CONI vs. HECO

Last updated Jun 24, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, CONI returned -17.01% vs 136.37% for HECO. At a correlation of -0.69, they often move in opposite directions. CONI charges 1.15%/yr vs 0.90%/yr for HECO.

Performance

CONI vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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 HECO's 72.76% return.

CONI

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

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-18.05%	-70.84%	-55.67%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%

Correlation

The correlation between CONI and HECO is -0.66, 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	-0.66
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	-0.70

The correlation between CONI and HECO has been stable across timeframes, ranging from -0.69 to -0.66 - a consistent structural relationship.

CONI vs. HECO - Sectors Allocation Comparison

Sectors	CONI	HECO
Financial Services	200.0%	39.5%
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	5.1%
Real Estate	-	-
Technology	-	55.4%
Utilities	-	-

Return for Risk

CONI vs. HECO — 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

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

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. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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	HECO	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	3.66	-3.79
Sortino ratio: Return per unit of downside risk	0.80	4.00	-3.21
Omega ratio: Gain probability vs. loss probability	1.10	1.51	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.23	6.52	-6.75
Martin ratio: Return relative to average drawdown	-0.42	18.64	-19.06

CONI vs. HECO - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.12, which is lower than the HECO Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of CONI and HECO, 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. HECO - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for CONI and HECO.

Drawdown Indicators

	CONI	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-44.59%	-49.94%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-21.03%	-54.09%
Current Drawdown Current decline from peak	-89.95%	-1.40%	-88.55%
Average Drawdown Average peak-to-trough decline	-73.63%	-11.53%	-62.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.16%	7.35%	+36.81%

Volatility

CONI vs. HECO - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 36.67% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.26%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.67%	10.26%	+26.41%
Volatility (6M) Calculated over the trailing 6-month period	110.98%	28.99%	+81.99%
Volatility (1Y) Calculated over the trailing 1-year period	136.92%	37.49%	+99.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	44.68%	+82.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	44.68%	+82.73%

CONI vs. HECO - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

CONI vs. HECO - Dividend Comparison

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

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both CONI and HECO in my portfolio?

CONI and HECO have a correlation of -0.66, 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 HECO?

CONI has higher volatility (36.67%) compared to HECO (10.26%). In terms of maximum drawdown, CONI dropped -94.53% vs HECO's -44.59%.

Which ETF is better, CONI or HECO?

On 1-year performance, HECO leads with 136.37% vs -17.01% for CONI. On fees, HECO is cheaper at 0.90% per year. On volatility, HECO has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or HECO?

Over the 1-year period, HECO has performed better with a 136.37% 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 HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.15% for CONI.

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

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

What is the main difference between CONI and HECO?

CONI is categorized as Inverse Equities, while HECO is Blockchain. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 1.15% for CONI and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 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.