CONY vs. QTUM

Last updated Jun 24, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and QTUM (Defiance Quantum ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while QTUM is a Technology Equities fund tracking the BlueStar Machine Learning and Quantum Computing Index. CONY is actively managed, while QTUM is passively managed. Over the past year, CONY returned -49.52% vs 87.39% for QTUM. A 0.57 correlation means they provide meaningful diversification when combined. CONY charges 0.99%/yr vs 0.40%/yr for QTUM.

Performance

CONY vs. QTUM - Performance Comparison

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

Returns By Period

In the year-to-date period, CONY achieves a -26.79% return, which is significantly lower than QTUM's 49.25% return.

CONY

• 1D: -3.16%
• 1M: -11.77%
• YTD: -26.79%
• 6M: -30.97%
• 1Y: -49.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QTUM

• 1D: -3.12%
• 1M: 6.45%
• YTD: 49.25%
• 6M: 46.84%
• 1Y: 87.39%
• 3Y*: 51.19%
• 5Y*: 28.34%
• 10Y*: —

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

CONY vs. QTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-26.34%	23.62%	76.18%
QTUM Defiance Quantum ETF	49.25%	36.65%	50.54%	9.23%

Correlation

The correlation between CONY and QTUM is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.57

The correlation between CONY and QTUM has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

Return for Risk

CONY vs. QTUM — Risk / Return Rank

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

CONY

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

QTUM

QTUM Risk / Return Rank: 88
QTUM Sharpe Ratio Rank: 91
QTUM Sortino Ratio Rank: 83
QTUM Omega Ratio Rank: 83
QTUM Calmar Ratio Rank: 92
QTUM Martin Ratio Rank: 91

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. QTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and Defiance Quantum ETF (QTUM). 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	QTUM	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	3.02	-3.88
Sortino ratio: Return per unit of downside risk	-1.22	3.51	-4.72
Omega ratio: Gain probability vs. loss probability	0.86	1.47	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.78	5.76	-6.54
Martin ratio: Return relative to average drawdown	-1.24	20.75	-21.99

CONY vs. QTUM - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.86, which is lower than the QTUM Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of CONY and QTUM, 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. QTUM - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than QTUM's maximum drawdown of -38.45%. Use the drawdown chart below to compare losses from any high point for CONY and QTUM.

Drawdown Indicators

	CONY	QTUM	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-38.45%	-25.12%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-15.26%	-48.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.45%	—
Current Drawdown Current decline from peak	-58.53%	-3.21%	-55.32%
Average Drawdown Average peak-to-trough decline	-22.83%	-8.22%	-14.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.89%	4.23%	+35.66%

Volatility

CONY vs. QTUM - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 15.74% compared to Defiance Quantum ETF (QTUM) at 14.89%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than QTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	QTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.74%	14.89%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	44.42%	23.70%	+20.72%
Volatility (1Y) Calculated over the trailing 1-year period	57.79%	29.10%	+28.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.89%	27.17%	+32.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.89%	27.48%	+32.41%

CONY vs. QTUM - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is higher than QTUM's 0.40% expense ratio.

Dividends

CONY vs. QTUM - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 204.97%, more than QTUM's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CONY YieldMax COIN Option Income Strategy ETF	204.97%	192.07%	155.66%	16.43%	0.00%	0.00%	0.00%	0.00%	0.00%
QTUM Defiance Quantum ETF	0.72%	1.01%	0.61%	0.81%	1.46%	0.48%	0.42%	0.61%	0.21%

Frequently Asked Questions

Can I hold both CONY and QTUM in my portfolio?

CONY and QTUM have a correlation of 0.58, 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 QTUM?

CONY has higher volatility (15.74%) compared to QTUM (14.89%). In terms of maximum drawdown, CONY dropped -63.57% vs QTUM's -38.45%.

Which ETF is better, CONY or QTUM?

On 1-year performance, QTUM leads with 87.39% vs -49.52% for CONY. On fees, QTUM is cheaper at 0.40% per year. On volatility, QTUM has been the lower-risk option at 14.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or QTUM?

Over the 1-year period, QTUM has performed better with a 87.39% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or QTUM?

QTUM is cheaper with a 0.40% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 204.97%, compared with 0.72% for QTUM.

What is the main difference between CONY and QTUM?

CONY is categorized as Derivative Income, while QTUM is Technology Equities. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for CONY and 0.40% for QTUM.

Which has better risk-adjusted returns?

QTUM currently has the higher Sharpe Ratio (3.02 vs -0.86), 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.