CONY vs. YBIT

Last updated Aug 2, 2026

CONY (YieldMax COIN Option Income Strategy ETF) and YBIT (YieldMax Bitcoin Option Income Strategy ETF) are both exchange-traded funds - CONY is a Derivative Income fund actively managed by YieldMax, while YBIT is a Cryptocurrency fund actively managed by YieldMax. Both are actively managed. Over the past year, CONY returned -49.35% vs -40.60% for YBIT. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.99% expense ratio.

Performance

CONY vs. YBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax Bitcoin Option Income Strategy ETF (YBIT). 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 YBIT's -26.38% return.

CONY

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

YBIT

• 1D: -2.13%
• 1M: 1.58%
• 6M: -21.70%
• YTD: -26.38%
• 1Y: -40.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -13.06%

*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
YBIT YieldMax Bitcoin Option Income Strategy ETF	$626.34K	$409.76K	$558.81K

CONY vs. YBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONY YieldMax COIN Option Income Strategy ETF	-31.56%	-26.34%	6.43%
YBIT YieldMax Bitcoin Option Income Strategy ETF	-26.38%	-2.49%	1.40%

Correlation

The correlation between CONY and YBIT is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	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 Apr 23, 2024	0.71

The correlation between CONY and YBIT has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Return for Risk

CONY vs. YBIT — 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

YBIT

YBIT Risk / Return Rank: 1
YBIT Sharpe Ratio Rank: 1
YBIT Sortino Ratio Rank: 1
YBIT Omega Ratio Rank: 1
YBIT Calmar Ratio Rank: 1
YBIT Martin Ratio Rank: 1

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. YBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax COIN Option Income Strategy ETF (CONY) and YieldMax Bitcoin Option Income Strategy ETF (YBIT). 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	YBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-1.14	+0.17
Sortino ratio: Return per unit of downside risk	-1.54	-1.69	+0.15
Omega ratio: Gain probability vs. loss probability	0.82	0.80	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.89	-0.08
Martin ratio: Return relative to average drawdown	-1.49	-1.39	-0.10

CONY vs. YBIT - Sharpe Ratio Comparison

The current CONY Sharpe Ratio is -0.97, which is comparable to the YBIT Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of CONY and YBIT, 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. YBIT - Drawdown Comparison

The maximum CONY drawdown since its inception was -63.57%, which is greater than YBIT's maximum drawdown of -47.46%. Use the drawdown chart below to compare losses from any high point for CONY and YBIT.

Drawdown Indicators

	CONY	YBIT	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-47.46%	-16.11%
Max Drawdown (1Y) Largest decline over 1 year	-59.52%	-47.46%	-12.06%
Current Drawdown Current decline from peak	-61.23%	-44.45%	-16.78%
Average Drawdown Average peak-to-trough decline	-24.13%	-17.16%	-6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	30.42%	+9.46%

Volatility

CONY vs. YBIT - Volatility Comparison

YieldMax COIN Option Income Strategy ETF (CONY) has a higher volatility of 16.98% compared to YieldMax Bitcoin Option Income Strategy ETF (YBIT) at 6.70%. This indicates that CONY's price experiences larger fluctuations and is considered to be riskier than YBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONY	YBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.98%	6.70%	+10.28%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	28.25%	+18.70%
Volatility (1Y) Calculated over the trailing 1-year period	59.51%	36.97%	+22.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.91%	38.16%	+21.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	38.16%	+21.75%

CONY vs. YBIT - Expense Ratio Comparison

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

Dividends

CONY vs. YBIT - Dividend Comparison

CONY's dividend yield for the trailing twelve months is around 171.52%, more than YBIT's 100.52% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	171.52%	192.07%	155.66%	16.43%
YBIT YieldMax Bitcoin Option Income Strategy ETF	100.52%	88.33%	60.00%	0.00%

Frequently Asked Questions

Can I hold both CONY and YBIT in my portfolio?

CONY and YBIT 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 YBIT?

CONY has higher volatility (16.98%) compared to YBIT (6.70%). In terms of maximum drawdown, CONY dropped -63.57% vs YBIT's -47.46%.

Which ETF is better, CONY or YBIT?

On 1-year performance, YBIT leads with -40.60% vs -49.35% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, YBIT has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONY or YBIT?

Over the 1-year period, YBIT has performed better with a -40.60% 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 YBIT?

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

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

CONY has the higher dividend yield at 171.52%, compared with 100.52% for YBIT.

What is the main difference between CONY and YBIT?

CONY is categorized as Derivative Income, while YBIT is Cryptocurrency.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.97 vs -1.14), 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.