SMH vs. CONY

Last updated Jun 24, 2026

SMH (VanEck Semiconductor ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while CONY is a Derivative Income fund actively managed by YieldMax. SMH is passively managed, while CONY is actively managed. Over the past year, SMH returned 138.23% vs -49.52% for CONY. At a 0.47 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.99%/yr for CONY.

Performance

SMH vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) 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, SMH achieves a 72.73% return, which is significantly higher than CONY's -26.79% return.

SMH

• 1D: -7.01%
• 1M: 7.93%
• YTD: 72.73%
• 6M: 71.29%
• 1Y: 138.23%
• 3Y*: 62.28%
• 5Y*: 38.18%
• 10Y*: 37.85%

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)

SMH vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMH VanEck Semiconductor ETF	72.73%	49.17%	39.10%	16.77%
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-26.34%	23.62%	76.18%

Correlation

The correlation between SMH and CONY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.47

Return for Risk

SMH vs. CONY — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

SMH vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.

	SMH	CONY	Difference
Sharpe ratio: Return per unit of total volatility	3.99	-0.86	+4.85
Sortino ratio: Return per unit of downside risk	4.05	-1.22	+5.27
Omega ratio: Gain probability vs. loss probability	1.58	0.86	+0.72
Calmar ratio: Return relative to maximum drawdown	9.31	-0.78	+10.10
Martin ratio: Return relative to average drawdown	33.88	-1.24	+35.12

SMH vs. CONY - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 3.99, which is higher than the CONY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of SMH 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

SMH vs. CONY - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than CONY's maximum drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for SMH and CONY.

Drawdown Indicators

	SMH	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-63.57%	-21.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-63.39%	+48.46%
Max Drawdown (3Y) Largest decline over 3 years	-35.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	—	—
Current Drawdown Current decline from peak	-7.01%	-58.53%	+51.52%
Average Drawdown Average peak-to-trough decline	-41.01%	-22.83%	-18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	39.89%	-35.79%

Volatility

SMH vs. CONY - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 19.08% compared to YieldMax COIN Option Income Strategy ETF (CONY) at 15.74%. This indicates that SMH's price experiences larger fluctuations and is considered to be riskier than CONY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.08%	15.74%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	29.18%	44.42%	-15.24%
Volatility (1Y) Calculated over the trailing 1-year period	34.87%	57.79%	-22.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.83%	59.89%	-24.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.97%	59.89%	-26.92%

SMH vs. CONY - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than CONY's 0.99% expense ratio.

Dividends

SMH vs. CONY - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than CONY's 204.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CONY YieldMax COIN Option Income Strategy ETF	204.97%	192.07%	155.66%	16.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both SMH and CONY in my portfolio?

SMH and CONY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMH or CONY?

SMH has higher volatility (19.08%) compared to CONY (15.74%). In terms of maximum drawdown, SMH dropped -84.96% vs CONY's -63.57%.

Which ETF is better, SMH or CONY?

On 1-year performance, SMH leads with 138.23% vs -49.52% for CONY. On fees, SMH is cheaper at 0.35% per year. On volatility, CONY has been the lower-risk option at 15.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMH or CONY?

Over the 1-year period, SMH has performed better with a 138.23% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMH or CONY?

SMH is cheaper with a 0.35% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 204.97%, compared with 0.18% for SMH.

What is the main difference between SMH and CONY?

SMH is categorized as Semiconductors, while CONY is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.35% for SMH and 0.99% for CONY.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.99 vs -0.86), 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.