CONY vs. SMH

Last updated Jun 24, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. CONY is actively managed, while SMH is passively managed. Over the past year, CONY returned -49.52% vs 138.23% for SMH. At a 0.47 correlation, their price movements are largely independent. CONY charges 0.99%/yr vs 0.35%/yr for SMH.

Performance

CONY vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and VanEck Semiconductor ETF (SMH). 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 SMH's 72.73% return.

CONY

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

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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

CONY vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-26.34%	23.62%	76.18%
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	16.77%

Correlation

The correlation between CONY and SMH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.47

Return for Risk

CONY vs. SMH — 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

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	3.99	-4.85
Sortino ratio: Return per unit of downside risk	-1.22	4.05	-5.27
Omega ratio: Gain probability vs. loss probability	0.86	1.58	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.78	9.31	-10.10
Martin ratio: Return relative to average drawdown	-1.24	33.88	-35.12

CONY vs. SMH - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.86, which is lower than the SMH Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of CONY and SMH, 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. SMH - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for CONY and SMH.

Drawdown Indicators

	CONY	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-84.96%	+21.39%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-14.93%	-48.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-58.53%	-7.01%	-51.52%
Average Drawdown Average peak-to-trough decline	-22.83%	-41.01%	+18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.89%	4.10%	+35.79%

Volatility

CONY vs. SMH - Volatility Comparison

The current volatility for YieldMax COIN Option Income Strategy ETF (CONY) is 15.74%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that CONY experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.74%	19.08%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	44.42%	29.18%	+15.24%
Volatility (1Y) Calculated over the trailing 1-year period	57.79%	34.87%	+22.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.89%	35.83%	+24.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.89%	32.97%	+26.92%

CONY vs. SMH - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

CONY vs. SMH - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 204.97%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both CONY and SMH in my portfolio?

CONY and SMH have a correlation of 0.46, 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 SMH?

SMH has higher volatility (19.08%) compared to CONY (15.74%). In terms of maximum drawdown, CONY dropped -63.57% vs SMH's -84.96%.

Which ETF is better, CONY or SMH?

On 1-year performance, SMH leads with 138.23% vs -49.52% for CONY. On fees, SMH is cheaper at 0.35% per year. On volatility, CONY has been the lower-risk option at 15.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or SMH?

Over the 1-year period, SMH has performed better with a 138.23% 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 SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 204.97%, compared with 0.18% for SMH.

What is the main difference between CONY and SMH?

CONY is categorized as Derivative Income, while SMH is Semiconductors. They also come from different issuers: YieldMax and VanEck. Their fees differ too: 0.99% for CONY and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 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.