ISWN vs. SWAN

Last updated Jun 23, 2026

ISWN (Amplify BlackSwan ISWN ETF) and SWAN (Amplify BlackSwan Growth & Treasury Core ETF) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while SWAN is a Diversified Portfolio fund tracking the S-Network BlackSwan Core Index. Both are passively managed. Over the past 5 years, ISWN returned 0.14%/yr vs 3.07%/yr for SWAN. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

ISWN vs. SWAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan ISWN ETF (ISWN) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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 higher than SWAN's 3.97% return.

ISWN

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

SWAN

• 1D: -0.59%
• 1M: 0.16%
• YTD: 3.97%
• 6M: 3.85%
• 1Y: 15.75%
• 3Y*: 12.44%
• 5Y*: 3.07%
• 10Y*: —

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

ISWN vs. SWAN - 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%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	3.97%	13.93%	13.44%	12.07%	-27.77%	10.12%

Correlation

The correlation between ISWN and SWAN is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021	0.77

The correlation between ISWN and SWAN has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

Return for Risk

ISWN vs. SWAN — 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

SWAN

SWAN Risk / Return Rank: 47
SWAN Sharpe Ratio Rank: 47
SWAN Sortino Ratio Rank: 46
SWAN Omega Ratio Rank: 45
SWAN Calmar Ratio Rank: 46
SWAN Martin Ratio Rank: 51

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. SWAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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	SWAN	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.59	-0.40
Sortino ratio: Return per unit of downside risk	1.72	2.25	-0.53
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.56	2.24	-0.69
Martin ratio: Return relative to average drawdown	5.05	8.60	-3.56

ISWN vs. SWAN - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.18, which is comparable to the SWAN Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ISWN and SWAN, 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. SWAN - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, roughly equal to the maximum SWAN drawdown of -31.04%. Use the drawdown chart below to compare losses from any high point for ISWN and SWAN.

Drawdown Indicators

	ISWN	SWAN	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-31.04%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-7.05%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	-12.07%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	-31.04%	-1.31%
Current Drawdown Current decline from peak	-2.97%	-1.79%	-1.18%
Average Drawdown Average peak-to-trough decline	-16.06%	-8.83%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.84%	+1.13%

Volatility

ISWN vs. SWAN - Volatility Comparison

Amplify BlackSwan ISWN ETF (ISWN) has a higher volatility of 4.49% compared to Amplify BlackSwan Growth & Treasury Core ETF (SWAN) at 3.91%. This indicates that ISWN's price experiences larger fluctuations and is considered to be riskier than SWAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISWN	SWAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.91%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	7.97%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	9.99%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	11.42%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.66%	12.49%	-0.83%

ISWN vs. SWAN - Expense Ratio Comparison

Both ISWN and SWAN have an expense ratio of 0.49%.

Dividends

ISWN vs. SWAN - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.79%, less than SWAN's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ISWN Amplify BlackSwan ISWN ETF	2.79%	2.89%	3.27%	2.91%	2.00%	0.76%	0.00%	0.00%	0.00%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	2.82%	2.86%	2.54%	2.98%	2.12%	5.04%	1.64%	3.69%	0.29%

Frequently Asked Questions

Can I hold both ISWN and SWAN in my portfolio?

ISWN and SWAN have a correlation of 0.77, 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 SWAN?

ISWN has higher volatility (4.49%) compared to SWAN (3.91%). In terms of maximum drawdown, ISWN dropped -32.35% vs SWAN's -31.04%.

Which ETF is better, ISWN or SWAN?

On 5-year performance, SWAN leads with 3.07% vs 0.14% for ISWN. Both ETFs have the same 0.49% expense ratio. On volatility, SWAN has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISWN or SWAN?

Over the 5-year period, SWAN has performed better with a 3.07% 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 SWAN?

ISWN and SWAN have the same expense ratio: 0.49% per year.

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

SWAN has the higher dividend yield at 2.82%, compared with 2.79% for ISWN.

What is the main difference between ISWN and SWAN?

ISWN is categorized as Options Trading, while SWAN is Diversified Portfolio. ISWN tracks S-Network International BlackSwan, while SWAN tracks S-Network BlackSwan Core Index.

Which has better risk-adjusted returns?

SWAN currently has the higher Sharpe Ratio (1.59 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.