A head-to-head comparison of YieldMax COIN Option Income Strategy ETF and YieldMax Universe Fund of Option Income ETF covering yield, cost, risk, and income potential.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
CONY has lagged YMAX over the trailing twelve months, posting a -40.99% total return against -0.55%. Measured from Jan 2024 — the start of shared available history — YMAX has compounded at 14.89% a year versus -5.20% for CONY. YMAX has been the steadier holding, though — annualized volatility of 24.9% against 60.8% for CONY. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 17, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate, SEC yield and return of capital
Metric
CONY
YMAX
Forward distribution rate
68.65%
40.78%
Trailing 12-month yield
127.95%
62.00%
30-day SEC yield
2.52%
87.45%
Return of capital
88.09%
26.49%
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on CONY vs COIN.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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.
Fund of funds that seeks weekly income by investing its assets across the shares of the underlying YieldMax option income ETFs, or directly in the instruments those ETFs hold.
Bottom lineChoose CONY if you want to maximize current income — roughly 68.65%, generated by selling options premium. Choose YMAX if you are comfortable trading away most upside for a large, steady payout. CONY and YMAX both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.
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 and YMAX generate 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.
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 and YMAX.
CONY (YieldMax COIN Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETF) are both weekly-pay dividend ETFs, but they take different approaches.
CONY offers the higher yield at 68.65% vs 40.78% for YMAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
CONY is cheaper with an expense ratio of 1.04% compared to 1.33%.
They have different reference exposures: CONY is linked to Coinbase (COIN) while YMAX is linked to Basket (Yieldmax ETFs), which means their performance drivers differ.
CONY is the larger fund by assets ($392M), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose CONY
YieldMax COIN Option Income Strategy ETF
Want to maximize current income — CONY distributes roughly 68.65% from selling options premium, vs 40.78% for YMAX.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 1.04% expense ratio vs 1.33% for YMAX.
Choose YMAX
YieldMax Universe Fund of Option Income ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Prefer lower volatility — a beta of 1.6 vs 2.8 for CONY.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
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On a $10,000 investment, CONY would generate roughly $132.02 cash per distribution, while YMAX would produce $78.42 cash per distribution, at current distribution rates. Both pay weekly distributions.
CONY yield68.65%
YMAX yield40.78%
Cash diff on $10K$53.60
Cost & efficiency
Over 10 years on $10,000, CONY would cost approximately $1,040 in fees vs $1,330 for YMAX (simplified, not compounded). The $290.00 difference may be offset by yield or performance.
CONY ER1.04%
YMAX ER1.33%
Strategy & risk
CONY uses Coinbase (COIN) as its reference exposure with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 2.83 for CONY and 1.5515 for YMAX, making YMAX the less volatile of the two by this measure.
CONY beta2.83
YMAX beta1.5515
Fund details
CONY is managed by YieldMax (launched 08/14/2023) with $392M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $371M in assets.
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Frequently asked questions
What is the current distribution rate for CONY and YMAX?
CONY currently distributes 68.65% and YMAX 40.78%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is CONY or YMAX better for dividend income?
It depends on your goals. CONY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between CONY and YMAX?
CONY (YieldMax COIN Option Income Strategy ETF) uses Coinbase (COIN) as its reference exposure with a covered call approach, while YMAX (YieldMax Universe Fund of Option Income ETF) tracks Basket (Yieldmax ETFs) with a covered call approach. They are issued by YieldMax and YieldMax respectively.
Can I hold both CONY and YMAX?
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.
Is CONY or YMAX safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CONY scores 62, YMAX scores 55, so CONY's payout currently looks the more resilient of the two. YMAX has also shown lower price volatility (beta 1.55 vs 2.83 for CONY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, CONY or YMAX?
CONY has an expense ratio of 1.04% while YMAX charges 1.33%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in CONY vs YMAX generate?
At current rates, $10,000 in CONY would generate roughly $132.02 cash per distribution ($6,865.00 annually). The same in YMAX would produce about $78.42 cash per distribution ($4,078.00 annually).
Which has performed better historically, CONY or YMAX?
CONY has lagged YMAX over the trailing twelve months, posting a -40.99% total return against -0.55%. Measured from Jan 2024 — the start of shared available history — YMAX has compounded at 14.89% a year versus -5.20% for CONY. YMAX has been the steadier holding, though — annualized volatility of 24.9% against 60.8% for CONY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
CONY and YMAX are both options-overlay ETFs from YieldMax that generate weekly income through synthetic covered call strategies, but they differ fundamentally in scope and volatility. CONY's 68.65% distribution rate vastly exceeds YMAX's 40.78%, reflecting the outsized volatility premium available in COIN options versus a blended basket of underlyings. At the cost level, CONY charges 1.04% versus 0.29% percentage points higher for YMAX's fund-of-funds structure and diversification overhead. Both launched recently—CONY in August 2023 and YMAX in January 2024—but CONY has built $392M in assets compared to $371M for YMAX, suggesting stronger retail adoption of the concentrated Coinbase play.
Who each is best for
CONY: Fits investors willing to tolerate extreme volatility and high price caps on upside in exchange for the substantial option premium available from a single, highly liquid cryptocurrency asset.
YMAX: Fits investors who want weekly option-income distributions but prefer diversification across multiple underlying assets and a smoother return profile than a single-stock synthetic structure.
Key risks to know
NAV erosion at extreme yields: Both funds distribute yields well above typical equity returns, and CONY's 68.65% rate creates significant pressure to erode principal unless COIN's realized returns substantially exceed distributions. YMAX's 40.78% is more sustainable but still elevated relative to broad-market equity returns.
Capped upside from call overlay: Both use covered call strategies that cap potential price appreciation. CONY's exposure to COIN is subject to a strike price ceiling that limits investor participation in Coinbase rallies; YMAX's diversified basket faces similar caps across each underlying.
Concentration risk in CONY: Holding a synthetic version of a single cryptocurrency-exchange stock magnifies the impact of company-specific or sector shocks. An adverse regulatory action, compliance failure, or decline in crypto trading volumes directly pressures both the covered calls' strike prices and the fund's cash flow.
Derivative reinvestment and cost: Both funds rely on options premiums that fluctuate with implied volatility. A sustained drop in IV—particularly in COIN options, which can widen sharply—may compress CONY's income distribution significantly. YMAX's diversification may buffer this risk but does not eliminate it.
Fund-of-funds complexity in YMAX:YMAX holds shares of other YieldMax option-income ETFs, creating a layer of embedded fees and the potential for overlapping or concentrated option strategies across its holdings that may not be immediately transparent. Both are high-income, high-complexity strategies with capped upside and meaningful NAV risk—past performance does not predict future results, and neither should be confused with conventional buy-and-hold equity exposure.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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