ICOW vs VDV: Grades, Fees and Holdings Compared

Pacer Developed Markets International Cash Cows 100 ETF

ICOWCCboe

Vanguard Developed Markets Ex-US Value Index ETF

VDVBCboe

Overlap

12.1%by weight

Expense ratio

VDV −0.57pt a year

ICOW0.65%VDV0.08%

Avg volume · 30D

ICOW 16.4×the volume

ICOW135KVDV8.24K

ICOW vs VDV Performance

Aug 7, 2026 – Nov 9, 2026

−1.0%ICOW−2.0%VDV

Expense ratio: ICOW 0.65%; VDV 0.08%, better
Fund size: ICOW $1.76B; VDV $46M
1Y total return: ICOW +20.9%; VDV No data
Yield (12M): ICOW 3.96%; VDV No data
Holdings: ICOW 106; VDV 758
Avg volume (30D): ICOW 135K sh, better; VDV 8.24K sh
NAV per share: ICOW $42.81; VDV $74.67
52W range

ETF.net Grade

Pillar letters and Scores for ICOW, VDV, with each pillar’s weight
Pillar	ICOW	VDV
Cost30% weight	F3	A97Higher
Mission25% weight	A88	Not scored
Risk15% weight	B56	B59Higher
Tradability15% weight	A70Higher	F19
Holdings10% weight	D39	A77Higher
Durability5% weight	C53Higher	F21

Rank among International Value Index funds

How we build Categories ›

Same Category. ICOW and VDV are both graded against the same 12 International Value Index funds, so their Grades compare head to head.

International Value Index⁠

Category · 12 funds

See all 12 ›

VDV ranks 3rd and ICOW 9th of 12 funds in the International Value Index Category.

Rank 1ADFIVDimensional International Value ETFScore 75
Rank 2BEFViShares MSCI EAFE Value ETFScore 69
Rank 3BVDVVanguard Developed Markets Ex-US Value Index ETFScore 66
Rank 4BEWJViShares MSCI Japan Value ETFScore 65
Rank 8BIVLUiShares MSCI Intl Value Factor ETFScore 60
Rank 9CICOWPacer Developed Markets International Cash Cows 100 ETFScore 48
Rank 10CAVNVAvantis All International Markets Value ETF 9Score 42

Our read on each fund

ETF.net Research

ICOWCPacer Developed Markets International Cash Cows 100 ETF

VDVBVanguard Developed Markets Ex-US Value Index ETF

In short

ICOW Cash flow is the yardstick here, not book value. ICOW screens the FTSE Developed ex-US index and holds the 100 companies with the highest free-cash-flow yield: international value measured by money that actually landed.

VDV No data

Stated mandate

ICOW The fund seeks capital appreciation through a rules-based screen of the FTSE Developed ex-US Index that selects 100 international companies based on free-cash-flow yield.

VDV No data

Why people hold it

ICOW One rule, no drift: rank developed ex-US companies on free-cash-flow yield, keep the top 100. The screen is mechanical, so no manager talks themselves into a story stock.paceretfs.com
Cash generation is harder to dress up than a low price-to-book, so the portfolio leans value and quality from the same screen.
Running since 2017, now a multi-billion-dollar fund with moderate trading volume that distributes quarterly.

VDV No data

Worth knowing

ICOW At 0.65% a year it costs roughly double the international-value median, and cheaper broad options sit in the same aisle (DFIV 0.27%, EFV 0.31%).
About 110 holdings, so single names and sectors carry more weight than in a broad international value index.
Against its international-value peers it lands in the lower half overall, with fee and portfolio breadth doing most of the work.

VDV No data

Full ICOW profile⁠

Full VDV profile⁠

ICOW vs VDV Holdings

How ICOW and VDV differ

Overlap by weight

12.1%

Shared holdings make up 76.9% of ICOW and 12.1% of VDV.

