CONI vs. BRKD

Last updated Jun 4, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds. CONI is actively managed, while BRKD is passively managed. Over the past year, CONI returned -48.55% vs 7.98% for BRKD. At a 0.06 correlation, their price movements are largely independent. CONI charges 1.15%/yr vs 1.00%/yr for BRKD.

Performance

CONI vs. BRKD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and Direxion Daily BRKB Bear 1X Shares (BRKD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -17.97% return, which is significantly lower than BRKD's 5.90% return.

CONI

• 1D: 12.23%
• 1M: 36.75%
• YTD: -17.97%
• 6M: 18.58%
• 1Y: -48.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BRKD

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.90%
• 6M: 6.63%
• 1Y: 7.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. BRKD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-17.97%	-70.84%	24.26%
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%

Correlation

The correlation between CONI and BRKD is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.06

Return for Risk

CONI vs. BRKD — Risk / Return Rank

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

CONI

CONI Risk / Return Rank: 7
CONI Sharpe Ratio Rank: 6
CONI Sortino Ratio Rank: 11
CONI Omega Ratio Rank: 12
CONI Calmar Ratio Rank: 4
CONI Martin Ratio Rank: 5

BRKD

BRKD Risk / Return Rank: 20
BRKD Sharpe Ratio Rank: 20
BRKD Sortino Ratio Rank: 20
BRKD Omega Ratio Rank: 20
BRKD Calmar Ratio Rank: 21
BRKD Martin Ratio Rank: 17

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. BRKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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.

	CONI	BRKD	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	0.60	-0.95
Sortino ratio: Return per unit of downside risk	0.35	1.00	-0.65
Omega ratio: Gain probability vs. loss probability	1.05	1.12	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.65	0.86	-1.50
Martin ratio: Return relative to average drawdown	-0.83	1.67	-2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CONI vs. BRKD - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.35, which is lower than the BRKD Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of CONI and BRKD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CONI	BRKD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	0.60	-0.95
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	0.04	-0.60

Drawdowns

CONI vs. BRKD - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than BRKD's maximum drawdown of -17.92%. Use the drawdown chart below to compare losses from any high point for CONI and BRKD.

Drawdown Indicators

	CONI	BRKD	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-17.92%	-76.61%
Max Drawdown (1Y) Largest decline over 1 year	-75.37%	-9.34%	-66.03%
Current Drawdown Current decline from peak	-89.94%	-3.69%	-86.25%
Average Drawdown Average peak-to-trough decline	-73.31%	-7.74%	-65.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.78%	4.78%	+54.00%

Volatility

CONI vs. BRKD - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 38.52% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 0.00%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	BRKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.52%	0.00%	+38.52%
Volatility (6M) Calculated over the trailing 6-month period	109.30%	9.21%	+100.09%
Volatility (1Y) Calculated over the trailing 1-year period	140.53%	13.36%	+127.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.77%	17.26%	+110.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.77%	17.26%	+110.51%

CONI vs. BRKD - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than BRKD's 1.00% expense ratio.

Dividends

CONI vs. BRKD - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, less than BRKD's 2.82% yield.

Position	TTM	2025	2024
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%

Frequently Asked Questions

Can I hold both CONI and BRKD in my portfolio?

CONI and BRKD have a correlation of -0.00, 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 BRKD?

CONI has higher volatility (38.52%) compared to BRKD (0.00%). In terms of maximum drawdown, CONI dropped -94.53% vs BRKD's -17.92%.

Which ETF is better, CONI or BRKD?

On 1-year performance, BRKD leads with 7.98% vs -48.55% for CONI. On fees, BRKD is cheaper at 1.00% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or BRKD?

Over the 1-year period, BRKD has performed better with a 7.98% return vs -48.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or BRKD?

BRKD is cheaper with a 1.00% expense ratio, compared with 1.15% for CONI.

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

BRKD has the higher dividend yield at 2.82%, compared with 1.07% for CONI.

What is the main difference between CONI and BRKD?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONI and 1.00% for BRKD.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.60 vs -0.35), 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.