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

Overview

CONY and YMAX are both YieldMax covered-call ETFs that generate income by selling call options on their underlying holdings. CONY focuses on a single stock—Coinbase (COIN)—while YMAX is a fund-of-funds that holds a basket of YieldMax single-stock option ETFs. The key distinction: CONY concentrates risk in one volatile crypto company; YMAX spreads that risk across multiple covered-call strategies.

How they differ

CONY's underlying is Coinbase alone, making it a pure play on one equity plus options overlay. YMAX holds multiple YieldMax ETFs, so it's a diversified portfolio of covered-call strategies across different underlying stocks. That's the single biggest difference: concentration versus diversification.

The yield gap reflects that trade-off. CONY distributes 70.60% annually; YMAX pays 55.96%. CONY's higher yield comes from Coinbase's volatility, which means larger call premiums—but also larger downside swings. CONY's expenses run 1.04%; YMAX costs 1.33%, a 29-basis-point premium you're paying for the diversification layer and rebalancing.

Both have near-zero beta reported, which reflects their covered-call mechanics: the short calls dampen equity exposure. But CONY's 52-week range ($23.43–$107.00) shows real volatility underneath; YMAX's narrower range ($7.47–$14.14) reflects a smoother, blended profile. AUM is similar for both (~$375–$393 million), so neither is a tiny fund.

Who each is best for

CONY: Investors with strong conviction on Coinbase's long-term direction who want cryptocurrency exposure plus income, willing to accept assignment risk (shares called away if COIN rallies hard) and single-stock volatility. Best held in taxable accounts where the weekly distributions can offset capital losses.

YMAX: Income-focused investors seeking reduced concentration risk and steadier cash flow across multiple covered-call strategies. Better for those uncomfortable with single-stock bet sizes or seeking a gentler volatility profile. Suits regular income planners who prioritize consistency over maximum yield.

Key risks to know

• NAV erosion. Both funds pay yields above 55%, which rely on sustained option premiums and favorable price action. If underlying volatility falls or covered positions underperform, distributions may lean on return of capital and erode NAV over time.

• Call assignment. For CONY especially, if Coinbase rallies significantly above the strike, shares get called away and you miss further upside. YMAX has this risk too, but spread across multiple holdings.

• Crypto volatility. CONY is directly exposed to Bitcoin and Ethereum moves through Coinbase. If crypto enters a sustained downturn, COIN's stock price—and the call premiums that fund distributions—both fall.

• Counterparty and derivative risk. These strategies depend on smooth options markets and counterparty stability. Illiquid options markets or spikes in implied volatility could disrupt premium collection.

• Fund-of-funds drag. YMAX layers fees on top of its underlying YieldMax ETFs (which themselves have expense ratios), creating a compounding fee structure that erodes returns before distributions are even considered.

Bottom line

If you have a bullish view on Coinbase and can stomach single-stock volatility for a higher income stream, CONY's 70% yield and lower fees make sense. If you prefer a smoother ride across multiple covered-call strategies and don't need maximum yield, YMAX's diversification and predictable distribution schedule may justify its higher expenses. Both funds depend on volatile premium collection to sustain their distributions; past performance does not predict future results.