BITX vs. CONL
BITX (2x Bitcoin Strategy ETF) and CONL (GraniteShares 2x Long COIN Daily ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while CONL is a Leveraged Equities fund actively managed by GraniteShares. BITX is passively managed, while CONL is actively managed. Over the past 3 years, BITX returned 6.79%/yr vs -32.95%/yr for CONL. Their 0.70 correlation means they have sometimes moved together and sometimes differently. BITX charges 2.38%/yr vs 1.15%/yr for CONL.
Performance
BITX vs. CONL - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -56.44% return, which is significantly higher than CONL's -72.70% return.
BITX
- 1D
- 2.83%
- 1M
- 6.13%
- 6M
- -43.47%
- YTD
- -56.44%
- 1Y
- -77.31%
- 3Y*
- 6.79%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.89%
CONL
- 1D
- 0.00%
- 1M
- -25.93%
- 6M
- -58.97%
- YTD
- -72.70%
- 1Y
- -88.50%
- 3Y*
- -32.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $88.24M | $96.85M | $117.71M | |
| $95.60M | $89.29M | $124.67M |
BITX vs. CONL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -56.44% | -38.71% | 163.41% | 46.18% |
CONL GraniteShares 2x Long COIN Daily ETF | -72.70% | -58.49% | 4.23% | 309.41% |
Correlation
The correlation between BITX and CONL is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.70 |
The correlation between BITX and CONL has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
BITX vs. CONL — Risk / Return Rank
BITX
CONL
BITX vs. CONL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and GraniteShares 2x Long COIN Daily ETF (CONL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BITX | CONL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.85 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.97 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.30 | 0.00 |
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Drawdowns
BITX vs. CONL - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum CONL drawdown of -95.30%. Use the drawdown chart below to compare losses from any high point for BITX and CONL.
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Drawdown Indicators
| BITX | CONL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -95.30% | +11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -91.79% | +8.34% |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | -95.30% | +11.85% |
Current DrawdownCurrent decline from peak | -80.75% | -95.30% | +14.55% |
Average DrawdownAverage peak-to-trough decline | -34.25% | -57.51% | +23.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.65% | 68.01% | -8.36% |
Volatility
BITX vs. CONL - Volatility Comparison
The current volatility for 2x Bitcoin Strategy ETF (BITX) is 17.57%, while GraniteShares 2x Long COIN Daily ETF (CONL) has a volatility of 39.80%. This indicates that BITX experiences smaller price fluctuations and is considered to be less risky than CONL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITX | CONL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.57% | 39.80% | -22.23% |
Volatility (6M)Calculated over the trailing 6-month period | 67.80% | 108.86% | -41.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.21% | 134.57% | -46.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.14% | 149.34% | -52.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.14% | 149.34% | -52.20% |
BITX vs. CONL - Expense Ratio Comparison
BITX has a 2.38% expense ratio, which is higher than CONL's 1.15% expense ratio.
Dividends
BITX vs. CONL - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 27.12%, while CONL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 27.12% | 21.69% | 10.70% |
CONL GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.31% |
Frequently Asked Questions
BITX and CONL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONL has higher volatility (39.80%) compared to BITX (17.57%). In terms of maximum drawdown, BITX dropped -83.45% vs CONL's -95.30%.
On 3-year performance, BITX leads with 6.79% vs -32.95% for CONL. On fees, CONL is cheaper at 1.15% per year. On volatility, BITX has been the lower-risk option at 17.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITX has performed better with a 6.79% return vs -32.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CONL is cheaper with a 1.15% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 27.12%, compared with 0.00% for CONL.
BITX is categorized as Cryptocurrency, while CONL is Leveraged Equities. They also come from different issuers: Volatility Shares and GraniteShares. Their fees differ too: 2.38% for BITX and 1.15% for CONL.
CONL currently has the higher Sharpe Ratio (-0.66 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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