YBIT vs. CONY

Last updated Jul 14, 2026

YBIT (YieldMax Bitcoin Option Income Strategy ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both exchange-traded funds - YBIT is a Cryptocurrency fund actively managed by YieldMax, while CONY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, YBIT returned -42.39% vs -56.86% for CONY. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

YBIT vs. CONY - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with YBIT having a -27.53% return and CONY slightly lower at -27.89%.

YBIT

• 1D: -1.95%
• 1M: -0.58%
• 6M: -29.47%
• YTD: -27.53%
• 1Y: -42.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONY

• 1D: -0.87%
• 1M: -2.31%
• 6M: -32.20%
• YTD: -27.89%
• 1Y: -56.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YBIT vs. CONY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBIT YieldMax Bitcoin Option Income Strategy ETF	-27.53%	-2.49%	1.40%
CONY YieldMax COIN Option Income Strategy ETF	-27.89%	-26.34%	6.43%

Correlation

The correlation between YBIT and CONY is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.71

The correlation between YBIT and CONY has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

YBIT vs. CONY — Risk / Return Rank

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

YBIT

YBIT Risk / Return Rank: 1
YBIT Sharpe Ratio Rank: 1
YBIT Sortino Ratio Rank: 1
YBIT Omega Ratio Rank: 1
YBIT Calmar Ratio Rank: 1
YBIT Martin Ratio Rank: 1

CONY

CONY Risk / Return Rank: 1
CONY Sharpe Ratio Rank: 2
CONY Sortino Ratio Rank: 1
CONY Omega Ratio Rank: 1
CONY Calmar Ratio Rank: 1
CONY Martin Ratio Rank: 2

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.

YBIT vs. CONY - Risk-Adjusted Trends Comparison

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

	YBIT	CONY	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-0.99	-0.16
Sortino ratio: Return per unit of downside risk	-1.71	-1.58	-0.13
Omega ratio: Gain probability vs. loss probability	0.80	0.82	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.90	0.00
Martin ratio: Return relative to average drawdown	-1.48	-1.35	-0.13

YBIT vs. CONY - Sharpe Ratio Comparison

The current YBIT Sharpe Ratio is -1.15, which is comparable to the CONY Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of YBIT 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

YBIT vs. CONY - Drawdown Comparison

The maximum YBIT drawdown since its inception was -47.46%, smaller than the maximum CONY drawdown of -63.57%. Use the drawdown chart below to compare losses from any high point for YBIT and CONY.

Drawdown Indicators

	YBIT	CONY	Difference
Max Drawdown Largest peak-to-trough decline	-47.46%	-63.57%	+16.11%
Max Drawdown (1Y) Largest decline over 1 year	-47.46%	-63.39%	+15.93%
Current Drawdown Current decline from peak	-45.32%	-59.15%	+13.83%
Average Drawdown Average peak-to-trough decline	-16.50%	-23.48%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.64%	42.09%	-13.45%

Volatility

YBIT vs. CONY - Volatility Comparison

The current volatility for YieldMax Bitcoin Option Income Strategy ETF (YBIT) is 8.74%, while YieldMax COIN Option Income Strategy ETF (CONY) has a volatility of 13.98%. This indicates that YBIT 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

	YBIT	CONY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	13.98%	-5.24%
Volatility (6M) Calculated over the trailing 6-month period	29.47%	45.20%	-15.73%
Volatility (1Y) Calculated over the trailing 1-year period	36.95%	57.78%	-20.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.48%	59.76%	-21.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.48%	59.76%	-21.28%

YBIT vs. CONY - Expense Ratio Comparison

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

Dividends

YBIT vs. CONY - Dividend Comparison

YBIT's dividend yield for the trailing twelve months is around 96.20%, less than CONY's 192.94% yield.

Position	TTM	2025	2024	2023
CONY YieldMax COIN Option Income Strategy ETF	192.94%	192.07%	155.66%	16.43%
YBIT YieldMax Bitcoin Option Income Strategy ETF	96.20%	88.33%	60.00%	0.00%

Frequently Asked Questions

Can I hold both YBIT and CONY in my portfolio?

YBIT and CONY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBIT or CONY?

CONY has higher volatility (13.98%) compared to YBIT (8.74%). In terms of maximum drawdown, YBIT dropped -47.46% vs CONY's -63.57%.

Which ETF is better, YBIT or CONY?

On 1-year performance, YBIT leads with -42.39% vs -56.86% for CONY. Both ETFs have the same 0.99% expense ratio. On volatility, YBIT has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBIT or CONY?

Over the 1-year period, YBIT has performed better with a -42.39% return vs -56.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBIT or CONY?

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

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

CONY has the higher dividend yield at 192.94%, compared with 96.20% for YBIT.

What is the main difference between YBIT and CONY?

YBIT is categorized as Cryptocurrency, while CONY is Derivative Income.

Which has better risk-adjusted returns?

CONY currently has the higher Sharpe Ratio (-0.99 vs -1.15), 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.