SWAN vs. COWS

Last updated Apr 1, 2026

Compare and contrast key facts about Amplify BlackSwan Growth & Treasury Core ETF (SWAN) and Amplify Cash Flow Dividend Leaders ETF (COWS).

SWAN and COWS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SWAN is a passively managed fund by Amplify that tracks the performance of the S-Network BlackSwan Core Index. It was launched on Nov 6, 2018. COWS is a passively managed fund by Amplify that tracks the performance of the Kelly US Cash Flow Dividend Leaders Index. It was launched on Sep 12, 2023. Both SWAN and COWS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SWAN vs. COWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan Growth & Treasury Core ETF (SWAN) and Amplify Cash Flow Dividend Leaders ETF (COWS). The values are adjusted to include any dividend payments, if applicable.

SWAN vs. COWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SWAN Amplify BlackSwan Growth & Treasury Core ETF	-3.58%	13.93%	13.44%	7.24%
COWS Amplify Cash Flow Dividend Leaders ETF	-0.53%	15.29%	11.08%	9.28%

Returns By Period

In the year-to-date period, SWAN achieves a -3.58% return, which is significantly lower than COWS's -0.53% return.

SWAN

• 1D: 1.86%
• 1M: -5.08%
• YTD: -3.58%
• 6M: -2.03%
• 1Y: 11.49%
• 3Y*: 9.86%
• 5Y*: 2.53%
• 10Y*: —

COWS

• 1D: 1.78%
• 1M: -4.77%
• YTD: -0.53%
• 6M: 4.15%
• 1Y: 19.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SWAN vs. COWS - Expense Ratio Comparison

SWAN has a 0.49% expense ratio, which is higher than COWS's 0.00% expense ratio.

SWAN

Amplify BlackSwan Growth & Treasury Core ETF

COWS

Amplify Cash Flow Dividend Leaders ETF

Return for Risk

SWAN vs. COWS — Risk / Return Rank

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

SWAN

SWAN Risk / Return Rank: 66
SWAN Sharpe Ratio Rank: 69
SWAN Sortino Ratio Rank: 69
SWAN Omega Ratio Rank: 58
SWAN Calmar Ratio Rank: 69
SWAN Martin Ratio Rank: 67

COWS

COWS Risk / Return Rank: 51
COWS Sharpe Ratio Rank: 48
COWS Sortino Ratio Rank: 50
COWS Omega Ratio Rank: 52
COWS Calmar Ratio Rank: 49
COWS Martin Ratio Rank: 55

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. COWS - Risk-Adjusted Trends Comparison

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

	SWAN	COWS	Difference
Sharpe ratio Return per unit of total volatility	1.18	0.85	+0.33
Sortino ratio Return per unit of downside risk	1.70	1.32	+0.38
Omega ratio Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio Return relative to maximum drawdown	1.68	1.20	+0.48
Martin ratio Return relative to average drawdown	6.45	5.25	+1.20
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. COWS - Sharpe Ratio Comparison

The current SWAN Sharpe Ratio is 1.18, which is higher than the COWS Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SWAN and COWS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SWAN	COWS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.85	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.73	-0.24

Correlation

The correlation between SWAN and COWS is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SWAN vs. COWS - Dividend Comparison

SWAN's dividend yield for the trailing twelve months is around 3.04%, more than COWS's 1.77% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SWAN Amplify BlackSwan Growth & Treasury Core ETF	3.04%	2.86%	2.54%	2.98%	2.12%	5.04%	1.64%	3.69%	0.29%
COWS Amplify Cash Flow Dividend Leaders ETF	1.77%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SWAN vs. COWS - Drawdown Comparison

The maximum SWAN drawdown since its inception was -31.04%, which is greater than COWS's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for SWAN and COWS.

Drawdown Indicators

	SWAN	COWS	Difference
Max Drawdown Largest peak-to-trough decline	-31.04%	-24.76%	-6.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-16.70%	+9.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.04%	—	—
Current Drawdown Current decline from peak	-5.18%	-4.77%	-0.41%
Average Drawdown Average peak-to-trough decline	-9.07%	-4.12%	-4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	3.82%	-1.99%

Volatility

SWAN vs. COWS - Volatility Comparison

Amplify BlackSwan Growth & Treasury Core ETF (SWAN) and Amplify Cash Flow Dividend Leaders ETF (COWS) have volatilities of 4.11% and 4.20%, 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

	SWAN	COWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	4.20%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	11.40%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	9.77%	22.88%	-13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	19.10%	-7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	19.10%	-6.60%