CONL vs. CONY

Last updated Jul 14, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - CONL is a Leveraged Equities fund actively managed by GraniteShares, while CONY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CONL returned -91.24% vs -56.86% for CONY. With a 0.98 correlation, they move nearly in lockstep. CONL charges 1.15%/yr vs 0.99%/yr for CONY.

Performance

CONL vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) 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, CONL achieves a -66.89% return, which is significantly lower than CONY's -27.89% return.

CONL

• 1D: -2.02%
• 1M: -6.91%
• 6M: -70.98%
• YTD: -66.89%
• 1Y: -91.24%
• 3Y*: -35.14%
• 5Y*: —
• 10Y*: —

CONY

• 1D: -0.87%
• 1M: -2.31%
• 6M: -32.20%
• YTD: -27.89%
• 1Y: -56.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONL GraniteShares 2x Long COIN Daily ETF	-66.89%	-58.49%	4.23%	188.36%
CONY YieldMax COIN Option Income Strategy ETF	-27.89%	-26.34%	23.62%	76.18%

Correlation

The correlation between CONL and CONY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.98

The correlation between CONL and CONY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

CONL vs. CONY — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 2
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 1
CONL Omega Ratio Rank: 2
CONL Calmar Ratio Rank: 0
CONL Martin Ratio Rank: 3

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.

CONL vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) 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.

	CONL	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.99	+0.31
Sortino ratio: Return per unit of downside risk	-1.59	-1.58	-0.01
Omega ratio: Gain probability vs. loss probability	0.82	0.82	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.90	-0.08
Martin ratio: Return relative to average drawdown	-1.27	-1.35	+0.09

CONL vs. CONY - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.68, which is higher than the CONY Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of CONL 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

CONL vs. CONY - Drawdown Comparison

The maximum CONL drawdown since its inception was -95.20%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for CONL and CONY.

Drawdown Indicators

	CONL	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-95.20%	-63.57%	-31.63%
Max Drawdown (1Y) Largest decline over 1 year	-93.67%	-63.39%	-30.28%
Max Drawdown (3Y) Largest decline over 3 years	-95.20%	—	—
Current Drawdown Current decline from peak	-94.31%	-59.15%	-35.16%
Average Drawdown Average peak-to-trough decline	-56.95%	-23.48%	-33.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.04%	42.09%	+29.95%

Volatility

CONL vs. CONY - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 33.61% compared to YieldMax COIN Option Income Strategy ETF (CONY) at 13.98%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than CONY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.61%	13.98%	+19.63%
Volatility (6M) Calculated over the trailing 6-month period	104.56%	45.20%	+59.36%
Volatility (1Y) Calculated over the trailing 1-year period	134.25%	57.78%	+76.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.29%	59.76%	+89.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.29%	59.76%	+89.53%

CONL vs. CONY - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than CONY's 0.99% expense ratio.

Dividends

CONL vs. CONY - Dividend Comparison

CONL has not paid dividends to shareholders, while CONY's dividend yield for the trailing twelve months is around 192.94%.

Position	TTM	2025	2024	2023
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%	0.00%
CONY YieldMax COIN Option Income Strategy ETF	192.94%	192.07%	155.66%	16.43%

Frequently Asked Questions

Can I hold both CONL and CONY in my portfolio?

With a correlation of 0.99, CONL and CONY 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 is riskier, CONL or CONY?

CONL has higher volatility (33.61%) compared to CONY (13.98%). In terms of maximum drawdown, CONL dropped -95.20% vs CONY's -63.57%.

Which ETF is better, CONL or CONY?

On 1-year performance, CONY leads with -56.86% vs -91.24% for CONL. On fees, CONY is cheaper at 0.99% per year. On volatility, CONY has been the lower-risk option at 13.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or CONY?

Over the 1-year period, CONY has performed better with a -56.86% return vs -91.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or CONY?

CONY is cheaper with a 0.99% expense ratio, compared with 1.15% for CONL.

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

CONY has the higher dividend yield at 192.94%, compared with 0.00% for CONL.

What is the main difference between CONL and CONY?

CONL is categorized as Leveraged Equities, while CONY is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for CONL and 0.99% for CONY.

Which has better risk-adjusted returns?

CONL currently has the higher Sharpe Ratio (-0.68 vs -0.99), 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.