IVOV vs. COWS

Last updated Jun 4, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and COWS (Amplify Cash Flow Dividend Leaders ETF) are both Mid Cap Value Equities funds - IVOV tracks the S&P MidCap 400 Value Index while COWS tracks the Kelly US Cash Flow Dividend Leaders Index. Both are passively managed. Over the past year, IVOV returned 20.80% vs 30.18% for COWS. Their correlation of 0.88 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.00%/yr for COWS.

Performance

IVOV vs. COWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Amplify Cash Flow Dividend Leaders ETF (COWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IVOV having a 8.98% return and COWS slightly higher at 9.22%.

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

COWS

• 1D: -0.63%
• 1M: 5.01%
• YTD: 9.22%
• 6M: 9.70%
• 1Y: 30.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVOV vs. COWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	7.61%	11.53%	11.12%
COWS Amplify Cash Flow Dividend Leaders ETF	9.22%	15.29%	11.08%	9.28%

Correlation

The correlation between IVOV and COWS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.88

The correlation between IVOV and COWS has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

IVOV vs. COWS - Sectors Allocation Comparison

Sectors	IVOV	COWS
Financial Services	21.9%	17.2%
Industrials	18.8%	18.7%
Consumer Cyclical	13.5%	10.9%
Real Estate	9.6%	-
Technology	9.2%	21.0%
Energy	7.4%	8.2%
Basic Materials	6.0%	6.0%
Consumer Defensive	5.5%	2.4%
Utilities	4.2%	2.8%
Healthcare	3.5%	8.0%
Communication Services	0.5%	4.7%

Return for Risk

IVOV vs. COWS — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

COWS

COWS Risk / Return Rank: 65
COWS Sharpe Ratio Rank: 55
COWS Sortino Ratio Rank: 57
COWS Omega Ratio Rank: 53
COWS Calmar Ratio Rank: 85
COWS 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.

IVOV vs. COWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Amplify Cash Flow Dividend Leaders ETF (COWS). 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.

	IVOV	COWS	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.88	-0.51
Sortino ratio Return per unit of downside risk	2.08	2.76	-0.68
Omega ratio Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio Return relative to maximum drawdown	1.97	4.71	-2.73
Martin ratio Return relative to average drawdown	6.80	14.35	-7.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOV vs. COWS - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.37, which is comparable to the COWS Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IVOV and COWS, 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

	IVOV	COWS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.88	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.90	-0.33

Drawdowns

IVOV vs. COWS - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, which is greater than COWS's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for IVOV and COWS.

Drawdown Indicators

	IVOV	COWS	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-24.76%	-21.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-6.44%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.90%	+0.59%
Average Drawdown Average peak-to-trough decline	-5.43%	-3.95%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.11%	+0.96%

Volatility

IVOV vs. COWS - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is 4.07%, while Amplify Cash Flow Dividend Leaders ETF (COWS) has a volatility of 4.58%. This indicates that IVOV experiences smaller price fluctuations and is considered to be less risky than COWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	COWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	4.58%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	10.09%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	16.21%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	18.85%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	18.85%	+2.88%

IVOV vs. COWS - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is higher than COWS's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOV vs. COWS - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.67%, more than COWS's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWS Amplify Cash Flow Dividend Leaders ETF	1.60%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%

Frequently Asked Questions

Can I hold both IVOV and COWS in my portfolio?

IVOV and COWS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOV or COWS?

COWS has higher volatility (4.58%) compared to IVOV (4.07%). In terms of maximum drawdown, IVOV dropped -45.99% vs COWS's -24.76%.

Which ETF is better, IVOV or COWS?

On 1-year performance, COWS leads with 30.18% vs 20.80% for IVOV. On fees, COWS is cheaper at 0.00% per year. On volatility, IVOV has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or COWS?

Over the 1-year period, COWS has performed better with a 30.18% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or COWS?

COWS is cheaper with a 0.00% expense ratio, compared with 0.10% for IVOV.

Which ETF pays a higher dividend yield, IVOV or COWS?

IVOV has the higher dividend yield at 1.67%, compared with 1.60% for COWS.

What is the main difference between IVOV and COWS?

IVOV tracks S&P MidCap 400 Value Index, while COWS tracks Kelly US Cash Flow Dividend Leaders Index. They also come from different issuers: Vanguard and Amplify. Their fees differ too: 0.10% for IVOV and 0.00% for COWS.

Which has better risk-adjusted returns?

COWS currently has the higher Sharpe Ratio (1.88 vs 1.37), 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.