COWS vs. SWAN

Last updated Apr 1, 2026

Compare and contrast key facts about Amplify Cash Flow Dividend Leaders ETF (COWS) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN).

COWS and SWAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. COWS is a passively managed fund by Amplify that tracks the performance of the Kelly US Cash Flow Dividend Leaders Index. It was launched on Sep 12, 2023. SWAN is a passively managed fund by Amplify that tracks the performance of the S-Network BlackSwan Core Index. It was launched on Nov 6, 2018. Both COWS and SWAN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

COWS vs. SWAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). The values are adjusted to include any dividend payments, if applicable.

COWS vs. SWAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	-0.53%	15.29%	11.08%	9.28%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	-3.58%	13.93%	13.44%	7.24%

Returns By Period

In the year-to-date period, COWS achieves a -0.53% return, which is significantly higher than SWAN's -3.58% return.

COWS

• 1D: 1.78%
• 1M: -4.77%
• YTD: -0.53%
• 6M: 4.15%
• 1Y: 19.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SWAN

• 1D: 1.86%
• 1M: -5.08%
• YTD: -3.58%
• 6M: -2.03%
• 1Y: 11.49%
• 3Y*: 9.86%
• 5Y*: 2.53%
• 10Y*: —

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

COWS vs. SWAN - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than SWAN's 0.49% expense ratio.

SWAN

Amplify BlackSwan Growth & Treasury Core ETF

COWS

Amplify Cash Flow Dividend Leaders ETF

Return for Risk

COWS vs. SWAN — Risk / Return Rank

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

COWS

COWS Risk / Return Rank: 51
COWS Sharpe Ratio Rank: 48
COWS Sortino Ratio Rank: 50
COWS Omega Ratio Rank: 52
COWS Calmar Ratio Rank: 49
COWS Martin Ratio Rank: 55

SWAN

SWAN Risk / Return Rank: 66
SWAN Sharpe Ratio Rank: 69
SWAN Sortino Ratio Rank: 69
SWAN Omega Ratio Rank: 58
SWAN Calmar Ratio Rank: 69
SWAN Martin Ratio Rank: 67

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. SWAN - Risk-Adjusted Trends Comparison

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

	COWS	SWAN	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.18	-0.33
Sortino ratio Return per unit of downside risk	1.32	1.70	-0.38
Omega ratio Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio Return relative to maximum drawdown	1.20	1.68	-0.48
Martin ratio Return relative to average drawdown	5.25	6.45	-1.20
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. SWAN - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 0.85, which is comparable to the SWAN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of COWS and SWAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	COWS	SWAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.18	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.49	+0.24

Correlation

The correlation between COWS and SWAN is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

COWS vs. SWAN - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.77%, less than SWAN's 3.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
COWS Amplify Cash Flow Dividend Leaders ETF	1.77%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	3.04%	2.86%	2.54%	2.98%	2.12%	5.04%	1.64%	3.69%	0.29%

Drawdowns

COWS vs. SWAN - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum SWAN drawdown of -31.04%. Use the drawdown chart below to compare losses from any high point for COWS and SWAN.

Drawdown Indicators

	COWS	SWAN	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-31.04%	+6.28%
Max Drawdown (1Y) Largest decline over 1 year	-16.70%	-7.05%	-9.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.04%	—
Current Drawdown Current decline from peak	-4.77%	-5.18%	+0.41%
Average Drawdown Average peak-to-trough decline	-4.12%	-9.07%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	1.83%	+1.99%

Volatility

COWS vs. SWAN - Volatility Comparison

Amplify Cash Flow Dividend Leaders ETF (COWS) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN) have volatilities of 4.20% and 4.11%, 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

	COWS	SWAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	4.11%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	6.86%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	22.88%	9.77%	+13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.10%	11.27%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.10%	12.50%	+6.60%