CONY vs. GBTC

Last updated Jun 3, 2026

CONY (YieldMax COIN Option Income Strategy ETF) is Derivative Income fund actively managed by YieldMax, while GBTC (Grayscale Bitcoin Trust (BTC)) is a stock. Over the past year, CONY returned -36.44% vs -36.66% for GBTC. A 0.69 correlation means they provide meaningful diversification when combined.

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.

Returns By Period

In the year-to-date period, CONY achieves a -20.81% return, which is significantly higher than GBTC's -23.70% return.

CONY

• 1D: -3.59%
• 1M: -7.49%
• YTD: -20.81%
• 6M: -29.16%
• 1Y: -36.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -5.98%
• 1M: -14.45%
• YTD: -23.70%
• 6M: -26.79%
• 1Y: -36.66%
• 3Y*: 53.65%
• 5Y*: 10.09%
• 10Y*: 50.88%

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

CONY vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-20.81%	-26.34%	23.62%	81.04%
GBTC Grayscale Bitcoin Trust (BTC)	-23.70%	-7.65%	113.81%	76.09%

Correlation

The correlation between CONY and GBTC is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Aug 16, 2023	0.69

The correlation between CONY and GBTC has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

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: 4
CONY Sharpe Ratio Rank: 3
CONY Sortino Ratio Rank: 4
CONY Omega Ratio Rank: 4
CONY Calmar Ratio Rank: 4
CONY Martin Ratio Rank: 4

GBTC

GBTC Risk / Return Rank: 10
GBTC Sharpe Ratio Rank: 7
GBTC Sortino Ratio Rank: 9
GBTC Omega Ratio Rank: 11
GBTC Calmar Ratio Rank: 12
GBTC Martin Ratio Rank: 10

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	-0.63	-0.84	+0.21
Sortino ratio Return per unit of downside risk	-0.69	-1.13	+0.44
Omega ratio Gain probability vs. loss probability	0.92	0.87	+0.05
Calmar ratio Return relative to maximum drawdown	-0.57	-0.74	+0.17
Martin ratio Return relative to average drawdown	-0.96	-1.29	+0.33
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 -0.63, which is comparable to the GBTC Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of CONY and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CONY	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	-0.84	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.66	-0.49

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 (3Y) Largest decline over 3 years	—	-49.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-55.14%	-47.01%	-8.13%
Average Drawdown Average peak-to-trough decline	-22.12%	-43.43%	+21.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.50%	28.47%	+9.03%

Volatility

CONY vs. GBTC - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 15.91% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 9.69%. 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	15.91%	9.69%	+6.22%
Volatility (6M) Calculated over the trailing 6-month period	43.50%	34.77%	+8.73%
Volatility (1Y) Calculated over the trailing 1-year period	58.03%	43.58%	+14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.00%	62.46%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.00%	82.22%	-22.22%

Dividends

CONY vs. GBTC - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 178.59%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONY YieldMax COIN Option Income Strategy ETF	178.59%	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%

Frequently Asked Questions

Can I hold both CONY and GBTC in my portfolio?

CONY and GBTC have a correlation of 0.75, 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 GBTC?

CONY has higher volatility (15.91%) compared to GBTC (9.69%). In terms of maximum drawdown, CONY dropped -63.57% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.63 vs -0.84), 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.