SPMO vs. CONY

Last updated Jun 24, 2026

SPMO (Invesco S&P 500 Momentum ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while CONY is a Derivative Income fund actively managed by YieldMax. SPMO is passively managed, while CONY is actively managed. Over the past year, SPMO returned 43.55% vs -49.52% for CONY. A 0.52 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.99%/yr for CONY.

Performance

SPMO vs. CONY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) 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, SPMO achieves a 29.91% return, which is significantly higher than CONY's -26.79% return.

SPMO

• 1D: -4.53%
• 1M: 6.65%
• YTD: 29.91%
• 6M: 28.13%
• 1Y: 43.55%
• 3Y*: 42.47%
• 5Y*: 22.89%
• 10Y*: 21.03%

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)

SPMO vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPMO Invesco S&P 500 Momentum ETF	29.91%	26.58%	45.82%	12.22%
CONY YieldMax COIN Option Income Strategy ETF	-26.79%	-26.34%	23.62%	76.18%

Correlation

The correlation between SPMO and CONY is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Aug 15, 2023	0.52

The correlation between SPMO and CONY has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

SPMO vs. CONY — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 68
SPMO Sharpe Ratio Rank: 68
SPMO Sortino Ratio Rank: 62
SPMO Omega Ratio Rank: 69
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 71

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.

SPMO vs. CONY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) 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.

	SPMO	CONY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	-0.86	+2.99
Sortino ratio: Return per unit of downside risk	2.81	-1.22	+4.03
Omega ratio: Gain probability vs. loss probability	1.39	0.86	+0.54
Calmar ratio: Return relative to maximum drawdown	3.45	-0.78	+4.23
Martin ratio: Return relative to average drawdown	12.97	-1.24	+14.21

SPMO vs. CONY - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is higher than the CONY Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of SPMO 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

SPMO vs. CONY - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum CONY drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for SPMO and CONY.

Drawdown Indicators

	SPMO	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-63.57%	+32.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-63.39%	+50.69%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	-4.53%	-58.53%	+54.00%
Average Drawdown Average peak-to-trough decline	-4.59%	-22.83%	+18.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	39.89%	-36.52%

Volatility

SPMO vs. CONY - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 11.75%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 15.74%. This indicates that SPMO 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

	SPMO	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	15.74%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	44.42%	-26.64%
Volatility (1Y) Calculated over the trailing 1-year period	20.55%	57.79%	-37.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	59.89%	-40.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	59.89%	-39.29%

SPMO vs. CONY - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than CONY's 0.99% expense ratio.

Dividends

SPMO vs. CONY - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.68%, 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%
SPMO Invesco S&P 500 Momentum ETF	0.68%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both SPMO and CONY in my portfolio?

SPMO and CONY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMO or CONY?

CONY has higher volatility (15.74%) compared to SPMO (11.75%). In terms of maximum drawdown, SPMO dropped -30.95% vs CONY's -63.57%.

Which ETF is better, SPMO or CONY?

On 1-year performance, SPMO leads with 43.55% vs -49.52% for CONY. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 11.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or CONY?

Over the 1-year period, SPMO has performed better with a 43.55% return vs -49.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or CONY?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.99% for CONY.

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

CONY has the higher dividend yield at 204.97%, compared with 0.68% for SPMO.

What is the main difference between SPMO and CONY?

SPMO is categorized as Momentum, while CONY is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.13% for SPMO and 0.99% for CONY.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.13 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.