GBTC vs. CONY
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 -40.35% vs -41.66% for CONY. A 0.69 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
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than CONY's -24.78% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
CONY
- 1D
- 0.65%
- 1M
- -14.40%
- YTD
- -24.78%
- 6M
- -35.02%
- 1Y
- -41.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. CONY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 76.09% |
CONY YieldMax COIN Option Income Strategy ETF | -24.78% | -26.34% | 23.62% | 81.04% |
Correlation
The correlation between GBTC and CONY is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2023 | 0.69 |
The correlation between GBTC and CONY has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.
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Return for Risk
GBTC vs. CONY — Risk / Return Rank
GBTC
CONY
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.
| GBTC | CONY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.90 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.66 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.10 | -0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | CONY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.72 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.13 | +0.52 |
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.
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Drawdown Indicators
| GBTC | CONY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -63.57% | -26.34% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -63.39% | +13.52% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -57.39% | +7.52% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -22.22% | -21.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 37.85% | -9.04% |
Volatility
GBTC vs. CONY - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 15.89%. 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.
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Volatility by Period
| GBTC | CONY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 15.89% | -6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 43.63% | -9.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 58.14% | -14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 60.02% | +2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 60.02% | +22.18% |
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 191.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CONY YieldMax COIN Option Income Strategy ETF | 191.74% | 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
GBTC and CONY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONY has higher volatility (15.89%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs CONY's -63.57%.
On 1-year performance, GBTC leads with -40.35% vs -41.66% for CONY. On fees, CONY is cheaper at 0.99% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GBTC has performed better with a -40.35% return vs -41.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CONY is cheaper with a 0.99% expense ratio, compared with 1.50% for GBTC.
CONY has the higher dividend yield at 191.74%, compared with 0.00% for GBTC.
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.
CONY currently has the higher Sharpe Ratio (-0.72 vs -0.93), 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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