CONI vs. MSDD

Last updated Jun 24, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds from GraniteShares. Both are actively managed. Over the past year, CONI returned -17.01% vs 69.58% for MSDD. A 0.76 correlation means they provide meaningful diversification when combined. CONI charges 1.15%/yr vs 1.50%/yr for MSDD.

Performance

CONI vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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 higher than MSDD's -48.72% return.

CONI

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

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -45.00%
• 1Y: 69.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
CONI GraniteShares 2x Short COIN Daily ETF	-18.05%	-37.84%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between CONI and MSDD is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.76

The correlation between CONI and MSDD has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

CONI vs. MSDD - Sectors Allocation Comparison

Sectors	CONI	MSDD
Financial Services	200.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	200.1%
Utilities	-	-

Return for Risk

CONI vs. MSDD — 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

MSDD

MSDD Risk / Return Rank: 24
MSDD Sharpe Ratio Rank: 17
MSDD Sortino Ratio Rank: 32
MSDD Omega Ratio Rank: 33
MSDD Calmar Ratio Rank: 20
MSDD Martin Ratio Rank: 16

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. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	0.50	-0.62
Sortino ratio: Return per unit of downside risk	0.80	1.61	-0.82
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.23	0.82	-1.05
Martin ratio: Return relative to average drawdown	-0.42	1.63	-2.05

CONI vs. MSDD - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.12, which is lower than the MSDD Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of CONI and MSDD, 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. MSDD - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than MSDD's maximum drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for CONI and MSDD.

Drawdown Indicators

	CONI	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-84.91%	-9.62%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-84.91%	+9.79%
Current Drawdown Current decline from peak	-89.95%	-68.63%	-21.32%
Average Drawdown Average peak-to-trough decline	-73.63%	-31.26%	-42.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.16%	43.14%	+1.02%

Volatility

CONI vs. MSDD - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 36.67% compared to GraniteShares 2x Short MSTR Daily ETF (MSDD) at 32.28%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.67%	32.28%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	110.98%	124.65%	-13.67%
Volatility (1Y) Calculated over the trailing 1-year period	136.92%	140.94%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	138.85%	-11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	138.85%	-11.44%

CONI vs. MSDD - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

CONI vs. MSDD - Dividend Comparison

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

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONI and MSDD in my portfolio?

CONI and MSDD have a correlation of 0.77, 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 MSDD?

CONI has higher volatility (36.67%) compared to MSDD (32.28%). In terms of maximum drawdown, CONI dropped -94.53% vs MSDD's -84.91%.

Which ETF is better, CONI or MSDD?

On 1-year performance, MSDD leads with 69.58% vs -17.01% for CONI. On fees, CONI is cheaper at 1.15% per year. On volatility, MSDD has been the lower-risk option at 32.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or MSDD?

Over the 1-year period, MSDD has performed better with a 69.58% 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 MSDD?

CONI is cheaper with a 1.15% expense ratio, compared with 1.50% for MSDD.

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

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

What is the main difference between CONI and MSDD?

Their fees differ too: 1.15% for CONI and 1.50% for MSDD.

Which has better risk-adjusted returns?

MSDD currently has the higher Sharpe Ratio (0.50 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.