COWS vs. HCOW

Last updated Jun 4, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and HCOW (Amplify Cash Flow High Income ETF) are both exchange-traded funds - COWS is a Mid Cap Value Equities fund tracking the Kelly US Cash Flow Dividend Leaders Index, while HCOW is a Large Cap Value Equities fund actively managed by Amplify. COWS is passively managed, while HCOW is actively managed. Over the past year, COWS returned 30.18% vs 21.68% for HCOW. With a 0.95 correlation, they move nearly in lockstep. COWS charges 0.00%/yr vs 0.65%/yr for HCOW.

Performance

COWS vs. HCOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and Amplify Cash Flow High Income ETF (HCOW). 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 HCOW's 4.48% return.

COWS

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

HCOW

• 1D: -0.36%
• 1M: 3.03%
• YTD: 4.48%
• 6M: 4.26%
• 1Y: 21.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COWS vs. HCOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	9.22%	15.29%	11.08%	10.60%
HCOW Amplify Cash Flow High Income ETF	4.48%	5.76%	7.63%	6.44%

Correlation

The correlation between COWS and HCOW is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	0.96

The correlation between COWS and HCOW has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

COWS vs. HCOW - Sectors Allocation Comparison

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

Return for Risk

COWS vs. HCOW — 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

HCOW

HCOW Risk / Return Rank: 53
HCOW Sharpe Ratio Rank: 44
HCOW Sortino Ratio Rank: 47
HCOW Omega Ratio Rank: 44
HCOW Calmar Ratio Rank: 69
HCOW Martin Ratio Rank: 62

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. HCOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) and Amplify Cash Flow High Income ETF (HCOW). 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	HCOW	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.57	+0.31
Sortino ratio Return per unit of downside risk	2.76	2.35	+0.41
Omega ratio Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio Return relative to maximum drawdown	4.71	3.46	+1.25
Martin ratio Return relative to average drawdown	14.35	11.15	+3.20
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. HCOW - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.88, which is comparable to the HCOW Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of COWS and HCOW, 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	HCOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.57	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.52	+0.38

Drawdowns

COWS vs. HCOW - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, roughly equal to the maximum HCOW drawdown of -24.15%. Use the drawdown chart below to compare losses from any high point for COWS and HCOW.

Drawdown Indicators

	COWS	HCOW	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-24.15%	-0.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-6.29%	-0.15%
Current Drawdown Current decline from peak	-0.90%	-0.36%	-0.54%
Average Drawdown Average peak-to-trough decline	-3.95%	-4.88%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	1.95%	+0.16%

Volatility

COWS vs. HCOW - Volatility Comparison

Amplify Cash Flow Dividend Leaders ETF (COWS) has a higher volatility of 4.58% compared to Amplify Cash Flow High Income ETF (HCOW) at 3.63%. This indicates that COWS's price experiences larger fluctuations and is considered to be riskier than HCOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWS	HCOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	3.63%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	8.74%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	13.89%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	17.60%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	17.60%	+1.25%

COWS vs. HCOW - Expense Ratio Comparison

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

Dividends

COWS vs. HCOW - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.60%, less than HCOW's 11.73% yield.

Position	TTM	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	1.60%	2.04%	2.08%	0.67%
HCOW Amplify Cash Flow High Income ETF	11.73%	10.88%	8.13%	1.99%

Frequently Asked Questions

Can I hold both COWS and HCOW in my portfolio?

With a correlation of 0.96, COWS and HCOW 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, COWS or HCOW?

COWS has higher volatility (4.58%) compared to HCOW (3.63%). In terms of maximum drawdown, COWS dropped -24.76% vs HCOW's -24.15%.

Which ETF is better, COWS or HCOW?

On 1-year performance, COWS leads with 30.18% vs 21.68% for HCOW. On fees, COWS is cheaper at 0.00% per year. On volatility, HCOW has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or HCOW?

Over the 1-year period, COWS has performed better with a 30.18% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or HCOW?

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

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

HCOW has the higher dividend yield at 11.73%, compared with 1.60% for COWS.

What is the main difference between COWS and HCOW?

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

Which has better risk-adjusted returns?

COWS currently has the higher Sharpe Ratio (1.88 vs 1.57), 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.