Security Comparison

COIN vs CONY: Which Is the Better Pick in 2026?

A head-to-head comparison of Coinbase Global Inc. and YieldMax COIN Option Income Strategy ETF covering yield, cost, risk, and income potential.

Data updated August 29, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

COIN has lagged CONY over the trailing twelve months, posting a -42.18% total return against -38.65%. The picture flips over 3 years, though — COIN has compounded at 34.31% a year, ahead of CONY at 8.76%. CONY has been the steadier holding, though — annualized volatility of 60.3% against 76.0% for COIN. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	3Y	Since Aug 2023	Volatility	Sharpe	Sortino	Max drawdown
COIN	-24.47%	-42.18%	34.31%	30.73%	76.0%	0.33	0.50	-66.4%
CONY	-20.49%	-38.65%	8.76%	6.66%	60.3%	0.07	0.09	-67.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 28, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2023” measures every fund from August 15, 2023 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	COIN	CONY
Full name	Coinbase Global Inc.	YieldMax COIN Option Income Strategy ETF
Issuer	—	YieldMax
Last Close	$178.64 as of August 29, 2026	$20.23 as of August 29, 2026
Distribution yield	—	90.74%
Distribution Safety Score™	—	23
Safety-Adjusted Yield	—	20.87%
Expense ratio	—	1.04%
AUM	—	$372M
Distribution frequency	None	Weekly
Underlying index	—	Coinbase (COIN)
Objective	—	YieldMax COIN Option Income Strategy ETF seeks current income while providing indirect exposure to the share price returns of Coinbase Global, Inc. common stock, subject to a limit on potential investment gains. The fund does not invest directly in Coinbase Global, Inc.; it uses a synthetic covered call strategy built from standardized exchange-traded options.
Asset class	Equity	Equity
Inception date	N/A	08/14/2023
Beta	3.361	2.8303
Last dividend	—	$0.3530
Ex-dividend date	—	08/27/2026

Bottom lineWe won't call this one: we have neither a distribution rate nor an expense ratio for COIN. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer security as provisional.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. CONY generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

YieldMax

ETFs61

Total AUM$9.57B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on CONY.

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Quick verdict

COIN (Coinbase Global Inc.) is a stock, while CONY (YieldMax COIN Option Income Strategy ETF) is an ETF — they take fundamentally different approaches.

CONY currently shows a 90.74% distribution yield. COIN has not yet established a full distribution history, so a comparable yield figure is not available.

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Deep dive

Yield & income

On a $10,000 investment, COIN has no reported distribution yield yet, so a monthly income estimate is not available, while CONY would produce $756.17/month, at current distribution rates.

COIN yield—

CONY yield90.74%

Cost & efficiency

CONY charges a 1.04% expense ratio — roughly $1,040 over 10 years on $10,000 (simplified, not compounded). COIN is a stock, not a fund, so it charges no expense ratio.

CONY ER1.04%

Strategy & risk

COIN is a stock built around financials exposure, while CONY tracks Coinbase (COIN) with a covered call approach. Beta is 3.361 for COIN and 2.8303 for CONY, making CONY the less volatile of the two by this measure.

COIN beta3.361

CONY beta2.8303

Security details

COIN (Coinbase Global Inc.) is a stock. CONY is managed by YieldMax (launched 08/14/2023) with $372M in assets.

CONY AUM$372M

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Frequently asked questions

Which of COIN or CONY pays more dividend income?

CONY currently reports a distribution yield, while COIN has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between COIN and CONY?

COIN (Coinbase Global Inc.) is a stock built around financials exposure, while CONY (YieldMax COIN Option Income Strategy ETF) tracks Coinbase (COIN) with a covered call approach. They are issued by — and YieldMax respectively.

Can I hold both COIN and CONY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, COIN or CONY?

CONY charges a 1.04% expense ratio. COIN is a stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.

How much income does $10,000 in COIN vs CONY generate?

At current rates, COIN has not established a distribution history yet, so a monthly income estimate is not available. The same in CONY would produce about $756.17 per month ($9,074.00 annually).

Which has performed better historically, COIN or CONY?

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COIN vs CONY — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

Coinbase Global Inc. (COIN) is a stock in the financial services sector that provides cryptocurrency trading and custody services. YieldMax COIN Option Income Strategy ETF (CONY) is a synthetic covered call ETF that tracks COIN's price indirectly through options overlay, capping upside gains in exchange for weekly income distributions. The core trade-off is growth potential versus high, regular yield.

How they differ

COIN is direct stock ownership with no dividend; CONY uses a synthetic covered call strategy (standardized exchange-traded options on COIN) to generate income, capping price appreciation. CONY distributes a 66.09% annualized yield weekly, compared to COIN's zero distributions. CONY carries a 1.01% expense ratio and runs $329M in assets, while COIN has no fund expenses as an individual stock. CONY's beta of 2.8303 reflects dampened downside capture versus COIN's beta of 3.361, a byproduct of the call overlay capping upside.

Who each is best for

COIN: Fits investors seeking pure exposure to Coinbase's earnings growth and cryptocurrency market adoption, with a multi-year horizon and tolerance for sharp swings tied to regulatory and crypto sentiment shifts.

CONY: Fits investors who prioritize steady, predictable weekly cash flow over price appreciation, understand that gains above strike prices are surrendered to the option seller, and can tolerate the structural NAV erosion that high distribution yields entail.

Key risks to know

NAV erosion at 66% distribution yield: A 66.09% annualized distribution rate is mechanically unsustainable if CONY's underlying holdings do not appreciate at that pace. Over time, this structure is likely to erode net asset value per share as capital is returned to shareholders faster than it can compound. Investors should verify CONY's NAV trend over rolling 12–24 month periods to assess actual capital preservation.

Call strike risk and capped upside: CONY's synthetic covered call caps gains above the option strike. If COIN rallies sharply—plausible given its 3.36+ beta—CONY holders miss that upside entirely. Conversely, the call premium received helps cushion declines, but only partially; CONY's 2.83 beta shows it still moves directionally with COIN.

Cryptocurrency and regulatory concentration: Both securities are entirely dependent on COIN's business, which is concentrated in crypto trading and regulation. Regulatory crackdowns, crypto market downturns, or shifts in custody demand can severely depress COIN's stock price and CONY's NAV simultaneously. CONY offers no diversification of this risk.

Options liquidity and synthetic structure: CONY's strategy relies on rolling standardized options on COIN. If COIN's options market becomes illiquid or dislocates in price, CONY may struggle to execute rolls efficiently or at fair value, potentially widening tracking error or forcing unfavorable fill prices.

Bottom line

COIN offers unhedged, high-beta growth exposure to cryptocurrency adoption and Coinbase's earnings trajectory; CONY trades that upside for weekly income and a call-capped gain structure. If you seek capital appreciation and can tolerate volatility, COIN's lack of distributions may align with your horizon; if you prioritize steady cash flow and accept capped gains and NAV erosion, CONY's 66% yield and weekly payouts present a clear alternative. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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