CONY vs. MRNY

Last updated Aug 2, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CONY returned -49.35% vs 60.66% for MRNY. Their 0.31 correlation means their historical movements had little consistent relationship. Both charge a 0.99% expense ratio.

Performance

CONY vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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 MRNY's 60.69% return.

CONY

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

MRNY

• 1D: -4.13%
• 1M: -26.21%
• 6M: 15.78%
• YTD: 60.69%
• 1Y: 60.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.32%

*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
MRNY YieldMax MRNA Option Income Strategy ETF	$2.54M	$3.80M	$3.20M

CONY vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-31.56%	-26.34%	23.62%	72.73%
MRNY YieldMax MRNA Option Income Strategy ETF	60.69%	-35.72%	-59.32%	18.27%

Correlation

The correlation between CONY and MRNY is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Oct 24, 2023	0.31

Return for Risk

CONY vs. MRNY — 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

MRNY

MRNY Risk / Return Rank: 44
MRNY Sharpe Ratio Rank: 38
MRNY Sortino Ratio Rank: 46
MRNY Omega Ratio Rank: 42
MRNY Calmar Ratio Rank: 48
MRNY Martin Ratio Rank: 45

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	0.94	-1.91
Sortino ratio: Return per unit of downside risk	-1.54	1.66	-3.20
Omega ratio: Gain probability vs. loss probability	0.82	1.20	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.97	1.73	-2.70
Martin ratio: Return relative to average drawdown	-1.49	5.11	-6.59

CONY vs. MRNY - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.97, which is lower than the MRNY Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of CONY and MRNY, 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. MRNY - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for CONY and MRNY.

Drawdown Indicators

	CONY	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-82.15%	+18.58%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-28.84%	-30.68%
Current Drawdown Current decline from peak	-61.23%	-66.17%	+4.94%
Average Drawdown Average peak-to-trough decline	-24.13%	-53.18%	+29.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	11.47%	+28.41%

Volatility

CONY vs. MRNY - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax MRNA Option Income Strategy ETF (MRNY) have volatilities of 16.98% and 17.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.98%	17.82%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	36.53%	+10.42%
Volatility (1Y) Calculated over the trailing 1-year period	59.51%	53.56%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.91%	51.54%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	51.54%	+8.37%

CONY vs. MRNY - Expense Ratio Comparison

Both CONY and MRNY have an expense ratio of 0.99%.

Dividends

CONY vs. MRNY - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 171.52%, more than MRNY's 101.63% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	171.52%	192.07%	155.66%	16.43%
MRNY YieldMax MRNA Option Income Strategy ETF	101.63%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both CONY and MRNY in my portfolio?

CONY and MRNY have a correlation of 0.37, 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 MRNY?

MRNY has higher volatility (17.82%) compared to CONY (16.98%). In terms of maximum drawdown, CONY dropped -63.57% vs MRNY's -82.15%.

Which ETF is better, CONY or MRNY?

On 1-year performance, MRNY leads with 60.66% vs -49.35% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, CONY has been the lower-risk option at 16.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or MRNY?

Over the 1-year period, MRNY has performed better with a 60.66% 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 MRNY?

CONY and MRNY have the same expense ratio: 0.99% per year.

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

CONY has the higher dividend yield at 171.52%, compared with 101.63% for MRNY.

Which has better risk-adjusted returns?

MRNY currently has the higher Sharpe Ratio (0.94 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.