ISWN vs. BAGY

Last updated Jun 4, 2026

ISWN (Amplify BlackSwan ISWN ETF) and BAGY (Amplify Bitcoin Max Income Covered Call ETF) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while BAGY is a Derivative Income fund actively managed by Amplify. ISWN is passively managed, while BAGY is actively managed. Over the past year, ISWN returned 13.27% vs -37.04% for BAGY. At a 0.29 correlation, their price movements are largely independent. ISWN charges 0.49%/yr vs 0.65%/yr for BAGY.

Performance

ISWN vs. BAGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan ISWN ETF (ISWN) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISWN achieves a 4.28% return, which is significantly higher than BAGY's -21.90% return.

ISWN

• 1D: -0.80%
• 1M: 2.01%
• YTD: 4.28%
• 6M: 4.94%
• 1Y: 13.27%
• 3Y*: 8.12%
• 5Y*: -0.37%
• 10Y*: —

BAGY

• 1D: -2.73%
• 1M: -20.28%
• YTD: -21.90%
• 6M: -24.70%
• 1Y: -37.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISWN vs. BAGY - Yearly Performance Comparison

	2026 (YTD)	2025
ISWN Amplify BlackSwan ISWN ETF	4.28%	10.97%
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%

Correlation

The correlation between ISWN and BAGY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.29

ISWN vs. BAGY - Sectors Allocation Comparison

Sectors	ISWN	BAGY
Industrials	19.8%	-
Healthcare	10.6%	-
Technology	10.3%	-
Consumer Cyclical	7.7%	-
Consumer Defensive	6.7%	-
Basic Materials	5.9%	-
Communication Services	4.5%	-
Energy	4.0%	-
Utilities	4.0%	-
Real Estate	1.9%	-
Financial Services	1.6%	26.5%

Return for Risk

ISWN vs. BAGY — Risk / Return Rank

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

ISWN

ISWN Risk / Return Rank: 30
ISWN Sharpe Ratio Rank: 30
ISWN Sortino Ratio Rank: 29
ISWN Omega Ratio Rank: 30
ISWN Calmar Ratio Rank: 29
ISWN Martin Ratio Rank: 32

BAGY

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

ISWN vs. BAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) and Amplify Bitcoin Max Income Covered Call ETF (BAGY). 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.

	ISWN	BAGY	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-0.89	+1.98
Sortino ratio: Return per unit of downside risk	1.60	-1.20	+2.80
Omega ratio: Gain probability vs. loss probability	1.20	0.86	+0.34
Calmar ratio: Return relative to maximum drawdown	1.38	-0.78	+2.17
Martin ratio: Return relative to average drawdown	4.67	-1.41	+6.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISWN vs. BAGY - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.09, which is higher than the BAGY Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of ISWN and BAGY, 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

	ISWN	BAGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	-0.89	+1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.66	+0.67

Drawdowns

ISWN vs. BAGY - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, smaller than the maximum BAGY drawdown of -47.52%. Use the drawdown chart below to compare losses from any high point for ISWN and BAGY.

Drawdown Indicators

	ISWN	BAGY	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-47.52%	+15.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-47.52%	+37.89%
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	—	—
Current Drawdown Current decline from peak	-4.03%	-45.06%	+41.03%
Average Drawdown Average peak-to-trough decline	-16.17%	-19.61%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	26.28%	-23.43%

Volatility

ISWN vs. BAGY - Volatility Comparison

The current volatility for Amplify BlackSwan ISWN ETF (ISWN) is 4.67%, while Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a volatility of 9.89%. This indicates that ISWN experiences smaller price fluctuations and is considered to be less risky than BAGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISWN	BAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	9.89%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	33.39%	-23.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	41.93%	-29.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	40.86%	-29.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.57%	40.86%	-29.29%

ISWN vs. BAGY - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is lower than BAGY's 0.65% expense ratio.

Dividends

ISWN vs. BAGY - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.82%, less than BAGY's 58.25% yield.

Position	TTM	2025	2024	2023	2022	2021
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%	0.00%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.82%	2.89%	3.27%	2.91%	2.00%	0.76%

Frequently Asked Questions

Can I hold both ISWN and BAGY in my portfolio?

ISWN and BAGY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISWN or BAGY?

BAGY has higher volatility (9.89%) compared to ISWN (4.67%). In terms of maximum drawdown, ISWN dropped -32.35% vs BAGY's -47.52%.

Which ETF is better, ISWN or BAGY?

On 1-year performance, ISWN leads with 13.27% vs -37.04% for BAGY. On fees, ISWN is cheaper at 0.49% per year. On volatility, ISWN has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISWN or BAGY?

Over the 1-year period, ISWN has performed better with a 13.27% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISWN or BAGY?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.65% for BAGY.

Which ETF pays a higher dividend yield, ISWN or BAGY?

BAGY has the higher dividend yield at 58.25%, compared with 2.82% for ISWN.

What is the main difference between ISWN and BAGY?

ISWN is categorized as Options Trading, while BAGY is Derivative Income. Their fees differ too: 0.49% for ISWN and 0.65% for BAGY.

Which has better risk-adjusted returns?

ISWN currently has the higher Sharpe Ratio (1.09 vs -0.89), 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.