AMZY vs. ISWN

Last updated Jun 4, 2026

AMZY (YieldMax AMZN Option Income Strategy ETF) and ISWN (Amplify BlackSwan ISWN ETF) are both Options Trading funds. AMZY is actively managed, while ISWN is passively managed. Over the past year, AMZY returned 14.23% vs 13.27% for ISWN. At a 0.31 correlation, their price movements are largely independent. AMZY charges 0.99%/yr vs 0.49%/yr for ISWN.

Performance

AMZY vs. ISWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMZN Option Income Strategy ETF (AMZY) and Amplify BlackSwan ISWN ETF (ISWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZY achieves a 3.56% return, which is significantly lower than ISWN's 4.28% return.

AMZY

• 1D: -2.31%
• 1M: -6.16%
• YTD: 3.56%
• 6M: 3.86%
• 1Y: 14.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISWN

• 1D: -0.80%
• 1M: 2.01%
• YTD: 4.28%
• 6M: 4.94%
• 1Y: 13.27%
• 3Y*: 8.12%
• 5Y*: -0.37%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMZY vs. ISWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	3.56%	10.39%	35.28%	18.31%
ISWN Amplify BlackSwan ISWN ETF	4.28%	23.23%	-3.96%	2.06%

Correlation

The correlation between AMZY and ISWN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	0.31

Return for Risk

AMZY vs. ISWN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMZY

AMZY Risk / Return Rank: 18
AMZY Sharpe Ratio Rank: 18
AMZY Sortino Ratio Rank: 18
AMZY Omega Ratio Rank: 19
AMZY Calmar Ratio Rank: 18
AMZY Martin Ratio Rank: 17

ISWN

ISWN Risk / Return Rank: 30
ISWN Sharpe Ratio Rank: 30
ISWN Sortino Ratio Rank: 29
ISWN Omega Ratio Rank: 30
ISWN Calmar Ratio Rank: 29
ISWN Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMZY vs. ISWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMZN Option Income Strategy ETF (AMZY) and Amplify BlackSwan ISWN ETF (ISWN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AMZY	ISWN	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.09	-0.49
Sortino ratio: Return per unit of downside risk	0.95	1.60	-0.65
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	0.73	1.38	-0.66
Martin ratio: Return relative to average drawdown	1.81	4.67	-2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZY vs. ISWN - Sharpe Ratio Comparison

The current AMZY Sharpe Ratio is 0.61, which is lower than the ISWN Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of AMZY and ISWN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZY	ISWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	1.09	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.01	+0.93

Drawdowns

AMZY vs. ISWN - Drawdown Comparison

The maximum AMZY drawdown since its inception was -23.70%, smaller than the maximum ISWN drawdown of -32.35%. Use the drawdown chart below to compare losses from any high point for AMZY and ISWN.

Drawdown Indicators

	AMZY	ISWN	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-32.35%	+8.65%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-9.63%	-9.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.35%	—
Current Drawdown Current decline from peak	-7.53%	-4.03%	-3.50%
Average Drawdown Average peak-to-trough decline	-5.32%	-16.17%	+10.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	2.85%	+5.03%

Volatility

AMZY vs. ISWN - Volatility Comparison

YieldMax AMZN Option Income Strategy ETF (AMZY) has a higher volatility of 6.01% compared to Amplify BlackSwan ISWN ETF (ISWN) at 4.67%. This indicates that AMZY's price experiences larger fluctuations and is considered to be riskier than ISWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZY	ISWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	4.67%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	10.10%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	23.59%	12.20%	+11.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	11.67%	+13.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	11.57%	+13.49%

AMZY vs. ISWN - Expense Ratio Comparison

AMZY has a 0.99% expense ratio, which is higher than ISWN's 0.49% expense ratio.

Dividends

AMZY vs. ISWN - Dividend Comparison

AMZY's dividend yield for the trailing twelve months is around 57.72%, more than ISWN's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021
AMZY YieldMax AMZN Option Income Strategy ETF	57.72%	52.59%	47.91%	9.90%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.82%	2.89%	3.27%	2.91%	2.00%	0.76%

Frequently Asked Questions

Can I hold both AMZY and ISWN in my portfolio?

AMZY and ISWN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZY or ISWN?

AMZY has higher volatility (6.01%) compared to ISWN (4.67%). In terms of maximum drawdown, AMZY dropped -23.70% vs ISWN's -32.35%.

Which ETF is better, AMZY or ISWN?

On 1-year performance, AMZY leads with 14.23% vs 13.27% for ISWN. On fees, ISWN is cheaper at 0.49% per year. On volatility, ISWN has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZY or ISWN?

Over the 1-year period, AMZY has performed better with a 14.23% return vs 13.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZY or ISWN?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.99% for AMZY.

Which ETF pays a higher dividend yield, AMZY or ISWN?

AMZY has the higher dividend yield at 57.72%, compared with 2.82% for ISWN.

What is the main difference between AMZY and ISWN?

They also come from different issuers: YieldMax and Amplify. Their fees differ too: 0.99% for AMZY and 0.49% for ISWN.

Which has better risk-adjusted returns?

ISWN currently has the higher Sharpe Ratio (1.09 vs 0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.