CONY vs. NVDY

Last updated Jun 23, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CONY returned -47.70% vs 38.81% for NVDY. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

CONY vs. NVDY - Performance Comparison

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

Returns By Period

In the year-to-date period, CONY achieves a -24.40% return, which is significantly lower than NVDY's 10.62% return.

CONY

• 1D: 1.00%
• 1M: -8.90%
• YTD: -24.40%
• 6M: -29.90%
• 1Y: -47.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -0.76%
• 1M: -2.04%
• YTD: 10.62%
• 6M: 12.42%
• 1Y: 38.81%
• 3Y*: 52.25%
• 5Y*: —
• 10Y*: —

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

CONY vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-24.40%	-26.34%	23.62%	76.18%
NVDY YieldMax NVDA Option Income Strategy ETF	10.62%	27.38%	114.23%	16.12%

Correlation

The correlation between CONY and NVDY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.42

Return for Risk

CONY vs. NVDY — Risk / Return Rank

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

CONY

CONY Risk / Return Rank: 3
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 3
CONY Omega Ratio Rank: 3
CONY Calmar Ratio Rank: 3
CONY Martin Ratio Rank: 3

NVDY

NVDY Risk / Return Rank: 44
NVDY Sharpe Ratio Rank: 40
NVDY Sortino Ratio Rank: 38
NVDY Omega Ratio Rank: 37
NVDY Calmar Ratio Rank: 63
NVDY Martin Ratio Rank: 44

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. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	1.39	-2.22
Sortino ratio: Return per unit of downside risk	-1.14	1.91	-3.05
Omega ratio: Gain probability vs. loss probability	0.86	1.24	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.75	3.04	-3.80
Martin ratio: Return relative to average drawdown	-1.20	6.98	-8.19

CONY vs. NVDY - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.83, which is lower than the NVDY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of CONY and NVDY, 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. NVDY - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than NVDY's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for CONY and NVDY.

Drawdown Indicators

	CONY	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-34.08%	-29.49%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-12.81%	-50.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Current Drawdown Current decline from peak	-57.17%	-8.67%	-48.50%
Average Drawdown Average peak-to-trough decline	-22.78%	-6.19%	-16.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.72%	5.57%	+34.15%

Volatility

CONY vs. NVDY - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 15.64% compared to YieldMax NVDA Option Income Strategy ETF (NVDY) at 9.68%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.64%	9.68%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	44.35%	21.40%	+22.95%
Volatility (1Y) Calculated over the trailing 1-year period	57.83%	28.17%	+29.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.90%	38.16%	+21.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.90%	38.16%	+21.74%

CONY vs. NVDY - Expense Ratio Comparison

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

Dividends

CONY vs. NVDY - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 198.50%, more than NVDY's 62.22% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	198.50%	192.07%	155.66%	16.43%
NVDY YieldMax NVDA Option Income Strategy ETF	62.22%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both CONY and NVDY in my portfolio?

CONY and NVDY have a correlation of 0.43, 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 NVDY?

CONY has higher volatility (15.64%) compared to NVDY (9.68%). In terms of maximum drawdown, CONY dropped -63.57% vs NVDY's -34.08%.

Which ETF is better, CONY or NVDY?

On 1-year performance, NVDY leads with 38.81% vs -47.70% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, NVDY has been the lower-risk option at 9.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or NVDY?

Over the 1-year period, NVDY has performed better with a 38.81% return vs -47.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or NVDY?

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

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

CONY has the higher dividend yield at 198.50%, compared with 62.22% for NVDY.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.39 vs -0.83), 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.