CONI vs. ORCS
CONI (GraniteShares 2x Short COIN Daily ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. Their 0.45 correlation means their historical movements had little consistent relationship. CONI charges 1.15%/yr vs 0.97%/yr for ORCS.
Performance
CONI vs. ORCS - Performance Comparison
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Returns By Period
In the year-to-date period, CONI achieves a -20.46% return, which is significantly lower than ORCS's 24.72% return.
CONI
- 1D
- 20.89%
- 1M
- 13.11%
- 6M
- -35.87%
- YTD
- -20.46%
- 1Y
- 3.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -69.09%
ORCS
- 1D
- -1.91%
- 1M
- 4.83%
- 6M
- 6.73%
- YTD
- 24.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.69M | $7.39M | $8.65M | |
| $1.74M | $2.55M | $2.74M |
CONI vs. ORCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CONI GraniteShares 2x Short COIN Daily ETF | -20.46% | 21.98% |
ORCS Direxion Daily ORCL Bear 1X ETF | 24.72% | 11.07% |
Correlation
The correlation between CONI and ORCS is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025 | 0.45 |
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Return for Risk
CONI vs. ORCS — Risk / Return Rank
CONI
ORCS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.17 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | — | — |
| Martin ratioReturn relative to average drawdown | 0.84 | — | — |
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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.
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Drawdown Indicators
| CONI | ORCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.53% | -50.25% | -44.28% |
Max Drawdown (1Y)Largest decline over 1 year | -75.12% | — | — |
Current DrawdownCurrent decline from peak | -90.25% | -12.34% | -77.91% |
Average DrawdownAverage peak-to-trough decline | -74.60% | -15.58% | -59.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.08% | — | — |
Volatility
CONI vs. ORCS - Volatility Comparison
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Volatility by Period
| CONI | ORCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.36% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 116.67% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 139.37% | 60.28% | +79.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 128.42% | 60.28% | +68.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 128.42% | 60.28% | +68.14% |
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 1.10%, less than ORCS's 1.15% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CONI GraniteShares 2x Short COIN Daily ETF | 1.10% | 0.87% | 1.39% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.15% | 0.26% | 0.00% |
Frequently Asked Questions
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.
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.
ORCS is cheaper with a 0.97% expense ratio, compared with 1.15% for CONI.
ORCS has the higher dividend yield at 1.15%, compared with 1.10% for CONI.
They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONI and 0.97% for ORCS.
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