HCOW vs. BITY

Last updated Jun 4, 2026

HCOW (Amplify Cash Flow High Income ETF) and BITY (Amplify Bitcoin 2% Monthly Option Income ETF) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while BITY is a Derivative Income fund actively managed by Amplify. Both are actively managed. Over the past year, HCOW returned 21.68% vs -37.35% for BITY. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

HCOW vs. BITY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) and Amplify Bitcoin 2% Monthly Option Income ETF (BITY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCOW achieves a 4.48% return, which is significantly higher than BITY's -23.09% return.

HCOW

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

BITY

• 1D: -2.61%
• 1M: -19.63%
• YTD: -23.09%
• 6M: -26.69%
• 1Y: -37.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HCOW vs. BITY - Yearly Performance Comparison

	2026 (YTD)	2025
HCOW Amplify Cash Flow High Income ETF	4.48%	18.99%
BITY Amplify Bitcoin 2% Monthly Option Income ETF	-23.09%	-8.21%

Correlation

The correlation between HCOW and BITY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.33

Return for Risk

HCOW vs. BITY — Risk / Return Rank

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

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

BITY

BITY Risk / Return Rank: 2
BITY Sharpe Ratio Rank: 2
BITY Sortino Ratio Rank: 2
BITY Omega Ratio Rank: 2
BITY Calmar Ratio Rank: 2
BITY 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.

HCOW vs. BITY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) and Amplify Bitcoin 2% Monthly Option Income ETF (BITY). 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.

	HCOW	BITY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.94	+2.51
Sortino ratio: Return per unit of downside risk	2.35	-1.30	+3.65
Omega ratio: Gain probability vs. loss probability	1.28	0.85	+0.43
Calmar ratio: Return relative to maximum drawdown	3.46	-0.81	+4.27
Martin ratio: Return relative to average drawdown	11.15	-1.41	+12.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCOW vs. BITY - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.57, which is higher than the BITY Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of HCOW and BITY, 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

	HCOW	BITY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	-0.94	+2.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	-0.70	+1.22

Drawdowns

HCOW vs. BITY - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, smaller than the maximum BITY drawdown of -46.36%. Use the drawdown chart below to compare losses from any high point for HCOW and BITY.

Drawdown Indicators

	HCOW	BITY	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-46.36%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-46.36%	+40.07%
Current Drawdown Current decline from peak	-0.36%	-45.49%	+45.13%
Average Drawdown Average peak-to-trough decline	-4.88%	-19.67%	+14.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	26.48%	-24.53%

Volatility

HCOW vs. BITY - Volatility Comparison

The current volatility for Amplify Cash Flow High Income ETF (HCOW) is 3.63%, while Amplify Bitcoin 2% Monthly Option Income ETF (BITY) has a volatility of 9.68%. This indicates that HCOW experiences smaller price fluctuations and is considered to be less risky than BITY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCOW	BITY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	9.68%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	31.24%	-22.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	39.94%	-26.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	39.02%	-21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	39.02%	-21.42%

HCOW vs. BITY - Expense Ratio Comparison

Both HCOW and BITY have an expense ratio of 0.65%.

Dividends

HCOW vs. BITY - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.73%, less than BITY's 39.66% yield.

Position	TTM	2025	2024	2023
BITY Amplify Bitcoin 2% Monthly Option Income ETF	39.66%	21.53%	0.00%	0.00%
HCOW Amplify Cash Flow High Income ETF	11.73%	10.88%	8.13%	1.99%

Frequently Asked Questions

Can I hold both HCOW and BITY in my portfolio?

HCOW and BITY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCOW or BITY?

BITY has higher volatility (9.68%) compared to HCOW (3.63%). In terms of maximum drawdown, HCOW dropped -24.15% vs BITY's -46.36%.

Which ETF is better, HCOW or BITY?

On 1-year performance, HCOW leads with 21.68% vs -37.35% for BITY. Both ETFs have the same 0.65% expense ratio. 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, HCOW or BITY?

Over the 1-year period, HCOW has performed better with a 21.68% return vs -37.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or BITY?

HCOW and BITY have the same expense ratio: 0.65% per year.

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

BITY has the higher dividend yield at 39.66%, compared with 11.73% for HCOW.

What is the main difference between HCOW and BITY?

HCOW is categorized as Large Cap Value Equities, while BITY is Derivative Income.

Which has better risk-adjusted returns?

HCOW currently has the higher Sharpe Ratio (1.57 vs -0.94), 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.