BITY vs. BAGY

Last updated Jun 23, 2026

BITY (Amplify Bitcoin 2% Monthly Option Income ETF) and BAGY (Amplify Bitcoin Max Income Covered Call ETF) are both Derivative Income funds from Amplify. Both are actively managed. Over the past year, BITY returned -36.66% vs -36.45% for BAGY. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.65% expense ratio.

Performance

BITY vs. BAGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin 2% Monthly Option Income ETF (BITY) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BITY having a -23.61% return and BAGY slightly higher at -22.48%.

BITY

• 1D: 2.79%
• 1M: -14.93%
• YTD: -23.61%
• 6M: -24.22%
• 1Y: -36.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAGY

• 1D: 2.77%
• 1M: -15.35%
• YTD: -22.48%
• 6M: -23.01%
• 1Y: -36.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITY vs. BAGY - Yearly Performance Comparison

	2026 (YTD)	2025
BITY Amplify Bitcoin 2% Monthly Option Income ETF	-23.61%	-7.84%
BAGY Amplify Bitcoin Max Income Covered Call ETF	-22.48%	-8.33%

Correlation

The correlation between BITY and BAGY is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.99

The correlation between BITY and BAGY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

BITY vs. BAGY — Risk / Return Rank

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

BITY

BITY Risk / Return Rank: 2
BITY Sharpe Ratio Rank: 2
BITY Sortino Ratio Rank: 2
BITY Omega Ratio Rank: 2
BITY Calmar Ratio Rank: 3
BITY Martin Ratio Rank: 2

BAGY

BAGY Risk / Return Rank: 2
BAGY Sharpe Ratio Rank: 2
BAGY Sortino Ratio Rank: 3
BAGY Omega Ratio Rank: 3
BAGY Calmar Ratio Rank: 3
BAGY 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.

BITY vs. BAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin 2% Monthly Option Income ETF (BITY) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). 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.

	BITY	BAGY	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.86	-0.04
Sortino ratio: Return per unit of downside risk	-1.22	-1.13	-0.09
Omega ratio: Gain probability vs. loss probability	0.86	0.87	0.00
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.73	0.00
Martin ratio: Return relative to average drawdown	-1.29	-1.30	0.00

BITY vs. BAGY - Sharpe Ratio Comparison

The current BITY Sharpe Ratio is -0.90, which is comparable to the BAGY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BITY and BAGY, 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

BITY vs. BAGY - Drawdown Comparison

The maximum BITY drawdown since its inception was -50.04%, roughly equal to the maximum BAGY drawdown of -49.84%. Use the drawdown chart below to compare losses from any high point for BITY and BAGY.

Drawdown Indicators

	BITY	BAGY	Difference
Max Drawdown Largest peak-to-trough decline	-50.04%	-49.84%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-50.04%	-49.84%	-0.20%
Current Drawdown Current decline from peak	-45.85%	-45.46%	-0.39%
Average Drawdown Average peak-to-trough decline	-20.74%	-20.67%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.39%	28.18%	+0.21%

Volatility

BITY vs. BAGY - Volatility Comparison

Amplify Bitcoin 2% Monthly Option Income ETF (BITY) and Amplify Bitcoin Max Income Covered Call ETF (BAGY) have volatilities of 13.51% and 13.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITY	BAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.51%	13.82%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	31.74%	33.82%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	40.98%	42.85%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.46%	41.24%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.46%	41.24%	-1.78%

BITY vs. BAGY - Expense Ratio Comparison

Both BITY and BAGY have an expense ratio of 0.65%.

Dividends

BITY vs. BAGY - Dividend Comparison

BITY's dividend yield for the trailing twelve months is around 39.92%, less than BAGY's 58.68% yield.

Position	TTM	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.68%	30.16%
BITY Amplify Bitcoin 2% Monthly Option Income ETF	39.92%	21.53%

Frequently Asked Questions

Can I hold both BITY and BAGY in my portfolio?

With a correlation of 0.99, BITY and BAGY 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, BITY or BAGY?

BAGY has higher volatility (13.82%) compared to BITY (13.51%). In terms of maximum drawdown, BITY dropped -50.04% vs BAGY's -49.84%.

Which ETF is better, BITY or BAGY?

On 1-year performance, BAGY leads with -36.45% vs -36.66% for BITY. Both ETFs have the same 0.65% expense ratio. On volatility, BITY has been the lower-risk option at 13.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITY or BAGY?

Over the 1-year period, BAGY has performed better with a -36.45% return vs -36.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITY or BAGY?

BITY and BAGY have the same expense ratio: 0.65% per year.

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

BAGY has the higher dividend yield at 58.68%, compared with 39.92% for BITY.

Which has better risk-adjusted returns?

BAGY currently has the higher Sharpe Ratio (-0.85 vs -0.90), 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.