BAGY vs. SPY

Last updated Jun 4, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while SPY is a S&P 500 fund tracking the S&P 500 Index. BAGY is actively managed, while SPY is passively managed. Over the past year, BAGY returned -37.04% vs 27.98% for SPY. At a 0.48 correlation, their price movements are largely independent. BAGY charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

BAGY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAGY achieves a -21.90% return, which is significantly lower than SPY's 10.91% return.

BAGY

• 1D: -2.73%
• 1M: -20.28%
• YTD: -21.90%
• 6M: -24.70%
• 1Y: -37.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BAGY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%
SPY State Street SPDR S&P 500 ETF	10.91%	24.09%

Correlation

The correlation between BAGY and SPY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.48

The correlation between BAGY and SPY has been stable across timeframes, ranging from 0.48 to 0.50 - a consistent structural relationship.

BAGY vs. SPY - Sectors Allocation Comparison

Sectors	BAGY	SPY
Financial Services	26.5%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

BAGY vs. SPY — Risk / Return Rank

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

BAGY

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) and State Street SPDR S&P 500 ETF (SPY). 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.

	BAGY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.38	-3.27
Sortino ratio: Return per unit of downside risk	-1.20	3.24	-4.44
Omega ratio: Gain probability vs. loss probability	0.86	1.43	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.78	3.16	-3.95
Martin ratio: Return relative to average drawdown	-1.41	14.72	-16.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAGY vs. SPY - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -0.89, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BAGY and SPY, 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

	BAGY	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	2.38	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	0.59	-1.24

Drawdowns

BAGY vs. SPY - Drawdown Comparison

The maximum BAGY drawdown since its inception was -47.52%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BAGY and SPY.

Drawdown Indicators

	BAGY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-47.52%	-55.19%	+7.67%
Max Drawdown (1Y) Largest decline over 1 year	-47.52%	-8.88%	-38.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-45.06%	-0.70%	-44.36%
Average Drawdown Average peak-to-trough decline	-19.61%	-9.05%	-10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.28%	1.91%	+24.37%

Volatility

BAGY vs. SPY - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 9.89% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	2.84%	+7.05%
Volatility (6M) Calculated over the trailing 6-month period	33.39%	8.90%	+24.49%
Volatility (1Y) Calculated over the trailing 1-year period	41.93%	11.83%	+30.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.86%	17.05%	+23.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.86%	17.94%	+22.92%

BAGY vs. SPY - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BAGY vs. SPY - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.25%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BAGY and SPY in my portfolio?

BAGY and SPY have a correlation of 0.50, 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 SPY?

BAGY has higher volatility (9.89%) compared to SPY (2.84%). In terms of maximum drawdown, BAGY dropped -47.52% vs SPY's -55.19%.

Which ETF is better, BAGY or SPY?

On 1-year performance, SPY leads with 27.98% vs -37.04% for BAGY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.25%, compared with 0.98% for SPY.

What is the main difference between BAGY and SPY?

BAGY is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Amplify and State Street. Their fees differ too: 0.65% for BAGY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.89), 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.