GBTC vs. CONY

Last updated Jun 26, 2026

GBTC (Grayscale Bitcoin Trust ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while CONY is a Derivative Income fund actively managed by YieldMax. GBTC is passively managed, while CONY is actively managed. Over the past year, GBTC returned -45.93% vs -58.03% for CONY. A 0.70 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.99%/yr for CONY.

Performance

GBTC vs. CONY - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GBTC having a -32.86% return and CONY slightly lower at -33.46%.

GBTC

• 1D: -1.10%
• 1M: -22.12%
• YTD: -32.86%
• 6M: -32.70%
• 1Y: -45.93%
• 3Y*: 36.17%
• 5Y*: 10.64%
• 10Y*: 44.37%

CONY

• 1D: -4.66%
• 1M: -18.11%
• YTD: -33.46%
• 6M: -36.66%
• 1Y: -58.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GBTC Grayscale Bitcoin Trust ETF	-32.86%	-7.65%	113.81%	72.07%
CONY YieldMax COIN Option Income Strategy ETF	-33.46%	-26.34%	23.62%	76.18%

Correlation

The correlation between GBTC and CONY is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.70

The correlation between GBTC and CONY has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

GBTC vs. CONY — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

CONY

CONY Risk / Return Rank: 1
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 1
CONY Omega Ratio Rank: 1
CONY Calmar Ratio Rank: 1
CONY Martin Ratio Rank: 2

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.

GBTC vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.

	GBTC	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.01	-0.03
Sortino ratio: Return per unit of downside risk	-1.57	-1.64	+0.06
Omega ratio: Gain probability vs. loss probability	0.83	0.81	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.92	+0.05
Martin ratio: Return relative to average drawdown	-1.48	-1.44	-0.03

GBTC vs. CONY - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.04, which is comparable to the CONY Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of GBTC and CONY, 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

GBTC vs. CONY - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for GBTC and CONY.

Drawdown Indicators

	GBTC	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-63.57%	-26.34%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-63.39%	+10.02%
Max Drawdown (3Y) Largest decline over 3 years	-53.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-53.37%	-62.30%	+8.93%
Average Drawdown Average peak-to-trough decline	-43.45%	-22.94%	-20.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.15%	40.26%	-9.11%

Volatility

GBTC vs. CONY - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 16.35%. This indicates that GBTC 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

	GBTC	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	16.35%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	34.52%	44.77%	-10.25%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	57.71%	-13.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	59.94%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	59.94%	+21.50%

GBTC vs. CONY - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than CONY's 0.99% expense ratio.

Dividends

GBTC vs. CONY - Dividend Comparison

GBTC has not paid dividends to shareholders, while CONY's dividend yield for the trailing twelve months is around 229.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONY YieldMax COIN Option Income Strategy ETF	229.96%	192.07%	155.66%	16.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both GBTC and CONY in my portfolio?

GBTC and CONY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or CONY?

CONY has higher volatility (16.35%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs CONY's -63.57%.

Which ETF is better, GBTC or CONY?

On 1-year performance, GBTC leads with -45.93% vs -58.03% for CONY. On fees, CONY is cheaper at 0.99% per year. On volatility, GBTC has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or CONY?

Over the 1-year period, GBTC has performed better with a -45.93% return vs -58.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or CONY?

CONY is cheaper with a 0.99% expense ratio, compared with 1.50% for GBTC.

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

CONY has the higher dividend yield at 229.96%, compared with 0.00% for GBTC.

What is the main difference between GBTC and CONY?

GBTC is categorized as Cryptocurrency, while CONY is Derivative Income. They also come from different issuers: Grayscale and YieldMax. Their fees differ too: 1.50% for GBTC and 0.99% for CONY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-1.01 vs -1.04), 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.