BAGY vs. IVVW

Last updated Jul 17, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. BAGY is actively managed, while IVVW is passively managed. Over the past year, BAGY returned -45.35% vs 18.13% for IVVW. At a 0.46 correlation, their price movements are largely independent. BAGY charges 0.65%/yr vs 0.25%/yr for IVVW.

Performance

BAGY vs. IVVW - 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 S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAGY achieves a -24.48% return, which is significantly lower than IVVW's 6.76% return.

BAGY

• 1D: -1.15%
• 1M: -4.23%
• 6M: -31.05%
• YTD: -24.48%
• 1Y: -45.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: -0.42%
• 1M: 1.37%
• 6M: 6.17%
• YTD: 6.76%
• 1Y: 18.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAGY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-24.48%	-8.33%
IVVW iShares S&P 500 BuyWrite ETF	6.76%	17.77%

Correlation

The correlation between BAGY and IVVW is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.46

Return for Risk

BAGY vs. IVVW — 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

IVVW

IVVW Risk / Return Rank: 86
IVVW Sharpe Ratio Rank: 86
IVVW Sortino Ratio Rank: 85
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 77
IVVW Martin Ratio Rank: 91

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. IVVW - 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 S&P 500 BuyWrite ETF (IVVW). 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	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	2.22	-3.27
Sortino ratio: Return per unit of downside risk	-1.56	3.06	-4.62
Omega ratio: Gain probability vs. loss probability	0.82	1.47	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.90	3.13	-4.03
Martin ratio: Return relative to average drawdown	-1.47	16.61	-18.08

BAGY vs. IVVW - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -1.05, which is lower than the IVVW Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of BAGY and IVVW, 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. IVVW - Drawdown Comparison

The maximum BAGY drawdown since its inception was -50.68%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for BAGY and IVVW.

Drawdown Indicators

	BAGY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-16.79%	-33.89%
Max Drawdown (1Y) Largest decline over 1 year	-50.68%	-5.81%	-44.87%
Current Drawdown Current decline from peak	-46.87%	-0.42%	-46.45%
Average Drawdown Average peak-to-trough decline	-22.22%	-1.69%	-20.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	1.09%	+29.77%

Volatility

BAGY vs. IVVW - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 11.19% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 2.51%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	2.51%	+8.68%
Volatility (6M) Calculated over the trailing 6-month period	34.64%	7.10%	+27.54%
Volatility (1Y) Calculated over the trailing 1-year period	43.30%	8.19%	+35.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.11%	12.57%	+28.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.11%	12.57%	+28.54%

BAGY vs. IVVW - Expense Ratio Comparison

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

Dividends

BAGY vs. IVVW - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.07%, more than IVVW's 19.07% yield.

Position	TTM	2025	2024
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.07%	30.16%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	19.07%	18.55%	13.72%

Frequently Asked Questions

Can I hold both BAGY and IVVW in my portfolio?

BAGY and IVVW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAGY or IVVW?

BAGY has higher volatility (11.19%) compared to IVVW (2.51%). In terms of maximum drawdown, BAGY dropped -50.68% vs IVVW's -16.79%.

Which ETF is better, BAGY or IVVW?

On 1-year performance, IVVW leads with 18.13% vs -45.35% for BAGY. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or IVVW?

Over the 1-year period, IVVW has performed better with a 18.13% return vs -45.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or IVVW?

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

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

BAGY has the higher dividend yield at 58.07%, compared with 19.07% for IVVW.

What is the main difference between BAGY and IVVW?

They also come from different issuers: Amplify and iShares. Their fees differ too: 0.65% for BAGY and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.22 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.