BAGY vs. IBIT

Last updated Jul 12, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. BAGY is actively managed, while IBIT is passively managed. Over the past year, BAGY returned -44.81% vs -46.09% for IBIT. With a 0.98 correlation, they move nearly in lockstep. BAGY charges 0.65%/yr vs 0.25%/yr for IBIT.

Performance

BAGY vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, BAGY achieves a -25.14% return, which is significantly higher than IBIT's -27.03% return.

BAGY

• 1D: 1.32%
• 1M: -1.70%
• 6M: -27.88%
• YTD: -25.14%
• 1Y: -44.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 1.17%
• 1M: 0.53%
• 6M: -29.18%
• YTD: -27.03%
• 1Y: -46.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAGY vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-25.14%	-8.33%
IBIT iShares Bitcoin Trust ETF	-27.03%	-7.85%

Correlation

The correlation between BAGY and IBIT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.98

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

Return for Risk

BAGY vs. IBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
BAGY Calmar Ratio Rank: 1
BAGY Martin Ratio Rank: 1

IBIT

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

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.

BAGY vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.99	-0.05
Sortino ratio: Return per unit of downside risk	-1.52	-1.45	-0.07
Omega ratio: Gain probability vs. loss probability	0.82	0.84	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.82	-0.05
Martin ratio: Return relative to average drawdown	-1.47	-1.35	-0.12

BAGY vs. IBIT - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -1.04, which is comparable to the IBIT Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BAGY and IBIT, 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. IBIT - Drawdown Comparison

The maximum BAGY drawdown since its inception was -50.68%, roughly equal to the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for BAGY and IBIT.

Drawdown Indicators

	BAGY	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-53.30%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-50.68%	-53.30%	+2.62%
Current Drawdown Current decline from peak	-47.33%	-49.18%	+1.85%
Average Drawdown Average peak-to-trough decline	-21.88%	-17.51%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.28%	32.56%	-2.28%

Volatility

BAGY vs. IBIT - Volatility Comparison

The current volatility for Amplify Bitcoin Max Income Covered Call ETF (BAGY) is 10.51%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 11.12%. This indicates that BAGY experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.51%	11.12%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	34.70%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	43.08%	44.47%	-1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.05%	49.98%	-8.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.05%	49.98%	-8.93%

BAGY vs. IBIT - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

BAGY vs. IBIT - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.58%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.58%	30.16%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BAGY and IBIT in my portfolio?

With a correlation of 0.98, BAGY and IBIT 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 IBIT?

IBIT has higher volatility (11.12%) compared to BAGY (10.51%). In terms of maximum drawdown, BAGY dropped -50.68% vs IBIT's -53.30%.

Which ETF is better, BAGY or IBIT?

On 1-year performance, BAGY leads with -44.81% vs -46.09% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, BAGY has been the lower-risk option at 10.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or IBIT?

Over the 1-year period, BAGY has performed better with a -44.81% return vs -46.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.58%, compared with 0.00% for IBIT.

What is the main difference between BAGY and IBIT?

BAGY is categorized as Derivative Income, while IBIT is Cryptocurrency. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.65% for BAGY and 0.25% for IBIT.

Which has better risk-adjusted returns?

IBIT currently has the higher Sharpe Ratio (-0.99 vs -1.04), 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.