Dividend comparison
MSTY vs CONY: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for YieldMax MSTR Option Income Strategy ETF and YieldMax COIN Option Income Strategy ETF, side by side. Updated October 23, 2026.
- Fees. MSTY is cheaper at 1.03% a year versus 1.04% for CONY. On $10,000 that is $1 a year less in fees.
- Income. MSTY pays more income, yielding 140.32% over the last twelve months versus 123.12% for CONY. That is about $1,720 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, CONY returned -40.5% versus -42.9% for MSTY, with dividends reinvested. $10,000 would have grown to $5,952 in CONY and $5,714 in MSTY.
- Risk. MSTY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -80.7%, against -68.8% for CONY.
- Diversification. MSTY holds 26 positions and CONY holds 6.
- Size. MSTY is the larger fund with $1.1 billion in assets, against $373 million for CONY.
Bottom line: MSTY fits better if you care most about more income today and broader diversification. CONY fits better if you care most about stronger 1-year returns and smaller drawdowns.
| Metric | MSTY YieldMax MSTR Option Income Strategy ETF | CONY YieldMax COIN Option Income Strategy ETF |
|---|---|---|
| Dividend yield (TTM) | 140.32% | 123.12% |
| Dividend / share (TTM) | $20.32 | $21.94 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1671 on Oct 23, 2026 | $0.1931 on Oct 23, 2026 |
| Ex-dividend date | Oct 15, 2026 | Oct 15, 2026 |
| Price | $14.48 | $17.82 |
| Beta | 2.15 | 1.93 |
| Max drawdown (5Y) | -80.7% | -68.8% |
| Market cap | $792.6M | $362.4M |
| Exchange | AMEX | AMEX |
| Expense ratio | 1.03% | 1.04% |
| Assets under management | $1.13B | $373.0M |
| Number of holdings | 26 | 6 |
| Top 10 concentration | 0.0% | — |
MSTY
$1169.35/mo
$14032 /yr at 140.32% yield
CONY
$1026.02/mo
$12312 /yr at 123.12% yield
| Year | MSTY | CONY |
|---|---|---|
| 2025 | $87.2054 | $75.5777 |
| 2024 | — | $202.9790 |
Distributions vary sharply, have included return of capital, and upside is capped while downside is not, so net asset value can fall a long way even in periods when the payments keep arriving.
What MSTY vs CONY actually do
It holds no Strategy shares at all. It builds synthetic long exposure with options and sells calls or call spreads against it, harvesting premium from one of the most volatile large stocks in the market, itself a leveraged proxy for bitcoin. The distribution is set by the manager and varies week to week, and past payments have included return of capital, meaning part of what arrives is your own money coming back rather than income earned. Fees run around 1% a year.
Suits only an investor treating a small, losable allocation as a speculative income trade with eyes open. It is not an income substitute for a diversified fund: it carries single-stock risk on a company whose value is tied to bitcoin, its upside is capped by design, and its net asset value can fall sharply and permanently even while distributions continue.
Speculative, single-stock, capital at high risk
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
| Period | MSTY | CONY |
|---|---|---|
| 1 month | -12.08% | -12.95% |
| 3 months | 35.83% | 5.19% |
| Year to date | -5.79% | -19.87% |
| 1 year | -42.86% | -40.48% |
| 3 years | — | 11.38% |
| 5 years | — | — |
- MSTY
- CONY
Both series indexed to 100 on 2024-02-22 using the adjusted closing price series. Past performance does not guarantee future results.
- MSTY
- CONY
Quick verdict
MSTY fits better if you care most about more income today and broader diversification. CONY fits better if you care most about stronger 1-year returns and smaller drawdowns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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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.