CONI vs. SH
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 3.74% vs -13.19% for SH. Their 0.55 correlation means they have sometimes moved together and sometimes differently. CONI charges 1.15%/yr vs 0.89%/yr for SH.
Performance
CONI vs. SH - 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 SH's -6.65% return.
CONI
- 1D
- 20.89%
- 1M
- 13.11%
- 6M
- -35.87%
- YTD
- -20.46%
- 1Y
- 3.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -69.09%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.69M | $7.39M | $8.65M | |
| $271.72M | $244.09M | $301.56M |
CONI vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CONI GraniteShares 2x Short COIN Daily ETF | -20.46% | -70.84% | -53.81% |
SH ProShares Short S&P500 | -6.65% | -11.35% | -4.20% |
Correlation
The correlation between CONI and SH is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
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 0.56 - a consistent structural relationship.
CONI vs. SH - Sectors Allocation Comparison
Sectors
CONI
SH
Financial Services
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
CONI
SH
Basic Materials
CONI
-
SH
-
Communication Services
CONI
-
SH
-
Consumer Cyclical
CONI
-
SH
-
Consumer Defensive
CONI
-
SH
-
Energy
CONI
-
SH
-
Healthcare
CONI
-
SH
-
Industrials
CONI
-
SH
-
Real Estate
CONI
-
SH
-
Technology
CONI
-
SH
-
Utilities
CONI
-
SH
-
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Return for Risk
CONI vs. SH — Risk / Return Rank
CONI
SH
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 ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.86 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.73 | +1.24 |
| Martin ratioReturn relative to average drawdown | 0.84 | -1.30 | +2.14 |
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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.
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Drawdown Indicators
| CONI | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -90.25% | -94.54% | +4.29% |
Average DrawdownAverage peak-to-trough decline | -74.60% | -67.93% | -6.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.08% | 9.03% | +36.05% |
Volatility
CONI vs. SH - Volatility Comparison
GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 40.36% compared to ProShares Short S&P500 (SH) at 3.51%. 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.
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Volatility by Period
| CONI | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.36% | 3.51% | +36.85% |
Volatility (6M)Calculated over the trailing 6-month period | 116.67% | 10.08% | +106.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.37% | 12.81% | +126.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 128.42% | 16.96% | +111.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 128.42% | 18.02% | +110.40% |
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 1.10%, less than SH's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CONI GraniteShares 2x Short COIN Daily ETF | 1.10% | 0.87% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.19% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
CONI and SH have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONI has higher volatility (40.36%) compared to SH (3.51%). In terms of maximum drawdown, CONI dropped -94.53% vs SH's -94.66%.
On 1-year performance, CONI leads with 3.74% vs -13.19% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CONI has performed better with a 3.74% return vs -13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 1.15% for CONI.
SH has the higher dividend yield at 4.19%, compared with 1.10% for CONI.
They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for CONI and 0.89% for SH.
CONI currently has the higher Sharpe Ratio (0.27 vs -0.92), 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.
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