CONI vs. SEF

Last updated Jun 4, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds. CONI is actively managed, while SEF is passively managed. Over the past year, CONI returned -48.55% vs 3.73% for SEF. At a 0.41 correlation, their price movements are largely independent. CONI charges 1.15%/yr vs 0.95%/yr for SEF.

Performance

CONI vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -17.97% return, which is significantly lower than SEF's 8.89% return.

CONI

• 1D: 12.23%
• 1M: 36.75%
• YTD: -17.97%
• 6M: 18.58%
• 1Y: -48.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEF

• 1D: 1.10%
• 1M: 1.81%
• YTD: 8.89%
• 6M: 6.43%
• 1Y: 3.73%
• 3Y*: -10.34%
• 5Y*: -5.21%
• 10Y*: -11.50%

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

CONI vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-17.97%	-70.84%	-53.66%
SEF ProShares Short Financials	8.89%	-9.82%	-5.07%

Correlation

The correlation between CONI and SEF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.41

CONI vs. SEF - Sectors Allocation Comparison

Sectors	CONI	SEF
Financial Services	200.0%	65.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CONI vs. SEF — Risk / Return Rank

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

CONI

CONI Risk / Return Rank: 7
CONI Sharpe Ratio Rank: 6
CONI Sortino Ratio Rank: 11
CONI Omega Ratio Rank: 12
CONI Calmar Ratio Rank: 4
CONI Martin Ratio Rank: 5

SEF

SEF Risk / Return Rank: 12
SEF Sharpe Ratio Rank: 12
SEF Sortino Ratio Rank: 12
SEF Omega Ratio Rank: 12
SEF Calmar Ratio Rank: 13
SEF Martin Ratio Rank: 12

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. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and ProShares Short Financials (SEF). 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.

	CONI	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	0.26	-0.61
Sortino ratio: Return per unit of downside risk	0.35	0.50	-0.15
Omega ratio: Gain probability vs. loss probability	1.05	1.06	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.65	0.39	-1.03
Martin ratio: Return relative to average drawdown	-0.83	0.73	-1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CONI vs. SEF - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.35, which is lower than the SEF Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of CONI and SEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CONI	SEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	0.26	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	-0.49	-0.08

Drawdowns

CONI vs. SEF - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for CONI and SEF.

Drawdown Indicators

	CONI	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-96.51%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-75.37%	-9.72%	-65.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.66%	—
Current Drawdown Current decline from peak	-89.94%	-96.09%	+6.15%
Average Drawdown Average peak-to-trough decline	-73.31%	-82.72%	+9.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.78%	5.14%	+53.64%

Volatility

CONI vs. SEF - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 38.52% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.52%	3.01%	+35.51%
Volatility (6M) Calculated over the trailing 6-month period	109.30%	10.85%	+98.45%
Volatility (1Y) Calculated over the trailing 1-year period	140.53%	14.34%	+126.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.77%	17.96%	+109.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.77%	20.52%	+107.25%

CONI vs. SEF - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

CONI vs. SEF - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, less than SEF's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.35%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both CONI and SEF in my portfolio?

CONI and SEF have a correlation of 0.39, 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 SEF?

CONI has higher volatility (38.52%) compared to SEF (3.01%). In terms of maximum drawdown, CONI dropped -94.53% vs SEF's -96.51%.

Which ETF is better, CONI or SEF?

On 1-year performance, SEF leads with 3.73% vs -48.55% for CONI. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or SEF?

Over the 1-year period, SEF has performed better with a 3.73% return vs -48.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or SEF?

SEF is cheaper with a 0.95% expense ratio, compared with 1.15% for CONI.

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

SEF has the higher dividend yield at 3.35%, compared with 1.07% for CONI.

What is the main difference between CONI and SEF?

They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for CONI and 0.95% for SEF.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (0.26 vs -0.35), 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.