CONI vs. SH

Last updated Jul 14, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. CONI is actively managed, while SH is passively managed. Over the past year, CONI returned 38.50% vs -13.05% for SH. A 0.55 correlation means they provide meaningful diversification when combined. CONI charges 1.15%/yr vs 0.89%/yr for SH.

Performance

CONI vs. SH - 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 S&P500 (SH). 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 SH's -7.18% return.

CONI

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

SH

• 1D: 0.73%
• 1M: -0.85%
• 6M: -5.53%
• YTD: -7.18%
• 1Y: -13.05%
• 3Y*: -11.50%
• 5Y*: -8.24%
• 10Y*: -12.51%

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

CONI vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-22.77%	-70.84%	-53.81%
SH ProShares Short S&P500	-7.18%	-11.35%	-4.20%

Correlation

The correlation between CONI and SH is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.55

The correlation between CONI and SH has been stable across timeframes, ranging from 0.55 to 0.55 - a consistent structural relationship.

CONI vs. SH - Sectors Allocation Comparison

Sectors	CONI	SH
Financial Services	200.1%	98.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CONI vs. SH — 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

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

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. SH - 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 S&P500 (SH). 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	SH	Difference
Sharpe ratio: Return per unit of total volatility	0.29	-1.05	+1.34
Sortino ratio: Return per unit of downside risk	1.33	-1.48	+2.81
Omega ratio: Gain probability vs. loss probability	1.17	0.84	+0.34
Calmar ratio: Return relative to maximum drawdown	0.51	-0.82	+1.33
Martin ratio: Return relative to average drawdown	0.91	-1.55	+2.47

CONI vs. SH - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is 0.29, which is higher than the SH Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of CONI and SH, 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. SH - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for CONI and SH.

Drawdown Indicators

	CONI	SH	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-94.66%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-16.06%	-59.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.80%	—
Current Drawdown Current decline from peak	-90.53%	-94.57%	+4.04%
Average Drawdown Average peak-to-trough decline	-74.09%	-67.85%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.32%	8.41%	+33.91%

Volatility

CONI vs. SH - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 35.73% compared to ProShares Short S&P500 (SH) at 4.09%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	4.09%	+31.64%
Volatility (6M) Calculated over the trailing 6-month period	112.77%	9.95%	+102.82%
Volatility (1Y) Calculated over the trailing 1-year period	135.39%	12.51%	+122.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.41%	16.96%	+110.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.41%	18.00%	+109.41%

CONI vs. SH - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

CONI vs. SH - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.13%, less than SH's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONI GraniteShares 2x Short COIN Daily ETF	1.13%	0.87%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.21%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both CONI and SH in my portfolio?

CONI and SH have a correlation of 0.55, 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 SH?

CONI has higher volatility (35.73%) compared to SH (4.09%). In terms of maximum drawdown, CONI dropped -94.53% vs SH's -94.66%.

Which ETF is better, CONI or SH?

On 1-year performance, CONI leads with 38.50% vs -13.05% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or SH?

Over the 1-year period, CONI has performed better with a 38.50% return vs -13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or SH?

SH is cheaper with a 0.89% expense ratio, compared with 1.15% for CONI.

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

SH has the higher dividend yield at 4.21%, compared with 1.13% for CONI.

What is the main difference between CONI and SH?

They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for CONI and 0.89% for SH.

Which has better risk-adjusted returns?

CONI currently has the higher Sharpe Ratio (0.29 vs -1.05), 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.