AIYY vs. CONY

Last updated Jun 24, 2026

AIYY (YieldMax AI Option Income Strategy ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, AIYY returned -58.91% vs -49.52% for CONY. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

AIYY vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AI Option Income Strategy ETF (AIYY) and YieldMax COIN Option Income Strategy ETF (CONY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIYY achieves a -31.24% return, which is significantly lower than CONY's -26.79% return.

AIYY

• 1D: 0.23%
• 1M: 0.82%
• YTD: -31.24%
• 6M: -33.10%
• 1Y: -58.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONY

• 1D: -3.16%
• 1M: -11.77%
• YTD: -26.79%
• 6M: -30.97%
• 1Y: -49.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AIYY vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	-31.24%	-58.98%	-14.74%	0.41%
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-26.34%	23.62%	31.89%

Correlation

The correlation between AIYY and CONY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 28, 2023	0.50

The correlation between AIYY and CONY has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

AIYY vs. CONY — Risk / Return Rank

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

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 1
AIYY Sortino Ratio Rank: 1
AIYY Omega Ratio Rank: 1
AIYY Calmar Ratio Rank: 2
AIYY Martin Ratio Rank: 3

CONY

CONY Risk / Return Rank: 2
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 2
CONY Omega Ratio Rank: 2
CONY Calmar Ratio Rank: 2
CONY Martin Ratio Rank: 3

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.

AIYY vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) and YieldMax COIN Option Income Strategy ETF (CONY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIYY	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	-0.86	-0.23
Sortino ratio: Return per unit of downside risk	-1.65	-1.22	-0.43
Omega ratio: Gain probability vs. loss probability	0.77	0.86	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.78	-0.08
Martin ratio: Return relative to average drawdown	-1.19	-1.24	+0.06

AIYY vs. CONY - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.09, which is comparable to the CONY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of AIYY and CONY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIYY vs. CONY - Drawdown Comparison

The maximum AIYY drawdown since its inception was -79.48%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for AIYY and CONY.

Drawdown Indicators

	AIYY	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-79.48%	-63.57%	-15.91%
Max Drawdown (1Y) Largest decline over 1 year	-68.33%	-63.39%	-4.94%
Current Drawdown Current decline from peak	-77.54%	-58.53%	-19.01%
Average Drawdown Average peak-to-trough decline	-41.68%	-22.83%	-18.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.68%	39.89%	+9.79%

Volatility

AIYY vs. CONY - Volatility Comparison

YieldMax AI Option Income Strategy ETF (AIYY) and YieldMax COIN Option Income Strategy ETF (CONY) have volatilities of 15.30% and 15.74%, 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

	AIYY	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.30%	15.74%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	39.30%	44.42%	-5.12%
Volatility (1Y) Calculated over the trailing 1-year period	54.04%	57.79%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.29%	59.89%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.29%	59.89%	-9.60%

AIYY vs. CONY - Expense Ratio Comparison

Both AIYY and CONY have an expense ratio of 0.99%.

Dividends

AIYY vs. CONY - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 153.28%, less than CONY's 204.97% yield.

Position	TTM	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	153.28%	168.33%	98.26%	0.00%
CONY YieldMax COIN Option Income Strategy ETF	204.97%	192.07%	155.66%	16.43%

Frequently Asked Questions

Can I hold both AIYY and CONY in my portfolio?

AIYY and CONY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIYY or CONY?

CONY has higher volatility (15.74%) compared to AIYY (15.30%). In terms of maximum drawdown, AIYY dropped -79.48% vs CONY's -63.57%.

Which ETF is better, AIYY or CONY?

On 1-year performance, CONY leads with -49.52% vs -58.91% for AIYY. Both ETFs have the same 0.99% expense ratio. On volatility, AIYY has been the lower-risk option at 15.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIYY or CONY?

Over the 1-year period, CONY has performed better with a -49.52% return vs -58.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIYY or CONY?

AIYY and CONY have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, AIYY or CONY?

CONY has the higher dividend yield at 204.97%, compared with 153.28% for AIYY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.86 vs -1.09), 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.