SWAN vs. BAGY

Last updated Jun 4, 2026

SWAN (Amplify BlackSwan Growth & Treasury Core ETF) and BAGY (Amplify Bitcoin Max Income Covered Call ETF) are both exchange-traded funds - SWAN is a Diversified Portfolio fund tracking the S-Network BlackSwan Core Index, while BAGY is a Derivative Income fund actively managed by Amplify. SWAN is passively managed, while BAGY is actively managed. Over the past year, SWAN returned 17.67% vs -37.04% for BAGY. At a 0.39 correlation, their price movements are largely independent. SWAN charges 0.49%/yr vs 0.65%/yr for BAGY.

Performance

SWAN vs. BAGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan Growth & Treasury Core ETF (SWAN) 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, SWAN achieves a 5.21% return, which is significantly higher than BAGY's -21.90% return.

SWAN

• 1D: -0.61%
• 1M: 3.71%
• YTD: 5.21%
• 6M: 4.34%
• 1Y: 17.67%
• 3Y*: 12.85%
• 5Y*: 3.38%
• 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)

SWAN vs. BAGY - Yearly Performance Comparison

	2026 (YTD)	2025
SWAN Amplify BlackSwan Growth & Treasury Core ETF	5.21%	15.13%
BAGY Amplify Bitcoin Max Income Covered Call ETF	-21.90%	-8.88%

Correlation

The correlation between SWAN and BAGY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.39

SWAN vs. BAGY - Sectors Allocation Comparison

Sectors	SWAN	BAGY
Technology	35.6%	-
Financial Services	11.8%	26.5%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SWAN vs. BAGY — Risk / Return Rank

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

SWAN

SWAN Risk / Return Rank: 54
SWAN Sharpe Ratio Rank: 55
SWAN Sortino Ratio Rank: 56
SWAN Omega Ratio Rank: 54
SWAN Calmar Ratio Rank: 50
SWAN Martin Ratio Rank: 56

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.

SWAN vs. BAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan Growth & Treasury Core ETF (SWAN) 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.

	SWAN	BAGY	Difference
Sharpe ratio Return per unit of total volatility	1.89	-0.89	+2.78
Sortino ratio Return per unit of downside risk	2.71	-1.20	+3.91
Omega ratio Gain probability vs. loss probability	1.34	0.86	+0.48
Calmar ratio Return relative to maximum drawdown	2.52	-0.78	+3.30
Martin ratio Return relative to average drawdown	9.93	-1.41	+11.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWAN vs. BAGY - Sharpe Ratio Comparison

The current SWAN Sharpe Ratio is 1.89, which is higher than the BAGY Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SWAN 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

	SWAN	BAGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	-0.89	+2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	-0.66	+1.23

Drawdowns

SWAN vs. BAGY - Drawdown Comparison

The maximum SWAN drawdown since its inception was -31.04%, smaller than the maximum BAGY drawdown of -47.52%. Use the drawdown chart below to compare losses from any high point for SWAN and BAGY.

Drawdown Indicators

	SWAN	BAGY	Difference
Max Drawdown Largest peak-to-trough decline	-31.04%	-47.52%	+16.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-47.52%	+40.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	—	—
Current Drawdown Current decline from peak	-0.61%	-45.06%	+44.45%
Average Drawdown Average peak-to-trough decline	-8.88%	-19.61%	+10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	26.28%	-24.50%

Volatility

SWAN vs. BAGY - Volatility Comparison

The current volatility for Amplify BlackSwan Growth & Treasury Core ETF (SWAN) is 3.48%, while Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a volatility of 9.89%. This indicates that SWAN 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

	SWAN	BAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	9.89%	-6.41%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	33.39%	-26.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	41.93%	-32.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	40.86%	-29.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.47%	40.86%	-28.39%

SWAN vs. BAGY - Expense Ratio Comparison

SWAN has a 0.49% expense ratio, which is lower than BAGY's 0.65% expense ratio.

Dividends

SWAN vs. BAGY - Dividend Comparison

SWAN's dividend yield for the trailing twelve months is around 2.79%, less than BAGY's 58.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.25%	30.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SWAN Amplify BlackSwan Growth & Treasury Core ETF	2.79%	2.86%	2.54%	2.98%	2.12%	5.04%	1.64%	3.69%	0.29%

Frequently Asked Questions

Can I hold both SWAN and BAGY in my portfolio?

SWAN and BAGY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWAN or BAGY?

BAGY has higher volatility (9.89%) compared to SWAN (3.48%). In terms of maximum drawdown, SWAN dropped -31.04% vs BAGY's -47.52%.

Which ETF is better, SWAN or BAGY?

On 1-year performance, SWAN leads with 17.67% vs -37.04% for BAGY. On fees, SWAN is cheaper at 0.49% per year. On volatility, SWAN has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SWAN or BAGY?

Over the 1-year period, SWAN has performed better with a 17.67% return vs -37.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SWAN or BAGY?

SWAN is cheaper with a 0.49% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 58.25%, compared with 2.79% for SWAN.

What is the main difference between SWAN and BAGY?

SWAN is categorized as Diversified Portfolio, while BAGY is Derivative Income. Their fees differ too: 0.49% for SWAN and 0.65% for BAGY.

Which has better risk-adjusted returns?

SWAN currently has the higher Sharpe Ratio (1.89 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.