Level by level

Holdings65 in both12.1%
Sector11 Sectors67.2%
Countryby domicile80.4%
Asset classStocks100%

Sector

Sector weights in ICOW and VDV, widest gap first
Sector	Gap	ICOW	VDV
Financials	VDV +23.4 points	0.0%	23.4%
Industrials	ICOW +9.2 points	22.8%	13.6%
Consumer Discretionary	ICOW +8.1 points	14.5%	6.4%
Communication	ICOW +8.0 points	13.0%	5.0%
Utilities	VDV +4.8 points	0.0%	4.8%
Energy	ICOW +3.6 points	13.0%	9.4%
Real Estate	VDV +2.6 points	0.0%	2.6%
Technology	VDV +2.0 points	8.7%	10.7%
Health Care	ICOW +1.8 points	9.3%	7.5%
Consumer Staples	ICOW +1.4 points	9.3%	7.9%
Materials	ICOW +0.8 points	9.4%	8.6%

Country, concentration and asset class

Country by domicile

Country weights in ICOW and VDV, widest gap first
Country	Gap	ICOW	VDV
France	ICOW +6.4 points	13.2%	6.8%
Switzerland	VDV +4.4 points	2.2%	6.6%
South Korea	VDV +4.3 points	5.5%	9.8%
Australia	VDV +3.9 points	1.3%	5.2%
United Kingdom	ICOW +3.0 points	13.1%	10.1%
Italy	VDV +2.7 points	0.0%	2.7%
Hong Kong	ICOW +2.2 points	3.9%	1.7%
Sweden	ICOW +1.2 points	3.4%	2.2%
Other countries (20)	ICOW +2.5 points	57.4%	54.9%

Outside the US: ICOW 93% developed, 7% emerging. VDV 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

ICOW22.5%
VDV15.4%

Securities held

ICOW100
VDV744

Asset class

ICOW: Stocks
VDV: Stocks

Holdings

Only in ICOW35
In both65
Only in VDV679

Only in ICOW

35 securities, 22.7% of ICOW by weight

Agnico Eagle Mines Ltd2.34%
Ryanair Holdings PLC1.14%
Kinross Gold Corp1.14%
Henkel AG & Co Kgaa1.13%
Fresenius Medical Care AG1.01%
Carrefour SA0.98%
Eiffage SA0.97%
Wolters Kluwer NV0.96%
CGI Inc0.86%
Tenaris SA0.83%
Bombardier Inc0.82%
ACS Actividades de Construccion y Servicios SA0.80%
Galaxy Entertainment Group Ltd0.79%
Continental AG0.69%
Evolution AB0.67%
Lundin Gold Inc0.65%
WH Group Ltd0.62%
Var Energi ASA0.55%
Galp Energia SGPS SA0.54%
Bunzl PLC0.53%
Quebecor Inc Classb0.52%
MMG Ltd0.49%
Akzo Nobel NV0.41%
Open Text Corp0.40%
Hyundai Rotem Co Ltd0.38%
Pearson PLC0.37%
Logitech International SA0.37%
Zalando SE0.33%
Samsung E&A Co Ltd0.30%
Shenzhou International Group Holdings Ltd0.26%
AAC Technologies Holdings Inc0.23%
Autotrader Group PLC0.22%
Sumitomo Pharma Co Ltd0.18%
LG CNS Co Ltd0.13%
JGC Holdings Corp0.07%

