CONY vs. SMST

Last updated Aug 2, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CONY returned -49.35% vs 128.37% for SMST. Their -0.73 correlation means they have often moved in opposite directions in the past. CONY charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

CONY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONY achieves a -31.56% return, which is significantly higher than SMST's -35.77% return.

CONY

• 1D: -9.82%
• 1M: -8.17%
• 6M: -20.90%
• YTD: -31.56%
• 1Y: -49.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.21%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CONY YieldMax COIN Option Income Strategy ETF	$6.79M	$6.47M	$10.17M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

CONY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONY YieldMax COIN Option Income Strategy ETF	-31.56%	-26.34%	18.26%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between CONY and SMST is -0.81, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.81
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.73

The correlation between CONY and SMST has been stable across timeframes, ranging from -0.81 to -0.73 - a consistent structural relationship.

Return for Risk

CONY vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CONY

CONY Risk / Return Rank: 1
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 2
CONY Omega Ratio Rank: 1
CONY Calmar Ratio Rank: 0
CONY Martin Ratio Rank: 0

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CONY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.13	-2.10
Sortino ratio: Return per unit of downside risk	-1.54	2.09	-3.63
Omega ratio: Gain probability vs. loss probability	0.82	1.27	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.97	2.00	-2.97
Martin ratio: Return relative to average drawdown	-1.49	3.68	-5.16

CONY vs. SMST - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.97, which is lower than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CONY and SMST, 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. SMST - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CONY and SMST.

Drawdown Indicators

	CONY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-99.25%	+35.68%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-85.39%	+25.87%
Current Drawdown Current decline from peak	-61.23%	-97.48%	+36.25%
Average Drawdown Average peak-to-trough decline	-24.13%	-91.08%	+66.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	46.35%	-6.47%

Volatility

CONY vs. SMST - Volatility Comparison

The current volatility for YieldMax COIN Option Income Strategy ETF (CONY) is 16.98%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that CONY experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.98%	38.14%	-21.16%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	135.29%	-88.34%
Volatility (1Y) Calculated over the trailing 1-year period	59.51%	151.04%	-91.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.91%	166.75%	-106.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	166.75%	-106.84%

CONY vs. SMST - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CONY vs. SMST - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 171.52%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	171.52%	192.07%	155.66%	16.43%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and SMST in my portfolio?

CONY and SMST have a correlation of -0.81, 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 SMST?

SMST has higher volatility (38.14%) compared to CONY (16.98%). In terms of maximum drawdown, CONY dropped -63.57% vs SMST's -99.25%.

Which ETF is better, CONY or SMST?

On 1-year performance, SMST leads with 128.37% vs -49.35% for CONY. On fees, CONY is cheaper at 0.99% per year. On volatility, CONY has been the lower-risk option at 16.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs -49.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or SMST?

CONY is cheaper with a 0.99% expense ratio, compared with 1.29% for SMST.

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

CONY has the higher dividend yield at 171.52%, compared with 0.00% for SMST.

What is the main difference between CONY and SMST?

CONY is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for CONY and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs -0.97), 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.