Dividend comparison

CONY vs YMAX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for YieldMax COIN Option Income Strategy ETF and YieldMax Universe Fund of Option Income ETFs, side by side. Updated October 21, 2026.

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CONY vs YMAX: key differences
The short answer, from the latest data on this page.
  • Fees. CONY is cheaper at 1.04% a year versus 1.33% for YMAX. On $10,000 that is $29 a year less in fees.
  • Income. CONY pays more income, yielding 120.75% over the last twelve months versus 61.45% for YMAX. That is about $5,930 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, YMAX returned -37.6% versus -42.5% for CONY, with dividends reinvested. $10,000 would have grown to $6,241 in YMAX and $5,752 in CONY.
  • Risk. CONY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -68.8%, against -40.4% for YMAX.
  • Diversification. YMAX holds 38 positions and CONY holds 6.

Bottom line: CONY fits better if you care most about lower fees and more income today. YMAX fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricCONY
YieldMax COIN Option Income Strategy ETF
YMAX
YieldMax Universe Fund of Option Income ETFs
Dividend yield (TTM)120.75%61.45%
Dividend / share (TTM)$21.94$4.51
Payout frequencyMonthlyMonthly
Last dividend$0.2148 on Oct 16, 2026$0.0594 on Oct 15, 2026
Ex-dividend dateOct 15, 2026Oct 14, 2026
Next payment—$0.0563 on Oct 22, 2026
Price$18.17$7.34
Beta1.931.28
Max drawdown (5Y)-68.8%-40.4%
Market cap$362.4M$417.2M
ExchangeAMEXAMEX
Expense ratio1.04%1.33%
Assets under management$354.7M$353.2M
Number of holdings638
Top 10 concentration—62.3%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

CONY

$1006.26/mo

$12075 /yr at 120.75% yield

YMAX

$512.09/mo

$6145 /yr at 61.45% yield

Dividend history
Total dividends paid per share in each calendar year. CONY pays monthly; YMAX pays monthly.
YearCONYYMAX
2025$75.5777$7.7483
2024$202.9790—
Strategy: Single-stock option income
Funds that hold synthetic exposure to one stock, or a basket of them, and sell call options against it every week or month to pay very large distributions. The payout comes from option premium, which is high because the underlying stocks are volatile. When the stock rallies hard, the fund keeps only a slice of the gain; when it falls, the fund takes most of the loss.

Distributions can include return of capital and the share price tends to erode over time, so the headline yield overstates what the investor actually keeps.

What CONY vs YMAX actually do

CONY
A YieldMax fund that sells options tied to Coinbase Global stock for weekly income, without holding the shares.

Exposure is synthetic: the fund buys calls and sells puts at matching strikes to replicate roughly 100% of the stock's price movement, then writes calls or call spreads on top to collect premium. Coinbase's earnings move with crypto trading volume, so both the stock and the option premium swing hard with the crypto cycle, and the distribution swings with them. Like others in the range it charges around 1% a year and has paid distributions that included return of capital.

Suits only a speculative sleeve sized so that a total loss would not matter. The structure concentrates single-company risk, caps the upside that would otherwise compensate for it, and can erode net asset value over time while still paying out, so it does not behave like the income funds it is often compared against.

Speculative, single-stock, capital at high risk

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Jan 17, 2024 would now be worth $7,914 in CONY and $9,141 in YMAX.
PeriodCONYYMAX
1 month-8.69%-3.80%
3 months10.46%-2.39%
Year to date-18.30%-26.45%
1 year-42.48%-37.59%
3 years13.56%—
5 years——
  • CONY
  • YMAX
581302032024202520267991

Both series indexed to 100 on 2024-01-17 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • CONY
  • YMAX
0%25%50%75%100%Cash & Others100.0%1.0%Technology61.0%Consumer Cyclical7.6%Communication Services7.2%Financial Services5.5%Industrials5.4%Healthcare5.1%Consumer Defensive3.0%Basic Materials1.8%Real Estate1.6%Other1.9%
Top 10 holdings
Largest positions by portfolio weight.

YMAX38 holdings total

NameWeight
MRNYYieldMax MRNA Option Income Strategy ETF10.93%
APLYYieldMax AAPL Option Income Strategy ETF6.65%
HOOYYieldMax HOOD Option Income Strategy ETF6.53%
FBYYieldMax Meta Option Income Strategy ETF6.36%
AMDYYieldMax AMD Option Income Strategy ETF5.97%
GDXYYieldMax Gold Miners Option Income Strategy ETF5.38%
SMCYYieldMax Smci Option Income Strategy ETF5.37%
MSFOYieldMax MSFT Option Income Strategy ETF5.10%
TSLYYieldMax Tsla Option Income ETF5.06%
GPTYYieldMax AI & Tech Portfolio Option Income ETF4.94%

Quick verdict

CONY fits better if you care most about lower fees and more income today. YMAX fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is CONY or YMAX better for dividend income?
It depends on your goals. CONY currently yields 120.75% Trailing Twelve Months (TTM) while YMAX yields 61.45%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between CONY and YMAX?
YieldMax COIN Option Income Strategy ETF (CONY) is an ETF listed on AMEX. YieldMax Universe Fund of Option Income ETFs (YMAX) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, CONY or YMAX?
CONY has the lower expense ratio. CONY charges 1.04% a year and YMAX charges 1.33%, a difference of $29 a year on a $10,000 investment.
Which has performed better, CONY or YMAX?
Over the last 1 year, YMAX has the higher total return with dividends reinvested: CONY returned -42.5% and YMAX returned -37.6%. Past performance does not predict future returns.
Which is riskier, CONY or YMAX?
Measured by the worst peak-to-trough decline over the last five years, CONY has been riskier: CONY fell as much as 68.8% and YMAX as much as 40.4%. Their betas are 1.93 and 1.28.
How often do CONY and YMAX pay dividends?
Both pay monthly. The most recent payments were $0.2148 for CONY and $0.0594 for YMAX.
How much income does $10,000 in CONY vs YMAX generate?
At current TTM yields, $10,000 in CONY would generate roughly $1006.26 per month ($12075 annually). The same amount in YMAX would produce about $512.09 per month ($6145 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both CONY and YMAX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare CONY vs YMAX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how CONY and YMAX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.