CONI vs. MULL

Last updated Jul 14, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, CONI returned 38.50% vs 2617.64% for MULL. At a correlation of -0.34, they often move in opposite directions. CONI charges 1.15%/yr vs 1.50%/yr for MULL.

Performance

CONI vs. MULL - 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 Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -22.77% return, which is significantly lower than MULL's 555.59% return.

CONI

• 1D: 2.12%
• 1M: -5.93%
• 6M: -7.84%
• YTD: -22.77%
• 1Y: 38.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -8.87%
• 1M: -18.69%
• 6M: 358.48%
• YTD: 555.59%
• 1Y: 2,617.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-22.77%	-70.84%	21.25%
MULL GraniteShares 2x Long MU Daily ETF	555.59%	558.51%	-39.23%

Correlation

The correlation between CONI and MULL is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.34

CONI vs. MULL - Sectors Allocation Comparison

Sectors	CONI	MULL
Financial Services	200.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.7%
Utilities	-	-

Return for Risk

CONI vs. MULL — Risk / Return Rank

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

CONI

CONI Risk / Return Rank: 21
CONI Sharpe Ratio Rank: 14
CONI Sortino Ratio Rank: 29
CONI Omega Ratio Rank: 31
CONI Calmar Ratio Rank: 17
CONI Martin Ratio Rank: 14

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

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. MULL - 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 Long MU Daily ETF (MULL). 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	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.29	17.43	-17.15
Sortino ratio: Return per unit of downside risk	1.33	5.03	-3.70
Omega ratio: Gain probability vs. loss probability	1.17	1.63	-0.46
Calmar ratio: Return relative to maximum drawdown	0.51	49.98	-49.47
Martin ratio: Return relative to average drawdown	0.91	156.39	-155.48

CONI vs. MULL - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is 0.29, which is lower than the MULL Sharpe Ratio of 17.43. The chart below compares the historical Sharpe Ratios of CONI and MULL, 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. MULL - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for CONI and MULL.

Drawdown Indicators

	CONI	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-72.29%	-22.24%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-53.09%	-22.03%
Current Drawdown Current decline from peak	-90.53%	-45.21%	-45.32%
Average Drawdown Average peak-to-trough decline	-74.09%	-20.84%	-53.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.32%	17.40%	+24.92%

Volatility

CONI vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Short COIN Daily ETF (CONI) is 35.73%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 67.96%. This indicates that CONI experiences smaller price fluctuations and is considered to be less risky than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	67.96%	-32.23%
Volatility (6M) Calculated over the trailing 6-month period	112.77%	124.58%	-11.81%
Volatility (1Y) Calculated over the trailing 1-year period	135.39%	152.52%	-17.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	144.81%	-17.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	144.81%	-17.40%

CONI vs. MULL - Expense Ratio Comparison

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

Dividends

CONI vs. MULL - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.13%, more than MULL's 0.06% yield.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.13%	0.87%	1.39%
MULL GraniteShares 2x Long MU Daily ETF	0.06%	0.39%	0.00%

Frequently Asked Questions

Can I hold both CONI and MULL in my portfolio?

CONI and MULL have a correlation of -0.29, 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 MULL?

MULL has higher volatility (67.96%) compared to CONI (35.73%). In terms of maximum drawdown, CONI dropped -94.53% vs MULL's -72.29%.

Which ETF is better, CONI or MULL?

On 1-year performance, MULL leads with 2617.64% vs 38.50% for CONI. On fees, CONI is cheaper at 1.15% per year. On volatility, CONI has been the lower-risk option at 35.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or MULL?

Over the 1-year period, MULL has performed better with a 2617.64% return vs 38.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or MULL?

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

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

CONI has the higher dividend yield at 1.13%, compared with 0.06% for MULL.

What is the main difference between CONI and MULL?

CONI is categorized as Inverse Equities, while MULL is Leveraged Equities. Their fees differ too: 1.15% for CONI and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (17.43 vs 0.29), 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.