CONY vs. WNTR

Last updated Aug 2, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CONY returned -49.35% vs 107.38% for WNTR. Their -0.74 correlation means they have often moved in opposite directions in the past. CONY charges 0.99%/yr vs 1.00%/yr for WNTR.

Performance

CONY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 lower than WNTR's 10.75% return.

CONY

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

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

CONY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CONY YieldMax COIN Option Income Strategy ETF	-31.56%	-8.73%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between CONY and WNTR is -0.78, 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.	-0.78
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.74

The correlation between CONY and WNTR has been stable across timeframes, ranging from -0.78 to -0.74 - a consistent structural relationship.

Return for Risk

CONY vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.12	-3.09
Sortino ratio: Return per unit of downside risk	-1.54	2.37	-3.91
Omega ratio: Gain probability vs. loss probability	0.82	1.32	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.97	2.71	-3.68
Martin ratio: Return relative to average drawdown	-1.49	6.87	-8.35

CONY vs. WNTR - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.97, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of CONY and WNTR, 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. WNTR - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CONY and WNTR.

Drawdown Indicators

	CONY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-42.65%	-20.92%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-42.65%	-16.87%
Current Drawdown Current decline from peak	-61.23%	-9.64%	-51.59%
Average Drawdown Average peak-to-trough decline	-24.13%	-20.18%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	16.81%	+23.07%

Volatility

CONY vs. WNTR - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 16.98% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 14.85%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.98%	14.85%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	47.43%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	59.51%	54.68%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.91%	53.42%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	53.42%	+6.49%

CONY vs. WNTR - Expense Ratio Comparison

CONY has a 0.99% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

CONY vs. WNTR - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 171.52%, more than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	171.52%	192.07%	155.66%	16.43%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and WNTR in my portfolio?

CONY and WNTR have a correlation of -0.78, 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 WNTR?

CONY has higher volatility (16.98%) compared to WNTR (14.85%). In terms of maximum drawdown, CONY dropped -63.57% vs WNTR's -42.65%.

Which ETF is better, CONY or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -49.35% for CONY. On fees, CONY is cheaper at 0.99% per year. On volatility, WNTR has been the lower-risk option at 14.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% 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 WNTR?

CONY is cheaper with a 0.99% expense ratio, compared with 1.00% for WNTR.

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

CONY has the higher dividend yield at 171.52%, compared with 107.02% for WNTR.

What is the main difference between CONY and WNTR?

Their fees differ too: 0.99% for CONY and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 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.