BAGY vs. BTCI

Last updated Aug 2, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, BAGY returned -43.56% vs -40.21% for BTCI. Their 0.97 correlation means they have historically moved very closely together. BAGY charges 0.65%/yr vs 0.99%/yr for BTCI.

Performance

BAGY vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BAGY having a -25.41% return and BTCI slightly lower at -25.73%.

BAGY

• 1D: -3.04%
• 1M: 2.02%
• 6M: -23.70%
• YTD: -25.41%
• 1Y: -43.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.15%

BTCI

• 1D: -2.39%
• 1M: 2.51%
• 6M: -23.02%
• YTD: -25.73%
• 1Y: -40.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BAGY Amplify Bitcoin Max Income Covered Call ETF	$101.08K	$73.24K	$162.64K
BTCI NEOS Bitcoin High Income ETF	$12.53M	$12.80M	$22.67M

BAGY vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-25.41%	-8.33%
BTCI NEOS Bitcoin High Income ETF	-25.73%	-3.92%

Correlation

The correlation between BAGY and BTCI is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.97

The correlation between BAGY and BTCI has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

BAGY vs. BTCI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BAGY

BAGY Risk / Return Rank: 1
BAGY Sharpe Ratio Rank: 1
BAGY Sortino Ratio Rank: 2
BAGY Omega Ratio Rank: 2
BAGY Calmar Ratio Rank: 1
BAGY Martin Ratio Rank: 1

BTCI

BTCI Risk / Return Rank: 1
BTCI Sharpe Ratio Rank: 1
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BAGY vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) and NEOS Bitcoin High Income ETF (BTCI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BAGY	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-1.05	0.00
Sortino ratio: Return per unit of downside risk	-1.56	-1.53	-0.03
Omega ratio: Gain probability vs. loss probability	0.82	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.87	-0.03
Martin ratio: Return relative to average drawdown	-1.41	-1.36	-0.05

BAGY vs. BTCI - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -1.05, which is comparable to the BTCI Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BAGY and BTCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BAGY vs. BTCI - Drawdown Comparison

The maximum BAGY drawdown since its inception was -50.68%, roughly equal to the maximum BTCI drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for BAGY and BTCI.

Drawdown Indicators

	BAGY	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-48.42%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-50.68%	-48.42%	-2.26%
Current Drawdown Current decline from peak	-47.52%	-45.08%	-2.44%
Average Drawdown Average peak-to-trough decline	-23.05%	-17.81%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.33%	30.79%	+1.54%

Volatility

BAGY vs. BTCI - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 9.56% compared to NEOS Bitcoin High Income ETF (BTCI) at 7.31%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	7.31%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	33.94%	30.70%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	40.00%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.73%	39.67%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.73%	39.67%	+1.06%

BAGY vs. BTCI - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

BAGY vs. BTCI - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 56.20%, more than BTCI's 41.26% yield.

Position	TTM	2025	2024
BAGY Amplify Bitcoin Max Income Covered Call ETF	56.20%	30.16%	0.00%
BTCI NEOS Bitcoin High Income ETF	41.26%	36.46%	6.76%

Frequently Asked Questions

Can I hold both BAGY and BTCI in my portfolio?

With a correlation of 0.98, BAGY and BTCI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BAGY or BTCI?

BAGY has higher volatility (9.56%) compared to BTCI (7.31%). In terms of maximum drawdown, BAGY dropped -50.68% vs BTCI's -48.42%.

Which ETF is better, BAGY or BTCI?

On 1-year performance, BTCI leads with -40.21% vs -43.56% for BAGY. On fees, BAGY is cheaper at 0.65% per year. On volatility, BTCI has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or BTCI?

Over the 1-year period, BTCI has performed better with a -40.21% return vs -43.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or BTCI?

BAGY is cheaper with a 0.65% expense ratio, compared with 0.99% for BTCI.

Which ETF pays a higher dividend yield, BAGY or BTCI?

BAGY has the higher dividend yield at 56.20%, compared with 41.26% for BTCI.

What is the main difference between BAGY and BTCI?

BAGY is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: Amplify and Neos. Their fees differ too: 0.65% for BAGY and 0.99% for BTCI.

Which has better risk-adjusted returns?

BTCI currently has the higher Sharpe Ratio (-1.05 vs -1.05), 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.