SMAP vs. BAGY

Last updated Jun 3, 2026

SMAP (Amplify Small-Mid Cap Equity ETF) and BAGY (Amplify Bitcoin Max Income Covered Call ETF) are both exchange-traded funds - SMAP is a Small Cap Blend Equities fund actively managed by Amplify, while BAGY is a Derivative Income fund actively managed by Amplify. Both are actively managed. Over the past year, SMAP returned 13.42% vs -37.04% for BAGY. At a 0.38 correlation, their price movements are largely independent. SMAP charges 0.60%/yr vs 0.65%/yr for BAGY.

Performance

SMAP vs. BAGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Small-Mid Cap Equity ETF (SMAP) 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, SMAP achieves a 7.25% return, which is significantly higher than BAGY's -21.90% return.

SMAP

• 1D: 0.00%
• 1M: 1.58%
• YTD: 7.25%
• 6M: 6.87%
• 1Y: 13.42%
• 3Y*: —
• 5Y*: —
• 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)

SMAP vs. BAGY - Yearly Performance Comparison

	2026 (YTD)	2025
SMAP Amplify Small-Mid Cap Equity ETF	7.25%	9.73%
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%

Correlation

The correlation between SMAP and BAGY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.38

SMAP vs. BAGY - Sectors Allocation Comparison

Sectors	SMAP	BAGY
Industrials	22.3%	-
Healthcare	17.5%	-
Technology	13.9%	-
Financial Services	13.1%	26.5%
Consumer Cyclical	11.1%	-
Basic Materials	7.9%	-
Energy	6.6%	-
Real Estate	5.6%	-
Consumer Defensive	2.0%	-
Communication Services	-	-
Utilities	-	-

Return for Risk

SMAP vs. BAGY — Risk / Return Rank

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

SMAP

SMAP Risk / Return Rank: 26
SMAP Sharpe Ratio Rank: 24
SMAP Sortino Ratio Rank: 25
SMAP Omega Ratio Rank: 23
SMAP Calmar Ratio Rank: 27
SMAP Martin Ratio Rank: 30

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.

SMAP vs. BAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Small-Mid Cap Equity ETF (SMAP) 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.

	SMAP	BAGY	Difference
Sharpe ratio Return per unit of total volatility	0.86	-0.89	+1.75
Sortino ratio Return per unit of downside risk	1.36	-1.20	+2.55
Omega ratio Gain probability vs. loss probability	1.16	0.86	+0.30
Calmar ratio Return relative to maximum drawdown	1.31	-0.78	+2.09
Martin ratio Return relative to average drawdown	4.52	-1.41	+5.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAP vs. BAGY - Sharpe Ratio Comparison

The current SMAP Sharpe Ratio is 0.86, which is higher than the BAGY Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SMAP 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

	SMAP	BAGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	-0.89	+1.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	-0.66	+0.93

Drawdowns

SMAP vs. BAGY - Drawdown Comparison

The maximum SMAP drawdown since its inception was -24.12%, smaller than the maximum BAGY drawdown of -47.52%. Use the drawdown chart below to compare losses from any high point for SMAP and BAGY.

Drawdown Indicators

	SMAP	BAGY	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-47.52%	+23.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-47.52%	+37.51%
Current Drawdown Current decline from peak	-0.35%	-45.06%	+44.71%
Average Drawdown Average peak-to-trough decline	-7.02%	-19.61%	+12.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	26.28%	-23.37%

Volatility

SMAP vs. BAGY - Volatility Comparison

The current volatility for Amplify Small-Mid Cap Equity ETF (SMAP) is 3.49%, while Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a volatility of 9.89%. This indicates that SMAP 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

	SMAP	BAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	9.89%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	33.39%	-21.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	41.93%	-26.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	40.86%	-21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	40.86%	-21.20%

SMAP vs. BAGY - Expense Ratio Comparison

SMAP has a 0.60% expense ratio, which is lower than BAGY's 0.65% expense ratio.

Dividends

SMAP vs. BAGY - Dividend Comparison

SMAP's dividend yield for the trailing twelve months is around 0.42%, less than BAGY's 58.25% yield.

Position	TTM	2025	2024
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%
SMAP Amplify Small-Mid Cap Equity ETF	0.42%	0.48%	0.14%

Frequently Asked Questions

Can I hold both SMAP and BAGY in my portfolio?

SMAP and BAGY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAP or BAGY?

BAGY has higher volatility (9.89%) compared to SMAP (3.49%). In terms of maximum drawdown, SMAP dropped -24.12% vs BAGY's -47.52%.

Which ETF is better, SMAP or BAGY?

On 1-year performance, SMAP leads with 13.42% vs -37.04% for BAGY. On fees, SMAP is cheaper at 0.60% per year. On volatility, SMAP has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAP or BAGY?

Over the 1-year period, SMAP has performed better with a 13.42% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAP or BAGY?

SMAP is cheaper with a 0.60% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.25%, compared with 0.42% for SMAP.

What is the main difference between SMAP and BAGY?

SMAP is categorized as Small Cap Blend Equities, while BAGY is Derivative Income. Their fees differ too: 0.60% for SMAP and 0.65% for BAGY.

Which has better risk-adjusted returns?

SMAP currently has the higher Sharpe Ratio (0.86 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.