ISWN vs. SPY

Last updated Jun 23, 2026

ISWN (Amplify BlackSwan ISWN ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ISWN returned 0.14%/yr vs 13.51%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined. ISWN charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

ISWN vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan ISWN ETF (ISWN) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISWN achieves a 5.44% return, which is significantly lower than SPY's 9.74% return.

ISWN

• 1D: -0.19%
• 1M: 1.65%
• YTD: 5.44%
• 6M: 5.63%
• 1Y: 14.94%
• 3Y*: 8.86%
• 5Y*: 0.14%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ISWN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISWN Amplify BlackSwan ISWN ETF	5.44%	23.23%	-3.96%	8.19%	-24.93%	0.23%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	25.21%

Correlation

The correlation between ISWN and SPY is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021	0.56

The correlation between ISWN and SPY shifts across timeframes, from 0.55 (5 years) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ISWN vs. SPY — Risk / Return Rank

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

ISWN

ISWN Risk / Return Rank: 34
ISWN Sharpe Ratio Rank: 34
ISWN Sortino Ratio Rank: 34
ISWN Omega Ratio Rank: 33
ISWN Calmar Ratio Rank: 32
ISWN Martin Ratio Rank: 35

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.16	-0.97
Sortino ratio: Return per unit of downside risk	1.72	2.91	-1.19
Omega ratio: Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio: Return relative to maximum drawdown	1.56	3.01	-1.46
Martin ratio: Return relative to average drawdown	5.05	13.54	-8.49

ISWN vs. SPY - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.18, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ISWN and SPY, 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. SPY - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ISWN and SPY.

Drawdown Indicators

	ISWN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-55.19%	+22.84%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-8.88%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	-18.76%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	-24.50%	-7.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.97%	-1.75%	-1.22%
Average Drawdown Average peak-to-trough decline	-16.06%	-9.04%	-7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.97%	+1.00%

Volatility

ISWN vs. SPY - Volatility Comparison

Amplify BlackSwan ISWN ETF (ISWN) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.49% and 4.64%, 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	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.64%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	9.75%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	12.43%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	17.14%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.66%	17.99%	-6.33%

ISWN vs. SPY - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ISWN vs. SPY - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.79%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISWN Amplify BlackSwan ISWN ETF	2.79%	2.89%	3.27%	2.91%	2.00%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ISWN and SPY in my portfolio?

ISWN and SPY have a correlation of 0.68, 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 SPY?

SPY has higher volatility (4.64%) compared to ISWN (4.49%). In terms of maximum drawdown, ISWN dropped -32.35% vs SPY's -55.19%.

Which ETF is better, ISWN or SPY?

On 5-year performance, SPY leads with 13.51% vs 0.14% for ISWN. On fees, SPY is cheaper at 0.09% per year. On volatility, ISWN has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISWN or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISWN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.49% for ISWN.

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

ISWN has the higher dividend yield at 2.79%, compared with 1.01% for SPY.

What is the main difference between ISWN and SPY?

ISWN is categorized as Options Trading, while SPY is S&P 500. ISWN tracks S-Network International BlackSwan, while SPY tracks S&P 500 Index. They also come from different issuers: Amplify and State Street. Their fees differ too: 0.49% for ISWN and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.18), 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.