CONY vs. IBIT
CONY (YieldMax COIN Option Income Strategy ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. CONY is actively managed, while IBIT is passively managed. Over the past year, CONY returned -49.52% vs -39.82% for IBIT. A 0.72 correlation means they provide meaningful diversification when combined. CONY charges 0.99%/yr vs 0.25%/yr for IBIT.
Performance
CONY vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, CONY achieves a -26.79% return, which is significantly higher than IBIT's -28.88% return.
CONY
- 1D
- -3.16%
- 1M
- -11.77%
- YTD
- -26.79%
- 6M
- -30.97%
- 1Y
- -49.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -3.26%
- 1M
- -17.81%
- YTD
- -28.88%
- 6M
- -28.88%
- 1Y
- -39.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CONY vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CONY YieldMax COIN Option Income Strategy ETF | -26.79% | -26.34% | 38.33% |
IBIT iShares Bitcoin Trust ETF | -28.88% | -6.41% | 89.87% |
Correlation
The correlation between CONY and IBIT is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.72 |
The correlation between CONY and IBIT has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.
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Return for Risk
CONY vs. IBIT — Risk / Return Rank
CONY
IBIT
CONY vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.77 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.30 | +0.06 |
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Drawdowns
CONY vs. IBIT - Drawdown Comparison
The maximum CONY drawdown since its inception was -63.57%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for CONY and IBIT.
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Drawdown Indicators
| CONY | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.57% | -52.11% | -11.46% |
Max Drawdown (1Y)Largest decline over 1 year | -63.39% | -52.11% | -11.28% |
Current DrawdownCurrent decline from peak | -58.53% | -50.47% | -8.06% |
Average DrawdownAverage peak-to-trough decline | -22.83% | -16.85% | -5.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.89% | 30.58% | +9.31% |
Volatility
CONY vs. IBIT - Volatility Comparison
YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 15.74% compared to iShares Bitcoin Trust ETF (IBIT) at 13.18%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONY | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.74% | 13.18% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 44.42% | 34.64% | +9.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.79% | 44.31% | +13.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.89% | 50.22% | +9.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.89% | 50.22% | +9.67% |
CONY vs. IBIT - Expense Ratio Comparison
CONY has a 0.99% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
CONY vs. IBIT - Dividend Comparison
CONY's dividend yield for the trailing twelve months is around 204.97%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CONY YieldMax COIN Option Income Strategy ETF | 204.97% | 192.07% | 155.66% | 16.43% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CONY and IBIT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONY has higher volatility (15.74%) compared to IBIT (13.18%). In terms of maximum drawdown, CONY dropped -63.57% vs IBIT's -52.11%.
On 1-year performance, IBIT leads with -39.82% vs -49.52% for CONY. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -39.82% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.99% for CONY.
CONY has the higher dividend yield at 204.97%, compared with 0.00% for IBIT.
CONY is categorized as Derivative Income, while IBIT is Cryptocurrency. They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for CONY and 0.25% for IBIT.
CONY currently has the higher Sharpe Ratio (-0.86 vs -0.90), 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.
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