HCOW vs SSPY
Amplify COWS Covered Call ETF vs Stratified LargeCap Index ETF
Which is better, HCOW or SSPY?
Each has led over a different period.
SSPY has a lower expense ratio. HCOW led over 1Y, SSPY over 3Y and the full window. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 41.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HCOW | SSPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.45%Best |
| AUM | $17M | $129M |
| Dividend Yield | 13.09% | 1.25% |
| Holdings | 86 | 1,013 |
| YTD Return | +8.81% | +12.63%Best |
| 1Y Return | +15.59%Best | +15.52% |
| 3Y Return (annualized) | +10.63% | +15.71%Best |
| 5Y Return (annualized) | - | +8.93% |
| Volatility (annualized) | 15.2% | 12.0%Best |
| Max Drawdown | -24.1% | -16.4%Best |
| $10,000 over 3.1 years | $13,468 | $15,166Best |
| Top 10 Weight | 41.6% | 8.9%Best |
| Fund Family | Amplify ETFs | Syntax Stratified |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Sep 20, 2023 | Jan 2, 2019 |
Volatility and max drawdown, and the $10,000 over 3.1 years row, are measured over the window both funds cover: Sep 20, 2023 to Oct 14, 2026 (3.1 years).
HCOW vs SSPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.1 years both funds cover.
HCOW vs SSPY Performance
Amplify COWS Covered Call ETF (HCOW) is an ETF from Amplify ETFs and Stratified LargeCap Index ETF (SSPY) is an ETF from Syntax Stratified. Over the past year HCOW returned +15.59% while SSPY returned +15.52%. Year to date, HCOW is up 8.81% versus a gain of 12.63% for SSPY.
Over three years, HCOW compounded at +10.63% per year against +15.71% for SSPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HCOW has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 12.0% for SSPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -24.1% for HCOW and -16.4% for SSPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HCOW charges 0.65% per year while SSPY charges 0.45%. On a $10,000 position that is $65 vs $45 annually, a gap of $20 per year that compounds over a long holding period. On income, HCOW currently yields 13.09% against 1.25% for SSPY.
Holdings Overlap
63.3% of HCOW's money is in holdings SSPY also owns. 4.4% of SSPY's money is in holdings HCOW also owns.
The two portfolios partly overlap.
20 positions in common, counted across the 31 positions we hold weights for in HCOW and 504 in SSPY, against full books of 86 and 1,013.
What only one of them owns
Our book lists 476 positions for SSPY that do not appear in our book for HCOW (94.0% of the fund), and 11 for HCOW that do not appear in SSPY (37.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in HCOW | Weight in SSPY | Difference |
|---|---|---|---|
| HPEHewlett Packard Enterprise Co | 4.41% | 0.19% | 4.22% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 4.01% | 0.58% | 3.43% |
| CVXChevron Corp | 3.89% | 0.58% | 3.31% |
| QCOMQualcomm Inc. | 4.15% | 0.29% | 3.86% |
| HASHasbro Inc. | 4.06% | 0.28% | 3.78% |
| AVYAvery Dennison Corp. | 4.06% | 0.06% | 4.00% |
| ZTSZoetis Inc . | 3.79% | 0.25% | 3.54% |
| STLDSteel Dynamics Inc | 3.78% | 0.22% | 3.56% |
| EQTEQT Corp. | 3.68% | 0.18% | 3.50% |
| INTUIntuit, Inc. | 3.62% | 0.24% | 3.38% |
63.3% of HCOW is already inside SSPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, HCOW or SSPY?
HCOW has an expense ratio of 0.65% while SSPY charges 0.45%. SSPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, HCOW or SSPY?
Over the past year HCOW returned +15.59% vs +15.52% for SSPY, so HCOW leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HCOW or SSPY?
HCOW has been the more volatile fund at 15.2% annualized versus 12.0% for SSPY. Worst drawdown: HCOW -24.1% vs SSPY -16.4%.
Should I hold both HCOW and SSPY?
HCOW and SSPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HCOW and SSPY?
63.3% of HCOW's money is in holdings SSPY also owns. 4.4% of SSPY's is in holdings HCOW also owns. They hold 20 positions in common, counted across the 31 positions we hold weights for in HCOW and 504 in SSPY.
Which pays a higher dividend, HCOW or SSPY?
HCOW yields 13.09% while SSPY yields 1.25%, so HCOW currently pays the higher dividend yield.
Is SSPY better than HCOW?
SSPY has a lower expense ratio. HCOW led over 1Y, SSPY over 3Y and the full window. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 41.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.