CONY vs. COYY

Last updated Aug 4, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and COYY (GraniteShares YieldBOOST COIN ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CONY returned -48.44% vs -56.70% for COYY. Their correlation of 0.89 means they have usually moved in the same direction. CONY charges 0.99%/yr vs 1.07%/yr for COYY.

Performance

CONY vs. COYY - Performance Comparison

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

Returns By Period

In the year-to-date period, CONY achieves a -30.32% return, which is significantly higher than COYY's -32.81% return.

CONY

• 1D: 1.80%
• 1M: -6.51%
• 6M: -16.87%
• YTD: -30.32%
• 1Y: -48.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.83%

COYY

• 1D: -0.38%
• 1M: -1.64%
• 6M: -18.43%
• YTD: -32.81%
• 1Y: -56.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -59.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CONY YieldMax COIN Option Income Strategy ETF	$7.23M	$6.56M	$10.07M
COYY GraniteShares YieldBOOST COIN ETF	$329.39K	$314.09K	$581.29K

CONY vs. COYY - Yearly Performance Comparison

	2026 (YTD)	2025
CONY YieldMax COIN Option Income Strategy ETF	-30.32%	-38.12%
COYY GraniteShares YieldBOOST COIN ETF	-32.81%	-40.04%

Correlation

The correlation between CONY and COYY is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jul 29, 2025	0.89

The correlation between CONY and COYY has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

CONY vs. COYY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CONY

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

COYY

COYY Risk / Return Rank: 1
COYY Sharpe Ratio Rank: 0
COYY Sortino Ratio Rank: 0
COYY Omega Ratio Rank: 0
COYY Calmar Ratio Rank: 1
COYY Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CONY vs. COYY - Risk-Adjusted Trends Comparison

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

	CONY	COYY	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-1.72	+0.87
Sortino ratio: Return per unit of downside risk	-1.22	-2.94	+1.73
Omega ratio: Gain probability vs. loss probability	0.86	0.65	+0.21
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.95	+0.14
Martin ratio: Return relative to average drawdown	-1.25	-1.33	+0.09

CONY vs. COYY - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.85, which is higher than the COYY Sharpe Ratio of -1.72. The chart below compares the historical Sharpe Ratios of CONY and COYY, 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

CONY vs. COYY - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, roughly equal to the maximum COYY drawdown of -60.85%. Use the drawdown chart below to compare losses from any high point for CONY and COYY.

Drawdown Indicators

	CONY	COYY	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-60.85%	-2.72%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-59.62%	+0.10%
Current Drawdown Current decline from peak	-60.53%	-60.44%	-0.09%
Average Drawdown Average peak-to-trough decline	-24.18%	-38.98%	+14.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.86%	42.51%	-3.65%

Volatility

CONY vs. COYY - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 16.94% compared to GraniteShares YieldBOOST COIN ETF (COYY) at 5.35%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than COYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	COYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.94%	5.35%	+11.59%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	18.39%	+28.56%
Volatility (1Y) Calculated over the trailing 1-year period	57.47%	33.11%	+24.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.88%	34.04%	+25.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.88%	34.04%	+25.84%

CONY vs. COYY - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than COYY's 1.07% expense ratio.

Dividends

CONY vs. COYY - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 168.48%, less than COYY's 444.43% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	168.48%	192.07%	155.66%	16.43%
COYY GraniteShares YieldBOOST COIN ETF	444.43%	132.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and COYY in my portfolio?

CONY and COYY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CONY or COYY?

CONY has higher volatility (16.94%) compared to COYY (5.35%). In terms of maximum drawdown, CONY dropped -63.57% vs COYY's -60.85%.

Which ETF is better, CONY or COYY?

On 1-year performance, CONY leads with -48.44% vs -56.70% for COYY. On fees, CONY is cheaper at 0.99% per year. On volatility, COYY has been the lower-risk option at 5.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or COYY?

Over the 1-year period, CONY has performed better with a -48.44% return vs -56.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or COYY?

CONY is cheaper with a 0.99% expense ratio, compared with 1.07% for COYY.

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

COYY has the higher dividend yield at 444.43%, compared with 168.48% for CONY.

What is the main difference between CONY and COYY?

They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 0.99% for CONY and 1.07% for COYY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.85 vs -1.72), 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.