CONI vs. SMST

Last updated Jun 4, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, CONI returned -48.55% vs 73.40% for SMST. A 0.71 correlation means they provide meaningful diversification when combined. CONI charges 1.15%/yr vs 1.29%/yr for SMST.

Performance

CONI vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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 higher than SMST's -49.49% return.

CONI

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

SMST

• 1D: 13.96%
• 1M: 85.04%
• YTD: -49.49%
• 6M: -27.60%
• 1Y: 73.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONI vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-17.97%	-70.84%	-53.66%
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	-44.36%	-91.99%

Correlation

The correlation between CONI and SMST is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.71

The correlation between CONI and SMST has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

CONI vs. SMST — 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

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 31
SMST Omega Ratio Rank: 32
SMST Calmar Ratio Rank: 21
SMST Martin Ratio Rank: 18

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. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	0.52	-0.87
Sortino ratio: Return per unit of downside risk	0.35	1.63	-1.28
Omega ratio: Gain probability vs. loss probability	1.05	1.21	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.65	0.86	-1.51
Martin ratio: Return relative to average drawdown	-0.83	1.81	-2.63
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. SMST - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is -0.35, which is lower than the SMST Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of CONI and SMST, 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	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	0.52	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	-0.52	-0.04

Drawdowns

CONI vs. SMST - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CONI and SMST.

Drawdown Indicators

	CONI	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-99.25%	+4.72%
Max Drawdown (1Y) Largest decline over 1 year	-75.37%	-85.39%	+10.02%
Current Drawdown Current decline from peak	-89.94%	-98.02%	+8.08%
Average Drawdown Average peak-to-trough decline	-73.31%	-90.67%	+17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.78%	40.73%	+18.05%

Volatility

CONI vs. SMST - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) and Defiance Daily Target 2X Short MSTR ETF (SMST) have volatilities of 38.52% and 37.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.52%	37.33%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	109.30%	126.48%	-17.18%
Volatility (1Y) Calculated over the trailing 1-year period	140.53%	140.93%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.77%	166.79%	-39.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.77%	166.79%	-39.02%

CONI vs. SMST - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CONI vs. SMST - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.07%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.07%	0.87%	1.39%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONI and SMST in my portfolio?

CONI and SMST have a correlation of 0.77, 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 SMST?

CONI has higher volatility (38.52%) compared to SMST (37.33%). In terms of maximum drawdown, CONI dropped -94.53% vs SMST's -99.25%.

Which ETF is better, CONI or SMST?

On 1-year performance, SMST leads with 73.40% vs -48.55% for CONI. On fees, CONI is cheaper at 1.15% per year. On volatility, SMST has been the lower-risk option at 37.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or SMST?

Over the 1-year period, SMST has performed better with a 73.40% 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 SMST?

CONI is cheaper with a 1.15% expense ratio, compared with 1.29% for SMST.

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

CONI has the higher dividend yield at 1.07%, compared with 0.00% for SMST.

What is the main difference between CONI and SMST?

They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.15% for CONI and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.52 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.