CONY vs. MST

Last updated Jul 14, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CONY returned -56.86% vs -97.01% for MST. A 0.76 correlation means they provide meaningful diversification when combined. CONY charges 0.99%/yr vs 1.31%/yr for MST.

Performance

CONY vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONY achieves a -27.89% return, which is significantly higher than MST's -74.03% return.

CONY

• 1D: -0.87%
• 1M: -2.31%
• 6M: -32.20%
• YTD: -27.89%
• 1Y: -56.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -4.63%
• 1M: -47.34%
• 6M: -76.65%
• YTD: -74.03%
• 1Y: -97.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
CONY YieldMax COIN Option Income Strategy ETF	-27.89%	-8.88%
MST Defiance Leveraged Long Income MSTR ETF	-74.03%	-87.60%

Correlation

The correlation between CONY and MST is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.76

The correlation between CONY and MST has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

CONY vs. MST — Risk / Return Rank

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

CONY

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

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

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. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and Defiance Leveraged Long Income MSTR ETF (MST). 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	MST	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	-0.72	-0.26
Sortino ratio: Return per unit of downside risk	-1.58	-2.63	+1.05
Omega ratio: Gain probability vs. loss probability	0.82	0.73	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.99	+0.09
Martin ratio: Return relative to average drawdown	-1.35	-1.23	-0.12

CONY vs. MST - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.99, which is lower than the MST Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of CONY and MST, 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. MST - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for CONY and MST.

Drawdown Indicators

	CONY	MST	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-97.68%	+34.11%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-97.68%	+34.29%
Current Drawdown Current decline from peak	-59.15%	-97.23%	+38.08%
Average Drawdown Average peak-to-trough decline	-23.48%	-64.96%	+41.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.09%	78.62%	-36.53%

Volatility

CONY vs. MST - Volatility Comparison

The current volatility for YieldMax COIN Option Income Strategy ETF (CONY) is 13.98%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 49.06%. This indicates that CONY experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.98%	49.06%	-35.08%
Volatility (6M) Calculated over the trailing 6-month period	45.20%	110.36%	-65.16%
Volatility (1Y) Calculated over the trailing 1-year period	57.78%	134.35%	-76.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.76%	127.68%	-67.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.76%	127.68%	-67.92%

CONY vs. MST - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

CONY vs. MST - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 192.94%, less than MST's 1,341.56% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	192.94%	192.07%	155.66%	16.43%
MST Defiance Leveraged Long Income MSTR ETF	1,341.56%	381.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and MST in my portfolio?

CONY and MST have a correlation of 0.79, 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 MST?

MST has higher volatility (49.06%) compared to CONY (13.98%). In terms of maximum drawdown, CONY dropped -63.57% vs MST's -97.68%.

Which ETF is better, CONY or MST?

On 1-year performance, CONY leads with -56.86% vs -97.01% for MST. On fees, CONY is cheaper at 0.99% per year. On volatility, CONY has been the lower-risk option at 13.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or MST?

Over the 1-year period, CONY has performed better with a -56.86% return vs -97.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or MST?

CONY is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1341.56%, compared with 192.94% for CONY.

What is the main difference between CONY and MST?

They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for CONY and 1.31% for MST.

Which has better risk-adjusted returns?

MST currently has the higher Sharpe Ratio (-0.72 vs -0.99), 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.