BAGY vs. SWAN

Last updated Jun 4, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and SWAN (Amplify BlackSwan Growth & Treasury Core ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while SWAN is a Diversified Portfolio fund tracking the S-Network BlackSwan Core Index. BAGY is actively managed, while SWAN is passively managed. Over the past year, BAGY returned -37.04% vs 17.67% for SWAN. At a 0.39 correlation, their price movements are largely independent. BAGY charges 0.65%/yr vs 0.49%/yr for SWAN.

Performance

BAGY vs. SWAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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 SWAN's 5.21% return.

BAGY

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

SWAN

• 1D: -0.61%
• 1M: 3.71%
• YTD: 5.21%
• 6M: 4.34%
• 1Y: 17.67%
• 3Y*: 12.85%
• 5Y*: 3.38%
• 10Y*: —

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

BAGY vs. SWAN - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	5.21%	15.13%

Correlation

The correlation between BAGY and SWAN is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.39

BAGY vs. SWAN - Sectors Allocation Comparison

Sectors	BAGY	SWAN
Financial Services	26.5%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

BAGY vs. SWAN — 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

SWAN

SWAN Risk / Return Rank: 54
SWAN Sharpe Ratio Rank: 55
SWAN Sortino Ratio Rank: 56
SWAN Omega Ratio Rank: 54
SWAN Calmar Ratio Rank: 50
SWAN Martin Ratio Rank: 56

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. SWAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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	SWAN	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.89	-2.78
Sortino ratio: Return per unit of downside risk	-1.20	2.71	-3.91
Omega ratio: Gain probability vs. loss probability	0.86	1.34	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.78	2.52	-3.30
Martin ratio: Return relative to average drawdown	-1.41	9.93	-11.34
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. SWAN - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -0.89, which is lower than the SWAN Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of BAGY and SWAN, 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	SWAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	1.89	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	0.58	-1.23

Drawdowns

BAGY vs. SWAN - Drawdown Comparison

The maximum BAGY drawdown since its inception was -47.52%, which is greater than SWAN's maximum drawdown of -31.04%. Use the drawdown chart below to compare losses from any high point for BAGY and SWAN.

Drawdown Indicators

	BAGY	SWAN	Difference
Max Drawdown Largest peak-to-trough decline	-47.52%	-31.04%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-47.52%	-7.05%	-40.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.04%	—
Current Drawdown Current decline from peak	-45.06%	-0.61%	-44.45%
Average Drawdown Average peak-to-trough decline	-19.61%	-8.88%	-10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.28%	1.78%	+24.50%

Volatility

BAGY vs. SWAN - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 9.89% compared to Amplify BlackSwan Growth & Treasury Core ETF (SWAN) at 3.48%. This indicates that BAGY's price experiences larger fluctuations and is considered to be riskier than SWAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	SWAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	3.48%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	33.39%	7.28%	+26.11%
Volatility (1Y) Calculated over the trailing 1-year period	41.93%	9.39%	+32.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.86%	11.33%	+29.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.86%	12.47%	+28.39%

BAGY vs. SWAN - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is higher than SWAN's 0.49% expense ratio.

Dividends

BAGY vs. SWAN - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.25%, more than SWAN's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	2.79%	2.86%	2.54%	2.98%	2.12%	5.04%	1.64%	3.69%	0.29%

Frequently Asked Questions

Can I hold both BAGY and SWAN in my portfolio?

BAGY and SWAN have a correlation of 0.42, 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 SWAN?

BAGY has higher volatility (9.89%) compared to SWAN (3.48%). In terms of maximum drawdown, BAGY dropped -47.52% vs SWAN's -31.04%.

Which ETF is better, BAGY or SWAN?

On 1-year performance, SWAN leads with 17.67% vs -37.04% for BAGY. On fees, SWAN is cheaper at 0.49% per year. On volatility, SWAN has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or SWAN?

Over the 1-year period, SWAN has performed better with a 17.67% 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 SWAN?

SWAN is cheaper with a 0.49% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.25%, compared with 2.79% for SWAN.

What is the main difference between BAGY and SWAN?

BAGY is categorized as Derivative Income, while SWAN is Diversified Portfolio. Their fees differ too: 0.65% for BAGY and 0.49% for SWAN.

Which has better risk-adjusted returns?

SWAN currently has the higher Sharpe Ratio (1.89 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.