
Vale SA1.67%
JD.com Inc1.59%
Ping An Insurance Group Co of China Ltd1.30%
PetroChina Co Ltd1.13%
Nan Ya Plastics Corp0.98%
China Petroleum & Chemical Corp0.95%
China Merchants Bank Co Ltd0.94%
Reliance Industries Ltd0.93%
Ptt Pcl0.83%
ASE Technology Holding Co Ltd0.80%
PDD Holdings Inc0.78%
United Microelectronics Corp0.77%
Agricultural Bank of China Ltd0.75%
Evergreen Marine Corp Taiwan Ltd0.71%
HDFC Bank Ltd0.69%
ICICI Bank Ltd0.65%
Itau Unibanco Holding SA0.62%
Saudi Arabian Oil Co0.61%
Infosys Ltd0.58%
Fubon Financial Holding Co Ltd0.58%
Lenovo Group Ltd0.57%
Grupo Financiero Banorte SAB de CV0.55%
Asustek Computer Inc0.54%
Xiaomi Corp0.52%
Meituan0.51%
Grupo Mexico SAB de CV0.51%
Baidu Inc0.50%
CTBC Financial Holding Co Ltd0.49%
America Movil SAB de CV0.48%
Innolux Corp0.48%
Valterra Platinum Ltd0.47%
China Shenhua Energy Co Ltd0.47%
Cathay Financial Holding Co Ltd0.46%
Bank of Communications Co Ltd0.43%
Banco Bradesco SA0.41%
FirstRand Ltd0.40%
Banco do Brasil SA0.39%
Formosa Plastics Corp0.39%
Standard Bank Group Ltd0.38%
AUO Corp0.38%
PICC Property & Casualty Co Ltd0.38%
State Bank of India0.37%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in ECOW and PXH, widest gap first
Holding	More in ECOWMore in PXH	ECOW	PXH
Formosa Petrochemical Corp	ECOW +2.60 points	2.74%	0.14%
Turkiye Petrol Rafinerileri AS	ECOW +2.21 points	2.49%	0.28%
Axia Energia SA	ECOW +2.10 points	2.32%	0.22%
Telefonica Brasil SA	ECOW +1.90 points	2.00%	0.10%
Petroleo Brasileiro SA - Petrobras	PXH +1.88 points	2.85%	4.73%
Ambev SA	ECOW +1.87 points	2.07%	0.20%
Gold Fields Ltd	ECOW +1.81 points	1.99%	0.18%
Vodacom Group Ltd	ECOW +1.73 points	1.84%	0.11%
Astra International Tbk PT	ECOW +1.68 points	1.77%	0.09%
PTT Global Chemical PCL	ECOW +1.66 points	1.89%	0.23%
NetEase Inc	ECOW +1.63 points	2.04%	0.41%
Uni-President Enterprises Corp	ECOW +1.60 points	1.81%	0.21%
Wal-Mart de Mexico SAB de CV	ECOW +1.54 points	1.79%	0.25%
Fomento Economico Mexicano SAB de CV	ECOW +1.50 points	2.05%	0.55%
BYD Electronic International Co Ltd	ECOW +1.47 points	1.55%	0.08%
MTN Group Ltd	ECOW +1.45 points	1.82%	0.37%
Telkom Indonesia Persero Tbk PT	ECOW +1.37 points	1.52%	0.15%
Great Wall Motor Co Ltd	ECOW +1.26 points	1.30%	0.04%
Eva Airways Corp	ECOW +1.20 points	1.32%	0.12%
Anhui Conch Cement Co Ltd	ECOW +1.11 points	1.33%	0.22%
Shoprite Holdings Ltd	ECOW +1.06 points	1.22%	0.16%
Eregli Demir ve Celik Fabrikalari TAS	ECOW +1.01 points	1.14%	0.13%
Far Eastern New Century Corp	ECOW +1.00 points	1.09%	0.09%
Far EasTone Telecommunications Co Ltd	ECOW +0.93 points	1.03%	0.10%
Sime Darby Bhd	ECOW +0.90 points	0.95%	0.05%
Coca-Cola Femsa SAB de CV	ECOW +0.79 points	0.89%	0.10%
Sasol Ltd	ECOW +0.42 points	1.04%	0.62%
Bidvest Group Ltd	ECOW +0.40 points	0.50%	0.10%
Realtek Semiconductor Corp	ECOW +0.40 points	0.62%	0.22%
Bangkok Dusit Medical Services PCL	ECOW +0.33 points	0.42%	0.09%
Wan Hai Lines Ltd	ECOW +0.29 points	0.49%	0.20%
Asia Cement Corp	ECOW +0.29 points	0.37%	0.08%
Exxaro Resources Ltd	ECOW +0.26 points	0.33%	0.07%
Catcher Technology Co Ltd	ECOW +0.07 points	0.18%	0.11%

All 120 ECOW holdings⁠All 360 PXH 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.

ECOW vs PXH Cost

Overpaying ECOW vs PXH

$4,188

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

ECOW 0.70%
$13,606
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

ECOW 0.70%
PXH 0.47%
Overpaying

Year by year

Year	ECOW	PXH	Overpaying
10	$1,250	$847	$403
20	$4,760	$3,261	$1,499
30	$13,606	$9,418	$4,188

Expense ratio

0.70%ECOW
0.47%PXH, cheaper

PXH0.47%ECOW0.70%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

PXH 6th cheapest of 10 funds

ECOW 8th cheapest of 10 funds

ECOW vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ECOW 5.95%, better; PXH 4.13%
Payout (12M): ECOW $1.51; PXH $1.16
Last payment: ECOW $0.56; PXH $0.32
Ex-dividend: ECOW Sep 3, 2026; PXH Sep 21, 2026
Paid on: ECOW Sep 8, 2026; PXH Sep 25, 2026
Frequency: ECOW Quarterly; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ECOWQuarterly · 28 paymentsAll ECOW payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

ECOW vs PXH Risk

Fall from peak · 5 years

ECOW
PXH

Risk facts

VolatilityStd dev, 3 years: ECOW 12.5%PXH 11.2%, better
Return per unit of riskSharpe ratio, 3 years: ECOW 1.07PXH 1.49, better
Worst fallMax drawdown, 5 years: ECOW −33.3%PXH −29.6%, better
Market sensitivityBeta, 5 years: ECOW 0.80PXH 0.76; Market = 1

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