Data as of Nov 4, 2026.
COWS vs HCOW: Differences, Returns & Fees
Over the year to Nov 4, 2026, COWS returned +36.1% to HCOW's +23.9%, and COWS charges 0.19% to HCOW's 0.65%.
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Net assets on Nov 3, 2026: $46m for Amplify Cash Flow Dividend Leaders ETF and $19m for Amplify COWS Covered Call ETF.
Pair scorecard
COWS costs 0.46 points a year less; their one-year returns differ by 12.2 points; COWS is 2.4 times larger.
| Measure | COWS | HCOW |
|---|---|---|
| Return | ||
| Total return, 1 year | +36.1% | +23.9% |
| Price change, 1 year | rose 34.1% | rose 10.5% |
| Latest payout, annualized | 9.8% | |
| Return of capital, issuer estimate | 100% of the Oct 30, 2026 payment | |
| Benchmark | ||
| What it tracks | Kelly US Cash Flow Dividend Leaders Index | Benchmark: Cash flow dividend leaders, measured through COWS |
| Cost and size | ||
| Expense ratio | 0.19% | 0.65% |
| Net assets, as of Nov 3, 2026 | $46m | $19m |
| Holdings | ||
| Holdings in common | 98% | |
| In the S&P 500, by weight | 59% | |
| Top ten holdings, share of the fund | 32.4% | |
Risk and return
Sep 29, 2023 to Oct 30, 2026 · 161 weekly returnsFrom Sep 2023 to Oct 2026, COWS returned more: +76.4% to +40.9%. HCOW swung less: 15.0% to 17.3%. HCOW fell slightly less at its worst: −20.8% to −21.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | COWS | HCOW | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +76.4% | +40.9% | COWS | Price change plus distributions, reinvested. |
| Annualized | +20.1% | +11.7% | COWS | Total return as a yearly rate. |
| Price return | +65.8% | +3.7% | COWS | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.3% | 15.0% | HCOW | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.0% | 11.1% | HCOW (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −21.5% | −20.8% | HCOW (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.89 | 0.52 | COWS | Return above Treasury bills per unit of volatility. |
| Sortino | 1.28 | 0.70 | COWS | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.94 | 0.56 | COWS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 161 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, COWS and HCOW hold 98% of their money in the same securities at the same weight. Holdings dated Nov 4, 2026.
half
98% in common
Only in one fund ↓
Side by side
COWS and HCOW on the fields both publish, as of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
Client brief:
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COWS
COWS tracks an index. Over the year to Nov 4, 2026 it returned +36.1% with distributions reinvested. The prospectus expense ratio is 0.19% a year. By its holdings published by its issuer for Nov 4, 2026, 59% of the fund by weight is stocks the S&P 500 also holds, across 41 positions, with the top ten at 32.4%.
HCOW
Over the year to Nov 4, 2026, HCOW paid 11.9% of its starting value in cash distributions while its price rose 10.5%. With every distribution reinvested, the fund returned +23.9%. Cash flow dividend leaders (COWS) returned +36.1% over the same days, so a holder was behind by 12.2 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.8%, paid monthly. Amplify estimates that 100% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are COWS and HCOW in the same category?
- COWS is a stock ETF and HCOW is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, COWS or HCOW?
- In the year to Nov 4, 2026, with distributions reinvested, COWS returned +36.1% and HCOW +23.9%.
- Which is cheaper, COWS or HCOW?
- COWS is cheaper, by 0.46 percentage points a year. That is about $46 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, COWS against HCOW, data as of Nov 4, 2026. https://etfiq.com/compare/any/cows-vs-hcow
ETFIQ. (Nov 4, 2026). COWS against HCOW. Retrieved from https://etfiq.com/compare/any/cows-vs-hcow
[COWS against HCOW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/cows-vs-hcow)
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