CONI vs. ORCS

Last updated Jul 14, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. CONI charges 1.15%/yr vs 0.97%/yr for ORCS.

Performance

CONI vs. ORCS - 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 ORCL Bear 1X ETF (ORCS). 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 ORCS's 25.50% return.

CONI

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

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
CONI GraniteShares 2x Short COIN Daily ETF	-22.77%	21.98%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between CONI and ORCS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.45

Return for Risk

CONI vs. ORCS — 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

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORCS - 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 ORCL Bear 1X ETF (ORCS). 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	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	0.29	—	—
Sortino ratio: Return per unit of downside risk	1.33	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	0.51	—	—
Martin ratio: Return relative to average drawdown	0.91	—	—

Drawdowns

CONI vs. ORCS - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for CONI and ORCS.

Drawdown Indicators

	CONI	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-50.25%	-44.28%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	—	—
Current Drawdown Current decline from peak	-90.53%	-10.21%	-80.32%
Average Drawdown Average peak-to-trough decline	-74.09%	-16.41%	-57.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.32%	—	—

Volatility

Volatility by Period

	CONI	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	112.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	135.39%	59.82%	+75.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	59.82%	+67.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	59.82%	+67.59%

CONI vs. ORCS - Expense Ratio Comparison

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

Dividends

CONI vs. ORCS - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.13%, which matches ORCS's 1.14% yield.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.13%	0.87%	1.39%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%	0.00%

Frequently Asked Questions

Can I hold both CONI and ORCS in my portfolio?

CONI and ORCS have a correlation of 0.45, 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 ORCS?

On fees, ORCS 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 ORCS?

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

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

ORCS has the higher dividend yield at 1.14%, compared with 1.13% for CONI.

What is the main difference between CONI and ORCS?

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