SWAN vs. SPLS

Last updated Jun 4, 2026

SWAN (Amplify BlackSwan Growth & Treasury Core ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. SWAN is passively managed, while SPLS is actively managed. Their correlation of 0.93 suggests significant overlap in exposure. SWAN charges 0.49%/yr vs 0.18%/yr for SPLS.

Performance

SWAN vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan Growth & Treasury Core ETF (SWAN) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SWAN

• 1D: -0.61%
• 1M: 3.71%
• YTD: 5.21%
• 6M: 4.34%
• 1Y: 17.67%
• 3Y*: 12.85%
• 5Y*: 3.38%
• 10Y*: —

SPLS

• 1D: -0.65%
• 1M: 5.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SWAN vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
SWAN Amplify BlackSwan Growth & Treasury Core ETF	4.76%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.37%

Correlation

The correlation between SWAN and SPLS is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.93

Return for Risk

SWAN vs. SPLS — 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

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. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan Growth & Treasury Core ETF (SWAN) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.89	—	—
Sortino ratio: Return per unit of downside risk	2.71	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.52	—	—
Martin ratio: Return relative to average drawdown	9.93	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SWAN	SPLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	—	—
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	1.82	-1.24

Drawdowns

SWAN vs. SPLS - Drawdown Comparison

The maximum SWAN drawdown since its inception was -31.04%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for SWAN and SPLS.

Drawdown Indicators

	SWAN	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-31.04%	-9.24%	-21.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	—	—
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%	-0.65%	+0.04%
Average Drawdown Average peak-to-trough decline	-8.88%	-1.85%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	—	—

Volatility

Volatility by Period

	SWAN	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	15.02%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	15.02%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.47%	15.02%	-2.55%

SWAN vs. SPLS - Expense Ratio Comparison

SWAN has a 0.49% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

SWAN vs. SPLS - Dividend Comparison

SWAN's dividend yield for the trailing twelve months is around 2.79%, more than SPLS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	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 SPLS in my portfolio?

With a correlation of 0.93, SWAN and SPLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SWAN or SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SWAN or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.49% for SWAN.

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

SWAN has the higher dividend yield at 2.79%, compared with 0.22% for SPLS.

What is the main difference between SWAN and SPLS?

They also come from different issuers: Amplify and PIMCO. Their fees differ too: 0.49% for SWAN and 0.18% for SPLS.