CONY vs. WEEL

Last updated Jun 25, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and WEEL (Peerless Option Income Wheel ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CONY returned -54.88% vs 15.17% for WEEL. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

CONY vs. WEEL - Performance Comparison

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

Returns By Period

In the year-to-date period, CONY achieves a -30.21% return, which is significantly lower than WEEL's 3.92% return.

CONY

• 1D: -4.67%
• 1M: -15.89%
• YTD: -30.21%
• 6M: -33.56%
• 1Y: -54.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WEEL

• 1D: -0.43%
• 1M: -0.93%
• YTD: 3.92%
• 6M: 4.07%
• 1Y: 15.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONY vs. WEEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONY YieldMax COIN Option Income Strategy ETF	-30.21%	-26.34%	5.85%
WEEL Peerless Option Income Wheel ETF	3.92%	17.73%	3.10%

Correlation

The correlation between CONY and WEEL is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.52

The correlation between CONY and WEEL has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

CONY vs. WEEL — 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: 1
CONY Omega Ratio Rank: 1
CONY Calmar Ratio Rank: 2
CONY Martin Ratio Rank: 2

WEEL

WEEL Risk / Return Rank: 73
WEEL Sharpe Ratio Rank: 64
WEEL Sortino Ratio Rank: 70
WEEL Omega Ratio Rank: 71
WEEL Calmar Ratio Rank: 74
WEEL Martin Ratio Rank: 84

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. WEEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and Peerless Option Income Wheel ETF (WEEL). 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	WEEL	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.85	-2.81
Sortino ratio: Return per unit of downside risk	-1.48	2.81	-4.28
Omega ratio: Gain probability vs. loss probability	0.83	1.37	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.87	3.31	-4.18
Martin ratio: Return relative to average drawdown	-1.37	15.27	-16.64

CONY vs. WEEL - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.96, which is lower than the WEEL Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CONY and WEEL, 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. WEEL - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than WEEL's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for CONY and WEEL.

Drawdown Indicators

	CONY	WEEL	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-17.45%	-46.12%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-4.60%	-58.79%
Current Drawdown Current decline from peak	-60.46%	-1.92%	-58.54%
Average Drawdown Average peak-to-trough decline	-22.89%	-1.44%	-21.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.07%	1.00%	+39.07%

Volatility

CONY vs. WEEL - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 15.90% compared to Peerless Option Income Wheel ETF (WEEL) at 2.96%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than WEEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	WEEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.90%	2.96%	+12.94%
Volatility (6M) Calculated over the trailing 6-month period	44.57%	6.40%	+38.17%
Volatility (1Y) Calculated over the trailing 1-year period	57.96%	8.23%	+49.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.92%	12.80%	+47.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.92%	12.80%	+47.12%

CONY vs. WEEL - Expense Ratio Comparison

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

Dividends

CONY vs. WEEL - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 215.02%, more than WEEL's 12.62% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	215.02%	192.07%	155.66%	16.43%
WEEL Peerless Option Income Wheel ETF	12.62%	12.72%	6.88%	0.00%

Frequently Asked Questions

Can I hold both CONY and WEEL in my portfolio?

CONY and WEEL have a correlation of 0.51, 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 WEEL?

CONY has higher volatility (15.90%) compared to WEEL (2.96%). In terms of maximum drawdown, CONY dropped -63.57% vs WEEL's -17.45%.

Which ETF is better, CONY or WEEL?

On 1-year performance, WEEL leads with 15.17% vs -54.88% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, WEEL has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or WEEL?

Over the 1-year period, WEEL has performed better with a 15.17% return vs -54.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONY or WEEL?

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

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

CONY has the higher dividend yield at 215.02%, compared with 12.62% for WEEL.

What is the main difference between CONY and WEEL?

They also come from different issuers: YieldMax and Peerless ETFs.

Which has better risk-adjusted returns?

WEEL currently has the higher Sharpe Ratio (1.85 vs -0.96), 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.