COWS vs. IWS

Last updated Jun 24, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - COWS tracks the Kelly US Cash Flow Dividend Leaders Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past year, COWS returned 27.27% vs 26.77% for IWS. Their correlation of 0.87 suggests significant overlap in exposure. COWS charges 0.00%/yr vs 0.23%/yr for IWS.

Performance

COWS vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COWS achieves a 8.83% return, which is significantly lower than IWS's 15.78% return.

COWS

• 1D: 0.40%
• 1M: 2.83%
• YTD: 8.83%
• 6M: 8.14%
• 1Y: 27.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

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

COWS vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	8.83%	15.29%	11.08%	9.31%
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	7.97%

Correlation

The correlation between COWS and IWS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.87

The correlation between COWS and IWS has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

COWS vs. IWS - Sectors Allocation Comparison

Sectors	COWS	IWS
Technology	24.3%	18.7%
Industrials	22.9%	16.2%
Financial Services	15.8%	13.7%
Consumer Cyclical	9.7%	8.5%
Healthcare	7.7%	7.6%
Energy	6.9%	7.4%
Communication Services	4.1%	3.1%
Basic Materials	3.4%	5.3%
Consumer Defensive	2.8%	4.7%
Utilities	2.2%	6.6%
Real Estate	-	8.3%

Return for Risk

COWS vs. IWS — Risk / Return Rank

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

COWS

COWS Risk / Return Rank: 62
COWS Sharpe Ratio Rank: 52
COWS Sortino Ratio Rank: 54
COWS Omega Ratio Rank: 49
COWS Calmar Ratio Rank: 83
COWS Martin Ratio Rank: 73

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS 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.

COWS vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	COWS	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.98	-0.31
Sortino ratio: Return per unit of downside risk	2.46	2.83	-0.37
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	4.26	3.57	+0.69
Martin ratio: Return relative to average drawdown	12.80	13.39	-0.58

COWS vs. IWS - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.67, which is comparable to the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of COWS and IWS, 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

COWS vs. IWS - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for COWS and IWS.

Drawdown Indicators

	COWS	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-62.40%	+37.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-7.53%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.83%	—
Current Drawdown Current decline from peak	-1.66%	-1.24%	-0.42%
Average Drawdown Average peak-to-trough decline	-3.89%	-8.00%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.00%	+0.14%

Volatility

COWS vs. IWS - Volatility Comparison

Amplify Cash Flow Dividend Leaders ETF (COWS) has a higher volatility of 4.87% compared to iShares Russell Mid-Cap Value ETF (IWS) at 4.37%. This indicates that COWS's price experiences larger fluctuations and is considered to be riskier than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWS	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.37%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	10.12%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	13.57%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.80%	17.33%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	19.35%	-0.55%

COWS vs. IWS - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than IWS's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

COWS vs. IWS - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.61%, more than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWS Amplify Cash Flow Dividend Leaders ETF	1.61%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWS iShares Russell Mid-Cap Value ETF	1.34%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%

Frequently Asked Questions

Can I hold both COWS and IWS in my portfolio?

COWS and IWS have a correlation of 0.84, 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 IWS?

COWS has higher volatility (4.87%) compared to IWS (4.37%). In terms of maximum drawdown, COWS dropped -24.76% vs IWS's -62.40%.

Which ETF is better, COWS or IWS?

On 1-year performance, COWS leads with 27.27% vs 26.77% for IWS. On fees, COWS is cheaper at 0.00% per year. On volatility, IWS has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or IWS?

Over the 1-year period, COWS has performed better with a 27.27% return vs 26.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or IWS?

COWS is cheaper with a 0.00% expense ratio, compared with 0.23% for IWS.

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

COWS has the higher dividend yield at 1.61%, compared with 1.34% for IWS.

What is the main difference between COWS and IWS?

COWS tracks Kelly US Cash Flow Dividend Leaders Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.00% for COWS and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.98 vs 1.67), 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.