CONY vs. ULTI

Last updated Jun 3, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and ULTI (REX IncomeMax Option Strategy ETF) are both Derivative Income funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. CONY charges 0.99%/yr vs 1.25%/yr for ULTI.

Performance

CONY vs. ULTI - Performance Comparison

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

Returns By Period

In the year-to-date period, CONY achieves a -20.81% return, which is significantly lower than ULTI's 47.97% return.

CONY

• 1D: -3.59%
• 1M: -7.49%
• YTD: -20.81%
• 6M: -29.16%
• 1Y: -36.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULTI

• 1D: 4.24%
• 1M: 19.14%
• YTD: 47.97%
• 6M: 30.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONY vs. ULTI - Yearly Performance Comparison

	2026 (YTD)	2025
CONY YieldMax COIN Option Income Strategy ETF	-20.81%	-30.50%
ULTI REX IncomeMax Option Strategy ETF	47.97%	-38.31%

Correlation

The correlation between CONY and ULTI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 3, 2025	0.54

Return for Risk

CONY vs. ULTI — Risk / Return Rank

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

CONY

CONY Risk / Return Rank: 4
CONY Sharpe Ratio Rank: 3
CONY Sortino Ratio Rank: 4
CONY Omega Ratio Rank: 4
CONY Calmar Ratio Rank: 4
CONY Martin Ratio Rank: 4

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. ULTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and REX IncomeMax Option Strategy ETF (ULTI). 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.

	CONY	ULTI	Difference
Sharpe ratio Return per unit of total volatility	-0.63	—	—
Sortino ratio Return per unit of downside risk	-0.69	—	—
Omega ratio Gain probability vs. loss probability	0.92	—	—
Calmar ratio Return relative to maximum drawdown	-0.57	—	—
Martin ratio Return relative to average drawdown	-0.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CONY	ULTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.24	+0.40

Drawdowns

CONY vs. ULTI - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than ULTI's maximum drawdown of -41.74%. Use the drawdown chart below to compare losses from any high point for CONY and ULTI.

Drawdown Indicators

	CONY	ULTI	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-41.74%	-21.83%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	—	—
Current Drawdown Current decline from peak	-55.14%	-8.71%	-46.43%
Average Drawdown Average peak-to-trough decline	-22.12%	-28.24%	+6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.50%	—	—

Volatility

Volatility by Period

	CONY	ULTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	58.03%	62.51%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.00%	62.51%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.00%	62.51%	-2.51%

CONY vs. ULTI - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than ULTI's 1.25% expense ratio.

Dividends

CONY vs. ULTI - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 178.59%, more than ULTI's 41.23% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	178.59%	192.07%	155.66%	16.43%
ULTI REX IncomeMax Option Strategy ETF	41.23%	14.96%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and ULTI in my portfolio?

CONY and ULTI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CONY or ULTI?

On fees, CONY is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CONY or ULTI?

CONY is cheaper with a 0.99% expense ratio, compared with 1.25% for ULTI.

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

CONY has the higher dividend yield at 178.59%, compared with 41.23% for ULTI.

What is the main difference between CONY and ULTI?

They also come from different issuers: YieldMax and REX Shares. Their fees differ too: 0.99% for CONY and 1.25% for ULTI.