CONI vs. BAR

Last updated Jun 24, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and BAR (GraniteShares Gold Trust) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt). CONI is actively managed, while BAR is passively managed. Over the past year, CONI returned -17.01% vs 21.40% for BAR. At a correlation of -0.08, they often move in opposite directions. CONI charges 1.15%/yr vs 0.17%/yr for BAR.

Performance

CONI vs. BAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and GraniteShares Gold Trust (BAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -18.05% return, which is significantly lower than BAR's -4.82% return.

CONI

• 1D: 7.89%
• 1M: 22.94%
• YTD: -18.05%
• 6M: -6.27%
• 1Y: -17.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAR

• 1D: -1.94%
• 1M: -8.92%
• YTD: -4.82%
• 6M: -8.73%
• 1Y: 21.40%
• 3Y*: 28.63%
• 5Y*: 18.08%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CONI vs. BAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-18.05%	-70.84%	-53.81%
BAR GraniteShares Gold Trust	-4.82%	64.12%	5.24%

Correlation

The correlation between CONI and BAR is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	-0.08

Return for Risk

CONI vs. BAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CONI

CONI Risk / Return Rank: 11
CONI Sharpe Ratio Rank: 8
CONI Sortino Ratio Rank: 16
CONI Omega Ratio Rank: 16
CONI Calmar Ratio Rank: 7
CONI Martin Ratio Rank: 7

BAR

BAR Risk / Return Rank: 22
BAR Sharpe Ratio Rank: 23
BAR Sortino Ratio Rank: 21
BAR Omega Ratio Rank: 25
BAR Calmar Ratio Rank: 20
BAR Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CONI vs. BAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and GraniteShares Gold Trust (BAR). 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.

	CONI	BAR	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	0.78	-0.91
Sortino ratio: Return per unit of downside risk	0.80	1.14	-0.34
Omega ratio: Gain probability vs. loss probability	1.10	1.17	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.23	0.88	-1.11
Martin ratio: Return relative to average drawdown	-0.42	2.37	-2.78

CONI vs. BAR - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.12, which is lower than the BAR Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of CONI and BAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CONI vs. BAR - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than BAR's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for CONI and BAR.

Drawdown Indicators

	CONI	BAR	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-24.38%	-70.15%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-24.38%	-50.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.38%	—
Current Drawdown Current decline from peak	-89.95%	-23.93%	-66.02%
Average Drawdown Average peak-to-trough decline	-73.63%	-6.53%	-67.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.16%	9.07%	+35.09%

Volatility

CONI vs. BAR - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 36.67% compared to GraniteShares Gold Trust (BAR) at 8.11%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than BAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	BAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.67%	8.11%	+28.56%
Volatility (6M) Calculated over the trailing 6-month period	110.98%	24.24%	+86.74%
Volatility (1Y) Calculated over the trailing 1-year period	136.92%	27.39%	+109.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	18.14%	+109.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	16.54%	+110.87%

CONI vs. BAR - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than BAR's 0.17% expense ratio.

Dividends

CONI vs. BAR - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, while BAR has not paid dividends to shareholders.

Position	TTM	2025	2024
BAR GraniteShares Gold Trust	0.00%	0.00%	0.00%
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%

Frequently Asked Questions

Can I hold both CONI and BAR in my portfolio?

CONI and BAR have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CONI or BAR?

CONI has higher volatility (36.67%) compared to BAR (8.11%). In terms of maximum drawdown, CONI dropped -94.53% vs BAR's -24.38%.

Which ETF is better, CONI or BAR?

On 1-year performance, BAR leads with 21.40% vs -17.01% for CONI. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or BAR?

Over the 1-year period, BAR has performed better with a 21.40% return vs -17.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or BAR?

BAR is cheaper with a 0.17% expense ratio, compared with 1.15% for CONI.

Which ETF pays a higher dividend yield, CONI or BAR?

CONI has the higher dividend yield at 1.07%, compared with 0.00% for BAR.

What is the main difference between CONI and BAR?

CONI is categorized as Inverse Equities, while BAR is Gold. Their fees differ too: 1.15% for CONI and 0.17% for BAR.

Which has better risk-adjusted returns?

BAR currently has the higher Sharpe Ratio (0.78 vs -0.12), 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.