CONY vs. MSTZ

Last updated Jul 14, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, CONY returned -56.86% vs 282.56% for MSTZ. At a correlation of -0.73, they often move in opposite directions. CONY charges 0.99%/yr vs 1.05%/yr for MSTZ.

Performance

CONY vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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 lower than MSTZ's -23.27% return.

CONY

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

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONY vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONY YieldMax COIN Option Income Strategy ETF	-27.89%	-26.34%	38.80%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between CONY and MSTZ is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.80
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.73

The correlation between CONY and MSTZ has been stable across timeframes, ranging from -0.80 to -0.73 - a consistent structural relationship.

Return for Risk

CONY vs. MSTZ — 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

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.92	-2.91
Sortino ratio: Return per unit of downside risk	-1.58	2.45	-4.03
Omega ratio: Gain probability vs. loss probability	0.82	1.32	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.90	3.35	-4.25
Martin ratio: Return relative to average drawdown	-1.35	6.53	-7.88

CONY vs. MSTZ - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.99, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of CONY and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for CONY and MSTZ.

Drawdown Indicators

	CONY	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-99.38%	+35.81%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-84.89%	+21.50%
Current Drawdown Current decline from peak	-59.15%	-97.39%	+38.24%
Average Drawdown Average peak-to-trough decline	-23.48%	-94.53%	+71.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.09%	43.51%	-1.42%

Volatility

CONY vs. MSTZ - Volatility Comparison

The current volatility for YieldMax COIN Option Income Strategy ETF (CONY) is 13.98%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that CONY experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.98%	56.56%	-42.58%
Volatility (6M) Calculated over the trailing 6-month period	45.20%	135.11%	-89.91%
Volatility (1Y) Calculated over the trailing 1-year period	57.78%	148.53%	-90.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.76%	171.02%	-111.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.76%	171.02%	-111.26%

CONY vs. MSTZ - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

CONY vs. MSTZ - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 192.94%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	192.94%	192.07%	155.66%	16.43%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and MSTZ in my portfolio?

CONY and MSTZ have a correlation of -0.80, 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 MSTZ?

MSTZ has higher volatility (56.56%) compared to CONY (13.98%). In terms of maximum drawdown, CONY dropped -63.57% vs MSTZ's -99.38%.

Which ETF is better, CONY or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs -56.86% for CONY. 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 MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs -56.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or MSTZ?

CONY is cheaper with a 0.99% expense ratio, compared with 1.05% for MSTZ.

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

CONY has the higher dividend yield at 192.94%, compared with 0.00% for MSTZ.

What is the main difference between CONY and MSTZ?

CONY is categorized as Derivative Income, while MSTZ is Inverse Equities. They also come from different issuers: YieldMax and REX. Their fees differ too: 0.99% for CONY and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 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.