ICOI vs. CONY

Last updated Jun 24, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ICOI returned -46.01% vs -49.52% for CONY. Their correlation of 0.92 suggests significant overlap in exposure. ICOI charges 0.98%/yr vs 0.99%/yr for CONY.

Performance

ICOI vs. CONY - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -22.48% return, which is significantly higher than CONY's -26.79% return.

ICOI

• 1D: -2.85%
• 1M: -9.13%
• YTD: -22.48%
• 6M: -27.43%
• 1Y: -46.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONY

• 1D: -3.16%
• 1M: -11.77%
• YTD: -26.79%
• 6M: -30.97%
• 1Y: -49.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.48%	-6.51%
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-3.42%

Correlation

The correlation between ICOI and CONY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.92

The correlation between ICOI and CONY has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

ICOI vs. CONY — Risk / Return Rank

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

ICOI

ICOI Risk / Return Rank: 2
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 2
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 2
ICOI Martin Ratio Rank: 3

CONY

CONY Risk / Return Rank: 2
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 2
CONY Omega Ratio Rank: 2
CONY Calmar Ratio Rank: 2
CONY Martin Ratio Rank: 3

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.

ICOI vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) 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.

	ICOI	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.86	-0.08
Sortino ratio: Return per unit of downside risk	-1.31	-1.22	-0.09
Omega ratio: Gain probability vs. loss probability	0.84	0.86	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.78	-0.01
Martin ratio: Return relative to average drawdown	-1.19	-1.24	+0.05

ICOI vs. CONY - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.94, which is comparable to the CONY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of ICOI 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

ICOI vs. CONY - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum CONY drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for ICOI and CONY.

Drawdown Indicators

	ICOI	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-63.57%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-63.39%	+5.29%
Current Drawdown Current decline from peak	-55.39%	-58.53%	+3.14%
Average Drawdown Average peak-to-trough decline	-28.53%	-22.83%	-5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.60%	39.89%	-1.29%

Volatility

ICOI vs. CONY - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 13.77%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 15.74%. This indicates that ICOI 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

	ICOI	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.77%	15.74%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	35.52%	44.42%	-8.90%
Volatility (1Y) Calculated over the trailing 1-year period	49.30%	57.79%	-8.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.01%	59.89%	-9.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.01%	59.89%	-9.88%

ICOI vs. CONY - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than CONY's 0.99% expense ratio.

Dividends

ICOI vs. CONY - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.69%, more than CONY's 204.97% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	204.97%	192.07%	155.66%	16.43%
ICOI Bitwise COIN Option Income Strategy ETF	338.69%	247.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOI and CONY in my portfolio?

With a correlation of 0.92, ICOI and CONY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ICOI or CONY?

CONY has higher volatility (15.74%) compared to ICOI (13.77%). In terms of maximum drawdown, ICOI dropped -58.10% vs CONY's -63.57%.

Which ETF is better, ICOI or CONY?

On 1-year performance, ICOI leads with -46.01% vs -49.52% for CONY. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 13.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or CONY?

Over the 1-year period, ICOI has performed better with a -46.01% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or CONY?

ICOI is cheaper with a 0.98% expense ratio, compared with 0.99% for CONY.

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

ICOI has the higher dividend yield at 338.69%, compared with 204.97% for CONY.

What is the main difference between ICOI and CONY?

They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for ICOI and 0.99% for CONY.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.86 vs -0.94), 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.