Only in VDV

679 securities, 88.0% of VDV by weight

Samsung Electronics Co Ltd4.12%
Nestle SA1.82%
Toyota Motor Corp1.69%
Allianz SE1.40%
TotalEnergies SE1.36%
AstraZeneca PLC1.10%
Roche Holding AG0.94%
BHP Group Ltd0.94%
British American Tobacco PLC0.92%
Samsung Electronics-Pref0.89%
Mitsubishi Corp0.87%
Bank of Nova Scotia/The0.87%
BNP Paribas SA0.82%
Enbridge Inc0.81%
Zurich Insurance Group AG0.80%
ING Groep NV0.79%
Novartis AG0.78%
Rio Tinto PLC0.78%
Canadian Natural Resources Ltd0.76%
Toronto-Dominion Bank/The0.72%
Banco Santander SA0.64%
Hitachi Ltd0.61%
Brookfield Corp0.61%
Axa SA0.60%
National Grid PLC0.60%
Enel SpA0.58%
Iberdrola SA0.56%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen0.56%
AIA Group Ltd0.56%
Manulife Financial Corp0.55%
Panasonic Holdings Corp0.55%
Glencore PLC0.53%
Bank of Montreal0.52%
Intesa Sanpaolo SpA0.50%
CSL Ltd0.48%
TC Energy Corp0.47%
Siemens Energy AG0.46%
Nintendo Co Ltd0.46%
Nebius Group NV0.44%
Nokia Oyj0.42%
ITOCHU Corp0.41%
Societe Generale SA0.40%
Marubeni Corp0.40%
Basf SE0.40%
Swiss Re AG0.39%
Generali0.38%
Westpac Banking Corp0.38%
Eni SpA0.38%
Murata Manufacturing Co Ltd0.38%
Mitsui & Co Ltd0.38%

Weight gaps

All 65 Holdings in both funds, largest gap first.

Holding weights in ICOW and VDV, widest gap first
Holding	Gap	ICOW	VDV
Takeda Pharmaceutical Co Ltd	ICOW +2.21 points	2.67%	0.46%
LY Corp	ICOW +2.09 points	2.15%	0.06%
DHL Group	ICOW +1.91 points	2.14%	0.23%
CK Hutchison Holdings Ltd	ICOW +1.86 points	2.05%	0.19%
Vodafone Group PLCVOD.L	ICOW +1.86 points	2.10%	0.24%
Swisscom AG	ICOW +1.74 points	1.89%	0.15%
Sony Group Corp	ICOW +1.74 points	2.35%	0.61%
KDDI Corp	ICOW +1.73 points	2.16%	0.43%
Barrick Mining Corp	ICOW +1.69 points	2.05%	0.36%
International Consolidated Airlines Group SAIAG.L	ICOW +1.66 points	1.70%	0.04%
Imperial Brands PLCIMB.L	ICOW +1.60 points	1.79%	0.19%
Koninklijke Ahold Delhaize NV	ICOW +1.59 points	1.84%	0.25%
Suncor Energy Inc	ICOW +1.58 points	2.20%	0.62%
Telefonica SA	ICOW +1.56 points	1.68%	0.12%
Tesco PLCTSCO.L	ICOW +1.54 points	1.84%	0.30%
Publicis Groupe SA	ICOW +1.49 points	1.59%	0.10%
Aeon Co Ltd	ICOW +1.49 points	1.67%	0.18%
Vinci SA	ICOW +1.44 points	1.73%	0.29%
Cie de Saint-Gobain SA	ICOW +1.38 points	1.65%	0.27%
Sanofi SA	ICOW +1.37 points	2.07%	0.70%
Bridgestone Corp	ICOW +1.26 points	1.47%	0.21%
Shell PLCSHEL.L	ICOW +1.25 points	2.30%	1.05%
Capgemini SE	ICOW +1.25 points	1.35%	0.10%
Fortescue Ltd	ICOW +1.18 points	1.33%	0.15%
Astellas Pharma Inc	ICOW +1.16 points	1.37%	0.21%
Bp PLCBP.L	ICOW +1.14 points	2.04%	0.90%
Magna International Inc	ICOW +1.14 points	1.27%	0.13%
Dassault Systemes SE	ICOW +1.07 points	1.10%	0.03%
Telefonaktiebolaget LM Ericsson	ICOW +1.06 points	1.26%	0.20%
Inpex Corp	ICOW +1.06 points	1.15%	0.09%
Bouygues SA	ICOW +1.03 points	1.11%	0.08%
ENEOS Holdings Inc	ICOW +1.03 points	1.22%	0.19%
Deutsche Telekom AG	ICOW +1.02 points	1.81%	0.79%
Idemitsu Kosan Co Ltd	ICOW +0.96 points	1.03%	0.07%
Nippon Yusen KK	ICOW +0.95 points	1.09%	0.14%
H & M Hennes & Mauritz AB	ICOW +0.94 points	0.99%	0.05%
HD Korea Shipbuilding & Offshore Engineering Co Ltd	ICOW +0.94 points	0.97%	0.03%
Rakuten Group Inc	ICOW +0.89 points	0.94%	0.05%
Singapore Airlines Ltd	ICOW +0.84 points	0.87%	0.03%
Koninklijke Philips NV	ICOW +0.84 points	0.99%	0.15%
Cie Generale des Etablissements Michelin SCA	ICOW +0.72 points	0.93%	0.21%
Bandai Namco Holdings Inc	ICOW +0.69 points	0.75%	0.06%
Kia Corp	ICOW +0.68 points	0.83%	0.15%
Fresnillo PLCFRES.L	ICOW +0.68 points	0.73%	0.05%
Neste Oyj	ICOW +0.64 points	0.77%	0.13%
Samsung Heavy Industries Co Ltd	ICOW +0.60 points	0.68%	0.08%
Hyundai Glovis Co Ltd	ICOW +0.59 points	0.62%	0.03%
Kirin Holdings Co Ltd	ICOW +0.55 points	0.66%	0.11%
Shionogi & Co Ltd	ICOW +0.50 points	0.56%	0.06%
Hyundai Mobis Co Ltd	ICOW +0.48 points	0.57%	0.09%
Pan American Silver Corp	ICOW +0.46 points	0.54%	0.08%
Kawasaki Kisen Kaisha Ltd	ICOW +0.44 points	0.47%	0.03%
Wartsila OYJ Abp	ICOW +0.42 points	0.46%	0.04%
Nippon Express Holdings Inc	ICOW +0.34 points	0.40%	0.06%
Unicharm Corp	ICOW +0.31 points	0.37%	0.06%
Tele2 AB	ICOW +0.32 points	0.38%	0.06%
Hitachi Construction Machinery Co Ltd	ICOW +0.28 points	0.32%	0.04%
Shimizu Corp	ICOW +0.23 points	0.29%	0.06%
Samsung SDS Co Ltd	ICOW +0.23 points	0.28%	0.05%
LG Corp	ICOW +0.21 points	0.26%	0.05%
Kakao Corp	ICOW +0.20 points	0.26%	0.06%
Modec Inc	ICOW +0.20 points	0.21%	0.01%
MatsukiyoCocokara & Co	ICOW +0.20 points	0.24%	0.04%
Yokogawa Electric Corp	ICOW +0.14 points	0.16%	0.02%
Trend Micro Inc/Japan	ICOW +0.14 points	0.16%	0.02%

