FEX vs. CONY
FEX (First Trust Large Cap Core AlphaDEX Fund) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - FEX is a Large Cap Blend Equities fund tracking the Nasdaq AlphaDEX Large Cap Core Index, while CONY is a Derivative Income fund actively managed by YieldMax. FEX is passively managed, while CONY is actively managed. Over the past year, FEX returned 28.96% vs -49.52% for CONY. A 0.51 correlation means they provide meaningful diversification when combined. FEX charges 0.57%/yr vs 0.99%/yr for CONY.
Performance
FEX vs. CONY - Performance Comparison
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Returns By Period
In the year-to-date period, FEX achieves a 16.10% return, which is significantly higher than CONY's -26.79% return.
FEX
- 1D
- -1.34%
- 1M
- 3.10%
- YTD
- 16.10%
- 6M
- 14.91%
- 1Y
- 28.96%
- 3Y*
- 20.58%
- 5Y*
- 11.42%
- 10Y*
- 13.56%
CONY
- 1D
- -3.16%
- 1M
- -11.77%
- YTD
- -26.79%
- 6M
- -30.97%
- 1Y
- -49.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FEX vs. CONY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 16.10% | 15.05% | 17.07% | 6.72% |
CONY YieldMax COIN Option Income Strategy ETF | -26.79% | -26.34% | 23.62% | 76.18% |
Correlation
The correlation between FEX and CONY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023 | 0.51 |
The correlation between FEX and CONY has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.
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Return for Risk
FEX vs. CONY — Risk / Return Rank
FEX
CONY
FEX vs. CONY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and YieldMax COIN Option Income Strategy ETF (CONY). 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.
| FEX | CONY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.07 | ||
| Sortino ratioReturn per unit of downside risk | +4.27 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.86 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | -0.78 | +5.45 |
| Martin ratioReturn relative to average drawdown | 16.75 | -1.24 | +17.99 |
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Drawdowns
FEX vs. CONY - Drawdown Comparison
The maximum FEX drawdown since its inception was -58.81%, smaller than the maximum CONY drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for FEX and CONY.
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Drawdown Indicators
| FEX | CONY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.81% | -63.57% | +4.76% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -63.39% | +57.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.51% | — | — |
Current DrawdownCurrent decline from peak | -1.34% | -58.53% | +57.19% |
Average DrawdownAverage peak-to-trough decline | -7.87% | -22.83% | +14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 39.89% | -38.16% |
Volatility
FEX vs. CONY - Volatility Comparison
The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 5.09%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 15.74%. This indicates that FEX experiences smaller price fluctuations and is considered to be less risky than CONY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEX | CONY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 15.74% | -10.65% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 44.42% | -34.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.19% | 57.79% | -44.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.57% | 59.89% | -43.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.60% | 59.89% | -41.29% |
FEX vs. CONY - Expense Ratio Comparison
FEX has a 0.57% expense ratio, which is lower than CONY's 0.99% expense ratio.
Dividends
FEX vs. CONY - Dividend Comparison
FEX's dividend yield for the trailing twelve months is around 0.94%, less than CONY's 204.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CONY YieldMax COIN Option Income Strategy ETF | 204.97% | 192.07% | 155.66% | 16.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FEX First Trust Large Cap Core AlphaDEX Fund | 0.94% | 1.10% | 1.18% | 1.38% | 1.61% | 0.80% | 1.21% | 1.32% | 1.34% | 1.07% | 1.29% | 1.33% |
Frequently Asked Questions
FEX and CONY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONY has higher volatility (15.74%) compared to FEX (5.09%). In terms of maximum drawdown, FEX dropped -58.81% vs CONY's -63.57%.
On 1-year performance, FEX leads with 28.96% vs -49.52% for CONY. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FEX has performed better with a 28.96% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEX is cheaper with a 0.57% expense ratio, compared with 0.99% for CONY.
CONY has the higher dividend yield at 204.97%, compared with 0.94% for FEX.
FEX is categorized as Large Cap Blend Equities, while CONY is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.57% for FEX and 0.99% for CONY.
FEX currently has the higher Sharpe Ratio (2.21 vs -0.86), 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.
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