CONY vs. GBTC

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax COIN Option Income Strategy ETF (CONY) and Grayscale Bitcoin Trust (BTC) (GBTC).

CONY is an actively managed fund by YieldMax. It was launched on Aug 14, 2023.

Performance

CONY vs. GBTC - Performance Comparison

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

CONY vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-22.28%	-26.34%	23.62%	81.04%
GBTC Grayscale Bitcoin Trust (BTC)	-22.40%	-7.65%	113.81%	76.09%

Returns By Period

The year-to-date returns for both stocks are quite close, with CONY having a -22.28% return and GBTC slightly lower at -22.40%.

CONY

• 1D: -0.65%
• 1M: -4.43%
• YTD: -22.28%
• 6M: -46.53%
• 1Y: -21.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: 0.55%
• 1M: -1.56%
• YTD: -22.40%
• 6M: -42.46%
• 1Y: -21.01%
• 3Y*: 48.01%
• 5Y*: 0.84%
• 10Y*: 58.56%

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

Return for Risk

CONY vs. GBTC — Risk / Return Rank

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

CONY

CONY Risk / Return Rank: 7
CONY Sharpe Ratio Rank: 5
CONY Sortino Ratio Rank: 7
CONY Omega Ratio Rank: 7
CONY Calmar Ratio Rank: 7
CONY Martin Ratio Rank: 7

GBTC

GBTC Risk / Return Rank: 24
GBTC Sharpe Ratio Rank: 20
GBTC Sortino Ratio Rank: 20
GBTC Omega Ratio Rank: 21
GBTC Calmar Ratio Rank: 29
GBTC Martin Ratio Rank: 28

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.

CONY vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and Grayscale Bitcoin Trust (BTC) (GBTC). 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.

	CONY	GBTC	Difference
Sharpe ratio Return per unit of total volatility	-0.37	-0.47	+0.10
Sortino ratio Return per unit of downside risk	-0.18	-0.41	+0.23
Omega ratio Gain probability vs. loss probability	0.98	0.95	+0.03
Calmar ratio Return relative to maximum drawdown	-0.33	-0.38	+0.05
Martin ratio Return relative to average drawdown	-0.67	-0.80	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CONY vs. GBTC - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.37, which is comparable to the GBTC Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of CONY and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CONY	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	-0.47	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.67	-0.51

Correlation

The correlation between CONY and GBTC is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CONY vs. GBTC - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 213.07%, while GBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONY YieldMax COIN Option Income Strategy ETF	213.07%	192.07%	155.66%	16.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust (BTC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Drawdowns

CONY vs. GBTC - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for CONY and GBTC.

Drawdown Indicators

	CONY	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-89.91%	+26.34%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-49.55%	-13.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-55.97%	-46.10%	-9.87%
Average Drawdown Average peak-to-trough decline	-20.23%	-43.48%	+23.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.10%	23.39%	+7.71%

Volatility

CONY vs. GBTC - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 19.71% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 12.99%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.71%	12.99%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	44.87%	36.80%	+8.07%
Volatility (1Y) Calculated over the trailing 1-year period	59.46%	45.30%	+14.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.49%	64.19%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.49%	82.56%	-22.07%