CONI vs. SVIX

Last updated Jun 25, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and SVIX (-1x Short VIX Futures ETF) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while SVIX is a Volatility fund tracking the Short VIX Futures Index. CONI is actively managed, while SVIX is passively managed. Over the past year, CONI returned 20.23% vs 46.86% for SVIX. At a correlation of -0.48, they often move in opposite directions. CONI charges 1.15%/yr vs 1.47%/yr for SVIX.

Performance

CONI vs. SVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short COIN Daily ETF (CONI) and -1x Short VIX Futures ETF (SVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONI achieves a -9.57% return, which is significantly lower than SVIX's -8.42% return.

CONI

• 1D: 10.36%
• 1M: 35.67%
• YTD: -9.57%
• 6M: 1.32%
• 1Y: 20.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SVIX

• 1D: -0.14%
• 1M: 7.77%
• YTD: -8.42%
• 6M: -6.88%
• 1Y: 46.86%
• 3Y*: -5.70%
• 5Y*: —
• 10Y*: —

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

CONI vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	-9.57%	-70.84%	-53.81%
SVIX -1x Short VIX Futures ETF	-8.42%	-4.49%	-2.42%

Correlation

The correlation between CONI and SVIX is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	-0.48

Return for Risk

CONI vs. SVIX — Risk / Return Rank

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

CONI

CONI Risk / Return Rank: 16
CONI Sharpe Ratio Rank: 11
CONI Sortino Ratio Rank: 23
CONI Omega Ratio Rank: 24
CONI Calmar Ratio Rank: 12
CONI Martin Ratio Rank: 11

SVIX

SVIX Risk / Return Rank: 27
SVIX Sharpe Ratio Rank: 26
SVIX Sortino Ratio Rank: 27
SVIX Omega Ratio Rank: 30
SVIX Calmar Ratio Rank: 25
SVIX Martin Ratio Rank: 26

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. SVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and -1x Short VIX Futures ETF (SVIX). 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	SVIX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	0.86	-0.71
Sortino ratio: Return per unit of downside risk	1.18	1.37	-0.19
Omega ratio: Gain probability vs. loss probability	1.15	1.19	-0.04
Calmar ratio: Return relative to maximum drawdown	0.27	1.10	-0.83
Martin ratio: Return relative to average drawdown	0.50	3.14	-2.65

CONI vs. SVIX - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is 0.15, which is lower than the SVIX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of CONI and SVIX, 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. SVIX - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for CONI and SVIX.

Drawdown Indicators

	CONI	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-79.30%	-15.23%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-42.69%	-32.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-79.30%	—
Current Drawdown Current decline from peak	-88.91%	-56.26%	-32.65%
Average Drawdown Average peak-to-trough decline	-73.66%	-31.89%	-41.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.88%	14.95%	+25.93%

Volatility

CONI vs. SVIX - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 37.01% compared to -1x Short VIX Futures ETF (SVIX) at 16.64%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.01%	16.64%	+20.37%
Volatility (6M) Calculated over the trailing 6-month period	111.30%	43.30%	+68.00%
Volatility (1Y) Calculated over the trailing 1-year period	137.29%	55.32%	+81.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.51%	66.23%	+61.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.51%	66.23%	+61.28%

CONI vs. SVIX - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is lower than SVIX's 1.47% expense ratio.

Dividends

CONI vs. SVIX - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 0.97%, while SVIX has not paid dividends to shareholders.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	0.97%	0.87%	1.39%
SVIX -1x Short VIX Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONI and SVIX in my portfolio?

CONI and SVIX 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.

Which is riskier, CONI or SVIX?

CONI has higher volatility (37.01%) compared to SVIX (16.64%). In terms of maximum drawdown, CONI dropped -94.53% vs SVIX's -79.30%.

Which ETF is better, CONI or SVIX?

On 1-year performance, SVIX leads with 46.86% vs 20.23% for CONI. On fees, CONI is cheaper at 1.15% per year. On volatility, SVIX has been the lower-risk option at 16.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or SVIX?

Over the 1-year period, SVIX has performed better with a 46.86% return vs 20.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or SVIX?

CONI is cheaper with a 1.15% expense ratio, compared with 1.47% for SVIX.

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

CONI has the higher dividend yield at 0.97%, compared with 0.00% for SVIX.

What is the main difference between CONI and SVIX?

CONI is categorized as Inverse Equities, while SVIX is Volatility. They also come from different issuers: GraniteShares and Volatility Shares. Their fees differ too: 1.15% for CONI and 1.47% for SVIX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.86 vs 0.15), 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.