FEX vs. CONY

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Large Cap Core AlphaDEX Fund (FEX) and YieldMax COIN Option Income Strategy ETF (CONY).

FEX and CONY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEX is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Large Cap Core Index. It was launched on May 8, 2007. CONY is an actively managed fund by YieldMax. It was launched on Aug 14, 2023.

Performance

FEX vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Large Cap Core AlphaDEX Fund (FEX) and YieldMax COIN Option Income Strategy ETF (CONY). The values are adjusted to include any dividend payments, if applicable.

FEX vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEX First Trust Large Cap Core AlphaDEX Fund	3.04%	15.05%	17.07%	8.33%
CONY YieldMax COIN Option Income Strategy ETF	-21.78%	-26.34%	23.62%	81.04%

Returns By Period

In the year-to-date period, FEX achieves a 3.04% return, which is significantly higher than CONY's -21.78% return.

FEX

• 1D: 2.09%
• 1M: -4.09%
• YTD: 3.04%
• 6M: 4.98%
• 1Y: 20.33%
• 3Y*: 16.27%
• 5Y*: 9.93%
• 10Y*: 11.97%

CONY

• 1D: 7.47%
• 1M: 0.40%
• YTD: -21.78%
• 6M: -45.25%
• 1Y: -20.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEX vs. CONY - Expense Ratio Comparison

FEX has a 0.59% expense ratio, which is lower than CONY's 0.99% expense ratio.

CONY

YieldMax COIN Option Income Strategy ETF

FEX

First Trust Large Cap Core AlphaDEX Fund

Return for Risk

FEX vs. CONY — Risk / Return Rank

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

FEX

FEX Risk / Return Rank: 68
FEX Sharpe Ratio Rank: 66
FEX Sortino Ratio Rank: 66
FEX Omega Ratio Rank: 67
FEX Calmar Ratio Rank: 64
FEX Martin Ratio Rank: 76

CONY

CONY Risk / Return Rank: 7
CONY Sharpe Ratio Rank: 6
CONY Sortino Ratio Rank: 8
CONY Omega Ratio Rank: 8
CONY Calmar Ratio Rank: 7
CONY Martin Ratio Rank: 7

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.

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.

	FEX	CONY	Difference
Sharpe ratio Return per unit of total volatility	1.15	-0.34	+1.50
Sortino ratio Return per unit of downside risk	1.66	-0.13	+1.79
Omega ratio Gain probability vs. loss probability	1.25	0.98	+0.26
Calmar ratio Return relative to maximum drawdown	1.62	-0.33	+1.95
Martin ratio Return relative to average drawdown	7.98	-0.68	+8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEX vs. CONY - Sharpe Ratio Comparison

The current FEX Sharpe Ratio is 1.15, which is higher than the CONY Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of FEX and CONY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FEX	CONY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	-0.34	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.17	+0.28

Correlation

The correlation between FEX and CONY is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FEX vs. CONY - Dividend Comparison

FEX's dividend yield for the trailing twelve months is around 1.06%, less than CONY's 211.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEX First Trust Large Cap Core AlphaDEX Fund	1.06%	1.10%	1.18%	1.38%	1.61%	0.80%	1.21%	1.32%	1.34%	1.07%	1.29%	1.33%
CONY YieldMax COIN Option Income Strategy ETF	211.70%	192.07%	155.66%	16.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	FEX	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-58.81%	-63.57%	+4.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-63.39%	+50.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	—	—
Current Drawdown Current decline from peak	-4.27%	-55.69%	+51.42%
Average Drawdown Average peak-to-trough decline	-7.95%	-20.17%	+12.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	30.90%	-28.24%

Volatility

FEX vs. CONY - Volatility Comparison

The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 4.81%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 19.73%. 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.

Volatility by Period

	FEX	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	19.73%	-14.92%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	44.88%	-35.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	59.46%	-41.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	60.54%	-44.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	60.54%	-41.98%