COWS vs. BAGY

Last updated Jun 4, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and BAGY (Amplify Bitcoin Max Income Covered Call ETF) are both exchange-traded funds - COWS is a Mid Cap Value Equities fund tracking the Kelly US Cash Flow Dividend Leaders Index, while BAGY is a Derivative Income fund actively managed by Amplify. COWS is passively managed, while BAGY is actively managed. Over the past year, COWS returned 30.18% vs -37.04% for BAGY. At a 0.34 correlation, their price movements are largely independent. COWS charges 0.00%/yr vs 0.65%/yr for BAGY.

Performance

COWS vs. BAGY - Performance Comparison

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

Returns By Period

In the year-to-date period, COWS achieves a 9.22% return, which is significantly higher than BAGY's -21.90% return.

COWS

• 1D: -0.63%
• 1M: 5.01%
• YTD: 9.22%
• 6M: 9.70%
• 1Y: 30.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAGY

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

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

COWS vs. BAGY - Yearly Performance Comparison

	2026 (YTD)	2025
COWS Amplify Cash Flow Dividend Leaders ETF	9.22%	27.77%
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%

Correlation

The correlation between COWS and BAGY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.34

COWS vs. BAGY - Sectors Allocation Comparison

Sectors	COWS	BAGY
Technology	21.0%	-
Industrials	18.7%	-
Financial Services	17.2%	26.5%
Consumer Cyclical	10.9%	-
Energy	8.2%	-
Healthcare	8.0%	-
Basic Materials	6.0%	-
Communication Services	4.7%	-
Utilities	2.8%	-
Consumer Defensive	2.4%	-
Real Estate	-	-

Return for Risk

COWS vs. BAGY — Risk / Return Rank

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

COWS

COWS Risk / Return Rank: 65
COWS Sharpe Ratio Rank: 55
COWS Sortino Ratio Rank: 57
COWS Omega Ratio Rank: 53
COWS Calmar Ratio Rank: 85
COWS Martin Ratio Rank: 75

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

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.

COWS vs. BAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) 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.

	COWS	BAGY	Difference
Sharpe ratio Return per unit of total volatility	1.88	-0.89	+2.77
Sortino ratio Return per unit of downside risk	2.76	-1.20	+3.96
Omega ratio Gain probability vs. loss probability	1.33	0.86	+0.47
Calmar ratio Return relative to maximum drawdown	4.71	-0.78	+5.49
Martin ratio Return relative to average drawdown	14.35	-1.41	+15.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COWS vs. BAGY - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.88, which is higher than the BAGY Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of COWS 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.

Sharpe Ratios by Period

	COWS	BAGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	-0.89	+2.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	-0.66	+1.56

Drawdowns

COWS vs. BAGY - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum BAGY drawdown of -47.52%. Use the drawdown chart below to compare losses from any high point for COWS and BAGY.

Drawdown Indicators

	COWS	BAGY	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-47.52%	+22.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-47.52%	+41.08%
Current Drawdown Current decline from peak	-0.90%	-45.06%	+44.16%
Average Drawdown Average peak-to-trough decline	-3.95%	-19.61%	+15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	26.28%	-24.17%

Volatility

COWS vs. BAGY - Volatility Comparison

The current volatility for Amplify Cash Flow Dividend Leaders ETF (COWS) is 4.58%, while Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a volatility of 9.89%. This indicates that COWS experiences smaller price fluctuations and is considered to be less risky than BAGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWS	BAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	9.89%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	33.39%	-23.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	41.93%	-25.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	40.86%	-22.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	40.86%	-22.01%

COWS vs. BAGY - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than BAGY's 0.65% expense ratio.

Dividends

COWS vs. BAGY - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.60%, less than BAGY's 58.25% yield.

Position	TTM	2025	2024	2023
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%	0.00%
COWS Amplify Cash Flow Dividend Leaders ETF	1.60%	2.04%	2.08%	0.67%

Frequently Asked Questions

Can I hold both COWS and BAGY in my portfolio?

COWS and BAGY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COWS or BAGY?

BAGY has higher volatility (9.89%) compared to COWS (4.58%). In terms of maximum drawdown, COWS dropped -24.76% vs BAGY's -47.52%.

Which ETF is better, COWS or BAGY?

On 1-year performance, COWS leads with 30.18% vs -37.04% for BAGY. On fees, COWS is cheaper at 0.00% per year. On volatility, COWS has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or BAGY?

Over the 1-year period, COWS has performed better with a 30.18% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or BAGY?

COWS is cheaper with a 0.00% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.25%, compared with 1.60% for COWS.

What is the main difference between COWS and BAGY?

COWS is categorized as Mid Cap Value Equities, while BAGY is Derivative Income. Their fees differ too: 0.00% for COWS and 0.65% for BAGY.

Which has better risk-adjusted returns?

COWS currently has the higher Sharpe Ratio (1.88 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.