IPO vs. CONY

Last updated Apr 1, 2026

Compare and contrast key facts about Renaissance IPO ETF (IPO) and YieldMax COIN Option Income Strategy ETF (CONY).

IPO and CONY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IPO is a passively managed fund by Renaissance Capital that tracks the performance of the Renaissance IPO Index. It was launched on Oct 14, 2013. CONY is an actively managed fund by YieldMax. It was launched on Aug 14, 2023.

Performance

IPO vs. CONY - Performance Comparison

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

IPO vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IPO Renaissance IPO ETF	-8.19%	5.45%	15.68%	17.55%
CONY YieldMax COIN Option Income Strategy ETF	-21.78%	-26.34%	23.62%	81.04%

Returns By Period

In the year-to-date period, IPO achieves a -8.19% return, which is significantly higher than CONY's -21.78% return.

IPO

• 1D: 5.57%
• 1M: -3.72%
• YTD: -8.19%
• 6M: -15.44%
• 1Y: 12.12%
• 3Y*: 13.00%
• 5Y*: -7.82%
• 10Y*: 8.27%

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)

IPO vs. CONY - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is lower than CONY's 0.99% expense ratio.

CONY

YieldMax COIN Option Income Strategy ETF

IPO

Renaissance IPO ETF

Return for Risk

IPO vs. CONY — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 24
IPO Sharpe Ratio Rank: 24
IPO Sortino Ratio Rank: 27
IPO Omega Ratio Rank: 25
IPO Calmar Ratio Rank: 23
IPO Martin Ratio Rank: 20

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.

IPO vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) 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.

	IPO	CONY	Difference
Sharpe ratio Return per unit of total volatility	0.37	-0.34	+0.72
Sortino ratio Return per unit of downside risk	0.76	-0.13	+0.89
Omega ratio Gain probability vs. loss probability	1.09	0.98	+0.11
Calmar ratio Return relative to maximum drawdown	0.45	-0.33	+0.78
Martin ratio Return relative to average drawdown	1.07	-0.68	+1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPO vs. CONY - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.37, which is higher than the CONY Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of IPO 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

	IPO	CONY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	-0.34	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.17	+0.05

Correlation

The correlation between IPO and CONY is 0.69, 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

IPO vs. CONY - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.62%, less than CONY's 211.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.62%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
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

IPO vs. CONY - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for IPO and CONY.

Drawdown Indicators

	IPO	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-63.57%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-63.39%	+37.15%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-44.53%	-55.69%	+11.16%
Average Drawdown Average peak-to-trough decline	-22.77%	-20.17%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.01%	30.90%	-19.89%

Volatility

IPO vs. CONY - Volatility Comparison

The current volatility for Renaissance IPO ETF (IPO) is 10.75%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 19.73%. This indicates that IPO 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

	IPO	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.75%	19.73%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	22.44%	44.88%	-22.44%
Volatility (1Y) Calculated over the trailing 1-year period	32.74%	59.46%	-26.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.81%	60.54%	-24.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.27%	60.54%	-29.27%