ISWN vs. CTIF

Last updated Aug 2, 2026

ISWN (Amplify BlackSwan ISWN ETF) and CTIF (Castellan Targeted Income ETF) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while CTIF is a Derivative Income fund actively managed by Castellan. ISWN is passively managed, while CTIF is actively managed. Over the past year, ISWN returned 12.65% vs 13.36% for CTIF. Their 0.60 correlation means they have sometimes moved together and sometimes differently. ISWN charges 0.49%/yr vs 0.45%/yr for CTIF.

Performance

ISWN vs. CTIF - Performance Comparison

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

Returns By Period

In the year-to-date period, ISWN achieves a 4.88% return, which is significantly lower than CTIF's 9.32% return.

ISWN

• 1D: -0.78%
• 1M: -0.36%
• 6M: 1.64%
• YTD: 4.88%
• 1Y: 12.65%
• 3Y*: 8.59%
• 5Y*: -0.39%
• 10Y*: —
• ALL TIME*: 0.19%

CTIF

• 1D: 0.88%
• 1M: 4.08%
• 6M: 7.06%
• YTD: 9.32%
• 1Y: 13.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CTIF Castellan Targeted Income ETF	$185.99K	$160.92K	$255.19K
ISWN Amplify BlackSwan ISWN ETF	$43.70K	$37.63K	$41.07K

ISWN vs. CTIF - Yearly Performance Comparison

	2026 (YTD)	2025
ISWN Amplify BlackSwan ISWN ETF	4.88%	7.09%
CTIF Castellan Targeted Income ETF	9.32%	3.87%

Correlation

The correlation between ISWN and CTIF is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.60

The correlation between ISWN and CTIF has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

ISWN vs. CTIF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ISWN

ISWN Risk / Return Rank: 41
ISWN Sharpe Ratio Rank: 42
ISWN Sortino Ratio Rank: 42
ISWN Omega Ratio Rank: 41
ISWN Calmar Ratio Rank: 40
ISWN Martin Ratio Rank: 40

CTIF

CTIF Risk / Return Rank: 35
CTIF Sharpe Ratio Rank: 35
CTIF Sortino Ratio Rank: 34
CTIF Omega Ratio Rank: 32
CTIF Calmar Ratio Rank: 34
CTIF Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ISWN vs. CTIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) and Castellan Targeted Income ETF (CTIF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ISWN	CTIF	Difference
Sharpe ratio: Return per unit of total volatility	1.05	0.86	+0.19
Sortino ratio: Return per unit of downside risk	1.54	1.29	+0.26
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	1.40	1.17	+0.23
Martin ratio: Return relative to average drawdown	4.25	4.27	-0.02

ISWN vs. CTIF - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.05, which is comparable to the CTIF Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of ISWN and CTIF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISWN vs. CTIF - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, which is greater than CTIF's maximum drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for ISWN and CTIF.

Drawdown Indicators

	ISWN	CTIF	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-9.43%	-22.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-9.43%	-0.20%
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	-3.48%	-0.25%	-3.23%
Average Drawdown Average peak-to-trough decline	-15.81%	-1.76%	-14.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.59%	+0.58%

Volatility

ISWN vs. CTIF - Volatility Comparison

Amplify BlackSwan ISWN ETF (ISWN) and Castellan Targeted Income ETF (CTIF) have volatilities of 3.96% and 3.85%, 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

	ISWN	CTIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	3.85%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	9.76%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	12.83%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.92%	12.61%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	12.61%	-0.93%

ISWN vs. CTIF - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is higher than CTIF's 0.45% expense ratio.

Dividends

ISWN vs. CTIF - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.87%, less than CTIF's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021
CTIF Castellan Targeted Income ETF	4.75%	2.55%	0.00%	0.00%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.87%	2.89%	3.27%	2.91%	2.00%	0.76%

Frequently Asked Questions

Can I hold both ISWN and CTIF in my portfolio?

ISWN and CTIF have a correlation of 0.61, 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 CTIF?

ISWN has higher volatility (3.96%) compared to CTIF (3.85%). In terms of maximum drawdown, ISWN dropped -32.35% vs CTIF's -9.43%.

Which ETF is better, ISWN or CTIF?

On 1-year performance, CTIF leads with 13.36% vs 12.65% for ISWN. On fees, CTIF is cheaper at 0.45% per year. On volatility, CTIF has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISWN or CTIF?

Over the 1-year period, CTIF has performed better with a 13.36% return vs 12.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISWN or CTIF?

CTIF is cheaper with a 0.45% expense ratio, compared with 0.49% for ISWN.

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

CTIF has the higher dividend yield at 4.75%, compared with 2.87% for ISWN.

What is the main difference between ISWN and CTIF?

ISWN is categorized as Options Trading, while CTIF is Derivative Income. They also come from different issuers: Amplify and Castellan. Their fees differ too: 0.49% for ISWN and 0.45% for CTIF.

Which has better risk-adjusted returns?

ISWN currently has the higher Sharpe Ratio (1.05 vs 0.86), 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.