Two of the market's most popular income ETFs compared side-by-side. See which one fits your yield strategy.
What this means: CONY is ratedTier 5 (Octane)while JEPI is ratedTier 4 (Harvest).JEPI is structurally lower risk than CONY.
| Metric | CONY | JEPI |
|---|---|---|
| Total Return (1Y) | -19.65% | 5.66% |
| NAV Change (1Y) | -61.71% | -1.38% |
| Max Drawdown | -72.07% | -14.35% |
| Beta | - | 0.65 |
* Returns include dividend reinvestment. Drawdown calculates peak-to-trough decline over trailing 12 months.
CONY and JEPI are both monthly-income ETFs, but comparing them is like comparing a casino slot machine to a professionally managed bond portfolio. CONY (YieldMax COIN Option Income Strategy ETF) yields approximately 18.8% by selling options on Coinbase stock — a single, highly speculative cryptocurrency exchange. JEPI (JPMorgan Equity Premium Income ETF) yields approximately 8.0% through a diversified S&P 500 equity-linked note strategy developed by one of the world's largest asset managers. These are not equivalent products at different yield points. They represent fundamentally different risk philosophies.
JEPI holds a diversified basket of roughly 100 S&P 500 stocks and overlays an equity-linked note (ELN) strategy that sells call options on the index. This means your income is derived from the implied volatility of the entire U.S. large-cap market — broad, liquid, and institutionally managed. CONY, by contrast, derives 100% of its option premium from Coinbase (COIN), a company whose stock can move 20-40% in a single month. When Coinbase falls sharply, CONY's NAV craters and its distributions shrink proportionally — both simultaneously.
NAV erosion is the silent killer of high-yield option-income funds, and CONY is particularly susceptible. Because it sells covered calls on a single volatile stock, strong upside moves in Coinbase cap CONY's participation while downside moves hit NAV directly. Historical performance shows CONY has experienced significant price deterioration since inception. JEPI has fared better on this metric, losing less NAV over comparable periods, though it too underperforms in strong bull markets due to its call-selling overlay.
JEPI's income is backed by dividends from 100+ blue-chip stocks plus premium from ELNs — a multi-layered income stream with institutional oversight. JPMorgan adjusts the strategy over time. CONY's income is purely option premium from one stock. If the options market prices lower volatility for Coinbase (which happens during quiet periods), CONY's payout drops dramatically. There is no dividend floor, no quality screen, and no diversification backstop.
Choose JEPI if:
Choose CONY if:
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