COWS vs. VEGI

Last updated Jun 4, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and VEGI (iShares MSCI Agriculture Producers ETF) are both Mid Cap Value Equities funds - COWS tracks the Kelly US Cash Flow Dividend Leaders Index while VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past year, COWS returned 30.18% vs 14.94% for VEGI. A 0.67 correlation means they provide meaningful diversification when combined. COWS charges 0.00%/yr vs 0.39%/yr for VEGI.

Performance

COWS vs. VEGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and iShares MSCI Agriculture Producers ETF (VEGI). 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 lower than VEGI's 16.98% return.

COWS

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

VEGI

• 1D: 0.58%
• 1M: -1.31%
• YTD: 16.98%
• 6M: 16.00%
• 1Y: 14.94%
• 3Y*: 8.09%
• 5Y*: 3.61%
• 10Y*: 8.58%

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

COWS vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	9.22%	15.29%	11.08%	9.28%
VEGI iShares MSCI Agriculture Producers ETF	16.98%	11.34%	-4.85%	-1.76%

Correlation

The correlation between COWS and VEGI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.67

Over the past year, the correlation between COWS and VEGI has dropped to 0.45 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

COWS vs. VEGI - Sectors Allocation Comparison

Sectors	COWS	VEGI
Technology	21.0%	-
Industrials	18.7%	34.2%
Financial Services	17.2%	-
Consumer Cyclical	10.9%	-
Energy	8.2%	-
Healthcare	8.0%	-
Basic Materials	6.0%	31.7%
Communication Services	4.7%	-
Utilities	2.8%	-
Consumer Defensive	2.4%	33.3%
Real Estate	-	-

Return for Risk

COWS vs. VEGI — 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

VEGI

VEGI Risk / Return Rank: 30
VEGI Sharpe Ratio Rank: 28
VEGI Sortino Ratio Rank: 29
VEGI Omega Ratio Rank: 27
VEGI Calmar Ratio Rank: 40
VEGI Martin Ratio Rank: 27

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. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) and iShares MSCI Agriculture Producers ETF (VEGI). 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	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.02	+0.86
Sortino ratio: Return per unit of downside risk	2.76	1.57	+1.19
Omega ratio: Gain probability vs. loss probability	1.33	1.18	+0.15
Calmar ratio: Return relative to maximum drawdown	4.71	2.00	+2.70
Martin ratio: Return relative to average drawdown	14.35	3.86	+10.49
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. VEGI - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.88, which is higher than the VEGI Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of COWS and VEGI, 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	VEGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.02	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.20	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.34	+0.56

Drawdowns

COWS vs. VEGI - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum VEGI drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for COWS and VEGI.

Drawdown Indicators

	COWS	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-37.37%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-7.49%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.37%	—
Current Drawdown Current decline from peak	-0.90%	-4.33%	+3.43%
Average Drawdown Average peak-to-trough decline	-3.95%	-9.82%	+5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	3.88%	-1.77%

Volatility

COWS vs. VEGI - Volatility Comparison

Amplify Cash Flow Dividend Leaders ETF (COWS) and iShares MSCI Agriculture Producers ETF (VEGI) have volatilities of 4.58% and 4.52%, 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	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.52%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	11.80%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	14.75%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	17.88%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	18.94%	-0.09%

COWS vs. VEGI - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than VEGI's 0.39% expense ratio.

Dividends

COWS vs. VEGI - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.60%, less than VEGI's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWS Amplify Cash Flow Dividend Leaders ETF	1.60%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEGI iShares MSCI Agriculture Producers ETF	1.99%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both COWS and VEGI in my portfolio?

COWS and VEGI have a correlation of 0.45, 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 VEGI?

COWS has higher volatility (4.58%) compared to VEGI (4.52%). In terms of maximum drawdown, COWS dropped -24.76% vs VEGI's -37.37%.

Which ETF is better, COWS or VEGI?

On 1-year performance, COWS leads with 30.18% vs 14.94% for VEGI. On fees, COWS is cheaper at 0.00% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or VEGI?

Over the 1-year period, COWS has performed better with a 30.18% return vs 14.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or VEGI?

COWS is cheaper with a 0.00% expense ratio, compared with 0.39% for VEGI.

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

VEGI has the higher dividend yield at 1.99%, compared with 1.60% for COWS.

What is the main difference between COWS and VEGI?

COWS tracks Kelly US Cash Flow Dividend Leaders Index, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.00% for COWS and 0.39% for VEGI.

Which has better risk-adjusted returns?

COWS currently has the higher Sharpe Ratio (1.88 vs 1.02), 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.