CONI vs. TRIO

Last updated Aug 2, 2026

CONI (GraniteShares 2x Short COIN Daily ETF) and TRIO (MC Trio Equity Buffered ETF) are both exchange-traded funds - CONI is a Inverse Equities fund actively managed by GraniteShares, while TRIO is a Equity Hedged fund actively managed by McCarthy & Cox. Both are actively managed. Over the past year, CONI returned 3.74% vs 13.07% for TRIO. Their -0.57 correlation means they have often moved in opposite directions in the past. CONI charges 1.15%/yr vs 0.70%/yr for TRIO.

Performance

CONI vs. TRIO - Performance Comparison

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

Returns By Period

In the year-to-date period, CONI achieves a -20.46% return, which is significantly lower than TRIO's 6.52% return.

CONI

• 1D: 20.89%
• 1M: 13.11%
• 6M: -35.87%
• YTD: -20.46%
• 1Y: 3.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -69.09%

TRIO

• 1D: 0.35%
• 1M: 0.57%
• 6M: 5.35%
• YTD: 6.52%
• 1Y: 13.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CONI GraniteShares 2x Short COIN Daily ETF	$8.69M	$7.39M	$8.65M
TRIO MC Trio Equity Buffered ETF	$43.78K	$78.89K	$68.56K

CONI vs. TRIO - Yearly Performance Comparison

	2026 (YTD)	2025
CONI GraniteShares 2x Short COIN Daily ETF	-20.46%	-72.14%
TRIO MC Trio Equity Buffered ETF	6.52%	11.70%

Correlation

The correlation between CONI and TRIO is -0.58, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.58
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.57

The correlation between CONI and TRIO has been stable across timeframes, ranging from -0.58 to -0.57 - a consistent structural relationship.

Return for Risk

CONI vs. TRIO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CONI

CONI Risk / Return Rank: 25
CONI Sharpe Ratio Rank: 17
CONI Sortino Ratio Rank: 36
CONI Omega Ratio Rank: 36
CONI Calmar Ratio Rank: 20
CONI Martin Ratio Rank: 17

TRIO

TRIO Risk / Return Rank: 84
TRIO Sharpe Ratio Rank: 82
TRIO Sortino Ratio Rank: 85
TRIO Omega Ratio Rank: 85
TRIO Calmar Ratio Rank: 77
TRIO Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CONI vs. TRIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short COIN Daily ETF (CONI) and MC Trio Equity Buffered ETF (TRIO). 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	TRIO	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.94	-1.67
Sortino ratio: Return per unit of downside risk	1.35	2.83	-1.48
Omega ratio: Gain probability vs. loss probability	1.17	1.37	-0.20
Calmar ratio: Return relative to maximum drawdown	0.50	2.77	-2.27
Martin ratio: Return relative to average drawdown	0.84	13.64	-12.80

CONI vs. TRIO - Sharpe Ratio Comparison

The current CONI Sharpe Ratio is 0.27, which is lower than the TRIO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of CONI and TRIO, 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. TRIO - Drawdown Comparison

The maximum CONI drawdown since its inception was -94.53%, which is greater than TRIO's maximum drawdown of -9.88%. Use the drawdown chart below to compare losses from any high point for CONI and TRIO.

Drawdown Indicators

	CONI	TRIO	Difference
Max Drawdown Largest peak-to-trough decline	-94.53%	-9.88%	-84.65%
Max Drawdown (1Y) Largest decline over 1 year	-75.12%	-4.47%	-70.65%
Current Drawdown Current decline from peak	-90.25%	-0.10%	-90.15%
Average Drawdown Average peak-to-trough decline	-74.60%	-0.75%	-73.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.08%	0.91%	+44.17%

Volatility

CONI vs. TRIO - Volatility Comparison

GraniteShares 2x Short COIN Daily ETF (CONI) has a higher volatility of 40.36% compared to MC Trio Equity Buffered ETF (TRIO) at 1.93%. This indicates that CONI's price experiences larger fluctuations and is considered to be riskier than TRIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONI	TRIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.36%	1.93%	+38.43%
Volatility (6M) Calculated over the trailing 6-month period	116.67%	5.17%	+111.50%
Volatility (1Y) Calculated over the trailing 1-year period	139.37%	6.39%	+132.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	128.42%	10.31%	+118.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	128.42%	10.31%	+118.11%

CONI vs. TRIO - Expense Ratio Comparison

CONI has a 1.15% expense ratio, which is higher than TRIO's 0.70% expense ratio.

Dividends

CONI vs. TRIO - Dividend Comparison

CONI's dividend yield for the trailing twelve months is around 1.10%, less than TRIO's 8.46% yield.

Position	TTM	2025	2024
CONI GraniteShares 2x Short COIN Daily ETF	1.10%	0.87%	1.39%
TRIO MC Trio Equity Buffered ETF	8.46%	9.01%	0.00%

Frequently Asked Questions

Can I hold both CONI and TRIO in my portfolio?

CONI and TRIO have a correlation of -0.58, 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 TRIO?

CONI has higher volatility (40.36%) compared to TRIO (1.93%). In terms of maximum drawdown, CONI dropped -94.53% vs TRIO's -9.88%.

Which ETF is better, CONI or TRIO?

On 1-year performance, TRIO leads with 13.07% vs 3.74% for CONI. On fees, TRIO is cheaper at 0.70% per year. On volatility, TRIO has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONI or TRIO?

Over the 1-year period, TRIO has performed better with a 13.07% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONI or TRIO?

TRIO is cheaper with a 0.70% expense ratio, compared with 1.15% for CONI.

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

TRIO has the higher dividend yield at 8.46%, compared with 1.10% for CONI.

What is the main difference between CONI and TRIO?

CONI is categorized as Inverse Equities, while TRIO is Equity Hedged. They also come from different issuers: GraniteShares and McCarthy & Cox. Their fees differ too: 1.15% for CONI and 0.70% for TRIO.

Which has better risk-adjusted returns?

TRIO currently has the higher Sharpe Ratio (1.94 vs 0.27), 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.