BITO vs. CONY

Last updated Jun 26, 2026

BITO (ProShares Bitcoin Strategy ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while CONY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BITO returned -47.20% vs -58.03% for CONY. A 0.70 correlation means they provide meaningful diversification when combined. BITO charges 0.95%/yr vs 0.99%/yr for CONY.

Performance

BITO vs. CONY - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BITO having a -33.32% return and CONY slightly lower at -33.46%.

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

CONY

• 1D: -4.66%
• 1M: -18.11%
• YTD: -33.46%
• 6M: -36.66%
• 1Y: -58.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	-33.32%	-11.19%	104.45%	38.94%
CONY YieldMax COIN Option Income Strategy ETF	-33.46%	-26.34%	23.62%	76.18%

Correlation

The correlation between BITO and CONY is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.70

The correlation between BITO and CONY has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

BITO vs. CONY — Risk / Return Rank

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

BITO

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

CONY

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

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.

BITO vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.

	BITO	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	-1.01	-0.06
Sortino ratio: Return per unit of downside risk	-1.65	-1.64	-0.01
Omega ratio: Gain probability vs. loss probability	0.82	0.81	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.92	+0.04
Martin ratio: Return relative to average drawdown	-1.49	-1.44	-0.05

BITO vs. CONY - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.07, which is comparable to the CONY Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of BITO 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

BITO vs. CONY - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for BITO and CONY.

Drawdown Indicators

	BITO	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-63.57%	-14.29%
Max Drawdown (1Y) Largest decline over 1 year	-54.01%	-63.39%	+9.38%
Max Drawdown (3Y) Largest decline over 3 years	-54.01%	—	—
Current Drawdown Current decline from peak	-54.01%	-62.30%	+8.29%
Average Drawdown Average peak-to-trough decline	-36.89%	-22.94%	-13.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.65%	40.26%	-8.61%

Volatility

BITO vs. CONY - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.96%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 16.35%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than CONY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	16.35%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	44.77%	-10.45%
Volatility (1Y) Calculated over the trailing 1-year period	44.16%	57.71%	-13.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.00%	59.94%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.00%	59.94%	-4.94%

BITO vs. CONY - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than CONY's 0.99% expense ratio.

Dividends

BITO vs. CONY - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 74.68%, less than CONY's 229.96% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%
CONY YieldMax COIN Option Income Strategy ETF	229.96%	192.07%	155.66%	16.43%

Frequently Asked Questions

Can I hold both BITO and CONY in my portfolio?

BITO and CONY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or CONY?

CONY has higher volatility (16.35%) compared to BITO (12.96%). In terms of maximum drawdown, BITO dropped -77.86% vs CONY's -63.57%.

Which ETF is better, BITO or CONY?

On 1-year performance, BITO leads with -47.20% vs -58.03% for CONY. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or CONY?

Over the 1-year period, BITO has performed better with a -47.20% return vs -58.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or CONY?

BITO is cheaper with a 0.95% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 229.96%, compared with 74.68% for BITO.

What is the main difference between BITO and CONY?

BITO is categorized as Cryptocurrency, while CONY is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BITO and 0.99% for CONY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-1.01 vs -1.07), 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.