HCOW vs. VOO

Last updated Jun 4, 2026

HCOW (Amplify Cash Flow High Income ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while VOO is a S&P 500 fund tracking the S&P 500 Index. HCOW is actively managed, while VOO is passively managed. Over the past year, HCOW returned 21.68% vs 28.04% for VOO. A 0.64 correlation means they provide meaningful diversification when combined. HCOW charges 0.65%/yr vs 0.03%/yr for VOO.

Performance

HCOW vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) and Vanguard S&P 500 ETF (VOO). 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 lower than VOO's 10.91% return.

HCOW

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

HCOW vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCOW Amplify Cash Flow High Income ETF	4.48%	5.76%	7.63%	6.44%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	8.83%

Correlation

The correlation between HCOW and VOO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	0.64

The correlation between HCOW and VOO has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.

HCOW vs. VOO - Sectors Allocation Comparison

Sectors	HCOW	VOO
Technology	21.0%	35.7%
Industrials	18.7%	8.3%
Financial Services	17.2%	11.6%
Consumer Cyclical	10.9%	10.2%
Energy	8.2%	3.5%
Healthcare	8.0%	8.5%
Basic Materials	6.0%	1.8%
Communication Services	4.7%	11.3%
Utilities	2.8%	2.4%
Consumer Defensive	2.4%	4.9%
Real Estate	-	1.9%

Return for Risk

HCOW vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO 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.

HCOW vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.39	-0.81
Sortino ratio: Return per unit of downside risk	2.35	3.25	-0.91
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.15
Calmar ratio: Return relative to maximum drawdown	3.46	3.16	+0.30
Martin ratio: Return relative to average drawdown	11.15	14.73	-3.58
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. VOO - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.57, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HCOW and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.39	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.89	-0.37

Drawdowns

HCOW vs. VOO - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for HCOW and VOO.

Drawdown Indicators

	HCOW	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-33.99%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-8.90%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.36%	-0.70%	+0.34%
Average Drawdown Average peak-to-trough decline	-4.88%	-3.69%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.91%	+0.04%

Volatility

HCOW vs. VOO - Volatility Comparison

Amplify Cash Flow High Income ETF (HCOW) has a higher volatility of 3.63% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that HCOW's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCOW	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	2.84%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	8.90%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	11.80%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	16.81%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	18.01%	-0.41%

HCOW vs. VOO - Expense Ratio Comparison

HCOW has a 0.65% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

HCOW vs. VOO - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.73%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCOW Amplify Cash Flow High Income ETF	11.73%	10.88%	8.13%	1.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both HCOW and VOO in my portfolio?

HCOW and VOO have a correlation of 0.63, 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 VOO?

HCOW has higher volatility (3.63%) compared to VOO (2.84%). In terms of maximum drawdown, HCOW dropped -24.15% vs VOO's -33.99%.

Which ETF is better, HCOW or VOO?

On 1-year performance, VOO leads with 28.04% vs 21.68% for HCOW. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCOW or VOO?

Over the 1-year period, VOO has performed better with a 28.04% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.65% for HCOW.

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

HCOW has the higher dividend yield at 11.73%, compared with 1.03% for VOO.

What is the main difference between HCOW and VOO?

HCOW is categorized as Large Cap Value Equities, while VOO is S&P 500. They also come from different issuers: Amplify and Vanguard. Their fees differ too: 0.65% for HCOW and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 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.