CONY vs. HYGW

Last updated Aug 2, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. CONY is actively managed, while HYGW is passively managed. Over the past year, CONY returned -49.35% vs 5.90% for HYGW. Their 0.42 correlation means their historical movements had little consistent relationship. CONY charges 0.99%/yr vs 0.69%/yr for HYGW.

Performance

CONY vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONY achieves a -31.56% return, which is significantly lower than HYGW's 2.36% return.

CONY

• 1D: -9.82%
• 1M: -8.17%
• 6M: -20.90%
• YTD: -31.56%
• 1Y: -49.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.21%

HYGW

• 1D: 0.14%
• 1M: 0.03%
• 6M: 1.81%
• YTD: 2.36%
• 1Y: 5.90%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.68%

*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	$6.79M	$6.47M	$10.17M
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$480.97K	$636.40K	$814.79K

CONY vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-31.56%	-26.34%	23.62%	76.18%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.36%	6.19%	6.99%	0.39%

Correlation

The correlation between CONY and HYGW is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.42

Return for Risk

CONY vs. HYGW — Risk / Return Rank

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

CONY

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

HYGW

HYGW Risk / Return Rank: 88
HYGW Sharpe Ratio Rank: 86
HYGW Sortino Ratio Rank: 87
HYGW Omega Ratio Rank: 90
HYGW Calmar Ratio Rank: 85
HYGW Martin Ratio Rank: 90

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. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.03	-3.00
Sortino ratio: Return per unit of downside risk	-1.54	2.95	-4.49
Omega ratio: Gain probability vs. loss probability	0.82	1.42	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.97	3.26	-4.23
Martin ratio: Return relative to average drawdown	-1.49	14.57	-16.05

CONY vs. HYGW - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.97, which is lower than the HYGW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of CONY and HYGW, 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. HYGW - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for CONY and HYGW.

Drawdown Indicators

	CONY	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-5.49%	-58.08%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-1.82%	-57.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	-61.23%	-0.21%	-61.02%
Average Drawdown Average peak-to-trough decline	-24.13%	-0.59%	-23.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	0.41%	+39.47%

Volatility

CONY vs. HYGW - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 16.98% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.98%	0.80%	+16.18%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	2.32%	+44.63%
Volatility (1Y) Calculated over the trailing 1-year period	59.51%	2.92%	+56.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.91%	4.62%	+55.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	4.62%	+55.29%

CONY vs. HYGW - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

CONY vs. HYGW - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 171.52%, more than HYGW's 10.71% yield.

Position	TTM	2025	2024	2023	2022
CONY YieldMax COIN Option Income Strategy ETF	171.52%	192.07%	155.66%	16.43%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.71%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both CONY and HYGW in my portfolio?

CONY and HYGW have a correlation of 0.39, 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 HYGW?

CONY has higher volatility (16.98%) compared to HYGW (0.80%). In terms of maximum drawdown, CONY dropped -63.57% vs HYGW's -5.49%.

Which ETF is better, CONY or HYGW?

On 1-year performance, HYGW leads with 5.90% vs -49.35% for CONY. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or HYGW?

Over the 1-year period, HYGW has performed better with a 5.90% return vs -49.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 171.52%, compared with 10.71% for HYGW.

What is the main difference between CONY and HYGW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for CONY and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.03 vs -0.97), 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.