CONY vs. MSTY

Last updated Jun 3, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CONY returned -36.44% vs -57.30% for MSTY. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

CONY vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 lower than MSTY's -8.55% return.

CONY

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

MSTY

• 1D: -8.50%
• 1M: -20.82%
• YTD: -8.55%
• 6M: -19.25%
• 1Y: -57.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONY YieldMax COIN Option Income Strategy ETF	-20.81%	-26.34%	35.48%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-8.55%	-42.71%	200.20%

Correlation

The correlation between CONY and MSTY is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.73

The correlation between CONY and MSTY has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

CONY vs. MSTY — 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

MSTY

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

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio Return per unit of total volatility	-0.63	-0.96	+0.33
Sortino ratio Return per unit of downside risk	-0.69	-1.53	+0.85
Omega ratio Gain probability vs. loss probability	0.92	0.83	+0.09
Calmar ratio Return relative to maximum drawdown	-0.57	-0.79	+0.22
Martin ratio Return relative to average drawdown	-0.96	-1.22	+0.25
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. MSTY - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.63, which is higher than the MSTY Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of CONY and MSTY, 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	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	-0.96	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.31	-0.14

Drawdowns

CONY vs. MSTY - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for CONY and MSTY.

Drawdown Indicators

	CONY	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-71.79%	+8.22%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-71.79%	+8.40%
Current Drawdown Current decline from peak	-55.14%	-64.04%	+8.90%
Average Drawdown Average peak-to-trough decline	-22.12%	-26.01%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.50%	46.68%	-9.18%

Volatility

CONY vs. MSTY - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY) have volatilities of 15.91% and 16.65%, 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	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.91%	16.65%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	43.50%	48.38%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	58.03%	60.11%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.00%	71.83%	-11.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.00%	71.83%	-11.83%

CONY vs. MSTY - Expense Ratio Comparison

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

Dividends

CONY vs. MSTY - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 178.59%, less than MSTY's 251.24% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	178.59%	192.07%	155.66%	16.43%
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.24%	294.61%	104.56%	0.00%

Frequently Asked Questions

Can I hold both CONY and MSTY in my portfolio?

CONY and MSTY have a correlation of 0.77, 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 MSTY?

MSTY has higher volatility (16.65%) compared to CONY (15.91%). In terms of maximum drawdown, CONY dropped -63.57% vs MSTY's -71.79%.

Which ETF is better, CONY or MSTY?

On 1-year performance, CONY leads with -36.44% vs -57.30% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, CONY has been the lower-risk option at 15.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or MSTY?

Over the 1-year period, CONY has performed better with a -36.44% return vs -57.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or MSTY?

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

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

MSTY has the higher dividend yield at 251.24%, compared with 178.59% for CONY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.63 vs -0.96), 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.