CONI vs. ELIS

Last updated Jun 4, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and ELIS (Direxion Daily LLY Bear 1X Shares) are both Inverse Equities funds. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. CONI charges 1.15%/yr vs 0.97%/yr for ELIS.

Performance

CONI vs. ELIS - 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 LLY Bear 1X Shares (ELIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CONI

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

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. ELIS - Yearly Performance Comparison

	2026 (YTD)	2025
CONI GraniteShares 2x Short COIN Daily ETF	-17.97%	-74.40%
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%

Correlation

The correlation between CONI and ELIS is 0.07, 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	0.07
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.11

CONI vs. ELIS - Sectors Allocation Comparison

Sectors	CONI	ELIS
Financial Services	200.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CONI vs. ELIS — 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

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. ELIS - 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 LLY Bear 1X Shares (ELIS). 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	ELIS	Difference
Sharpe ratio Return per unit of total volatility	-0.35	—	—
Sortino ratio Return per unit of downside risk	0.35	—	—
Omega ratio Gain probability vs. loss probability	1.05	—	—
Calmar ratio Return relative to maximum drawdown	-0.65	—	—
Martin ratio Return relative to average drawdown	-0.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

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

Drawdowns

Drawdown Indicators

	CONI	ELIS	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-75.37%	—	—
Current Drawdown Current decline from peak	-89.94%	—	—
Average Drawdown Average peak-to-trough decline	-73.31%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	58.78%	—	—

Volatility

Volatility by Period

	CONI	ELIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	109.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	140.53%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.77%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.77%	—	—

CONI vs. ELIS - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than ELIS's 0.97% expense ratio.

Dividends

CONI vs. ELIS - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, less than ELIS's 5.26% yield.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%	0.00%

Frequently Asked Questions

Can I hold both CONI and ELIS in my portfolio?

CONI and ELIS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CONI or ELIS?

On fees, ELIS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CONI or ELIS?

ELIS is cheaper with a 0.97% expense ratio, compared with 1.15% for CONI.

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

ELIS has the higher dividend yield at 5.26%, compared with 1.07% for CONI.

What is the main difference between CONI and ELIS?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONI and 0.97% for ELIS.