NVDY vs. CONY

Last updated Jun 3, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - NVDY is a Options Trading fund actively managed by YieldMax, while CONY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, NVDY returned 52.45% vs -36.44% for CONY. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

NVDY vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) 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, NVDY achieves a 15.63% return, which is significantly higher than CONY's -20.81% return.

NVDY

• 1D: -0.64%
• 1M: 8.18%
• YTD: 15.63%
• 6M: 19.60%
• 1Y: 52.45%
• 3Y*: 55.70%
• 5Y*: —
• 10Y*: —

CONY

• 1D: -3.59%
• 1M: -7.49%
• YTD: -20.81%
• 6M: -29.16%
• 1Y: -36.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDY vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	15.63%	27.38%	114.23%	15.70%
CONY YieldMax COIN Option Income Strategy ETF	-20.81%	-26.34%	23.62%	81.04%

Correlation

The correlation between NVDY and CONY is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 16, 2023	0.41

Return for Risk

NVDY vs. CONY — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 60
NVDY Sharpe Ratio Rank: 56
NVDY Sortino Ratio Rank: 51
NVDY Omega Ratio Rank: 51
NVDY Calmar Ratio Rank: 82
NVDY Martin Ratio Rank: 59

CONY

CONY Risk / Return Rank: 4
CONY Sharpe Ratio Rank: 3
CONY Sortino Ratio Rank: 4
CONY Omega Ratio Rank: 4
CONY Calmar Ratio Rank: 4
CONY Martin Ratio Rank: 4

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.

NVDY vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) 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.

	NVDY	CONY	Difference
Sharpe ratio Return per unit of total volatility	1.93	-0.63	+2.56
Sortino ratio Return per unit of downside risk	2.52	-0.69	+3.21
Omega ratio Gain probability vs. loss probability	1.32	0.92	+0.40
Calmar ratio Return relative to maximum drawdown	4.29	-0.57	+4.86
Martin ratio Return relative to average drawdown	10.62	-0.96	+11.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDY vs. CONY - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.93, which is higher than the CONY Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of NVDY 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.

Sharpe Ratios by Period

	NVDY	CONY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	-0.63	+2.56
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	0.17	+1.50

Drawdowns

NVDY vs. CONY - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, smaller than the maximum CONY drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for NVDY and CONY.

Drawdown Indicators

	NVDY	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-63.57%	+29.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-63.39%	+50.58%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Current Drawdown Current decline from peak	-4.54%	-55.14%	+50.60%
Average Drawdown Average peak-to-trough decline	-6.15%	-22.12%	+15.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	37.50%	-32.32%

Volatility

NVDY vs. CONY - Volatility Comparison

The current volatility for YieldMax NVDA Option Income Strategy ETF (NVDY) is 9.09%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 15.91%. This indicates that NVDY 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

	NVDY	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	15.91%	-6.82%
Volatility (6M) Calculated over the trailing 6-month period	20.58%	43.50%	-22.92%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	58.03%	-30.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.24%	60.00%	-21.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.24%	60.00%	-21.76%

NVDY vs. CONY - Expense Ratio Comparison

Both NVDY and CONY have an expense ratio of 0.99%.

Dividends

NVDY vs. CONY - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 60.00%, less than CONY's 178.59% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	178.59%	192.07%	155.66%	16.43%
NVDY YieldMax NVDA Option Income Strategy ETF	60.00%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVDY and CONY in my portfolio?

NVDY and CONY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDY or CONY?

CONY has higher volatility (15.91%) compared to NVDY (9.09%). In terms of maximum drawdown, NVDY dropped -34.08% vs CONY's -63.57%.

Which ETF is better, NVDY or CONY?

On 1-year performance, NVDY leads with 52.45% vs -36.44% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, NVDY has been the lower-risk option at 9.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or CONY?

Over the 1-year period, NVDY has performed better with a 52.45% return vs -36.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or CONY?

NVDY and CONY have the same expense ratio: 0.99% per year.

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

CONY has the higher dividend yield at 178.59%, compared with 60.00% for NVDY.

What is the main difference between NVDY and CONY?

NVDY is categorized as Options Trading, while CONY is Derivative Income.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.93 vs -0.63), 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.