All 109 ICOW holdings⁠All 738 VDV 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.

ICOW vs VDV Cost

Overpaying ICOW vs VDV

$11,028

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

ICOW 0.65%
$12,717
VDV 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

ICOW 0.65%
VDV 0.08%
Overpaying

Year by year

Year	ICOW	VDV	Overpaying
10	$1,163	$147	$1,016
20	$4,440	$575	$3,865
30	$12,717	$1,689	$11,028

Expense ratio

0.65%ICOW
0.08%VDV, cheaper

VDV0.08%ICOW0.65%

0.08%0.65%

Middle half of International Value Index funds
Median 0.31%

VDV cheapest of 12 funds

ICOW 12th cheapest of 12 funds

ICOW vs VDV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): ICOW 3.96%; VDV No data
Payout (12M): ICOW $1.73; VDV No data
Last payment: ICOW $0.94; VDV $0.49
Ex-dividend: ICOW Sep 3, 2026; VDV Sep 18, 2026
Paid on: ICOW Sep 8, 2026; VDV Sep 22, 2026
Frequency: ICOW Quarterly; VDV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ICOWQuarterly · 37 paymentsAll ICOW payments⁠

VDVQuarterly · 2 paymentsAll VDV payments⁠

ICOW vs VDV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ICOW 12.6%VDV No data
Return per unit of riskSharpe ratio, 3 years: ICOW 1.06VDV No data
Worst fallMax drawdown, 5 years: ICOW −27.8%VDV No data
Market sensitivityBeta, 5 years: ICOW 0.75VDV 0.77; Market = 1

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