CONL vs. BITU
CONL (GraniteShares 2x Long COIN Daily ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - CONL is a Leveraged Equities fund actively managed by GraniteShares, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. CONL is actively managed, while BITU is passively managed. Over the past year, CONL returned -88.50% vs -78.13% for BITU. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CONL charges 1.15%/yr vs 0.95%/yr for BITU.
Performance
CONL vs. BITU - Performance Comparison
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Returns By Period
In the year-to-date period, CONL achieves a -72.70% return, which is significantly lower than BITU's -58.54% return.
CONL
- 1D
- -21.10%
- 1M
- -25.93%
- 6M
- -61.90%
- YTD
- -72.70%
- 1Y
- -88.50%
- 3Y*
- -35.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.80%
BITU
- 1D
- -5.81%
- 1M
- 2.83%
- 6M
- -53.44%
- YTD
- -58.54%
- 1Y
- -78.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -34.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.79M | $39.32M | $47.38M | |
| $93.31M | $92.00M | $129.00M |
CONL vs. BITU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -72.70% | -58.49% | -49.00% |
BITU Proshares Ultra Bitcoin ETF | -58.54% | -37.07% | 41.85% |
Correlation
The correlation between CONL and BITU is 0.78, 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. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | 0.72 |
The correlation between CONL and BITU has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
CONL vs. BITU — Risk / Return Rank
CONL
BITU
CONL vs. BITU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Proshares Ultra Bitcoin ETF (BITU). 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.
| CONL | BITU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.80 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.96 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.34 | -0.02 |
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Drawdowns
CONL vs. BITU - Drawdown Comparison
The maximum CONL drawdown since its inception was -95.30%, which is greater than BITU's maximum drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for CONL and BITU.
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Drawdown Indicators
| CONL | BITU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.30% | -83.45% | -11.85% |
Max Drawdown (1Y)Largest decline over 1 year | -91.79% | -83.45% | -8.34% |
Max Drawdown (3Y)Largest decline over 3 years | -95.30% | — | — |
Current DrawdownCurrent decline from peak | -95.30% | -81.46% | -13.84% |
Average DrawdownAverage peak-to-trough decline | -57.47% | -37.61% | -19.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.40% | 59.30% | +11.10% |
Volatility
CONL vs. BITU - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 40.73% compared to Proshares Ultra Bitcoin ETF (BITU) at 17.90%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONL | BITU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.73% | 17.90% | +22.83% |
Volatility (6M)Calculated over the trailing 6-month period | 108.93% | 67.92% | +41.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.25% | 88.38% | +49.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.42% | 96.07% | +53.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.42% | 96.07% | +53.35% |
CONL vs. BITU - Expense Ratio Comparison
CONL has a 1.15% expense ratio, which is higher than BITU's 0.95% expense ratio.
Dividends
CONL vs. BITU - Dividend Comparison
CONL has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 93.04%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITU Proshares Ultra Bitcoin ETF | 82.40% | 50.23% | 0.12% |
CONL GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.31% |
Frequently Asked Questions
CONL and BITU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONL has higher volatility (40.73%) compared to BITU (17.90%). In terms of maximum drawdown, CONL dropped -95.30% vs BITU's -83.45%.
On 1-year performance, BITU leads with -78.13% vs -88.50% for CONL. On fees, BITU is cheaper at 0.95% per year. On volatility, BITU has been the lower-risk option at 17.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITU has performed better with a -78.13% return vs -88.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITU is cheaper with a 0.95% expense ratio, compared with 1.15% for CONL.
BITU has the higher dividend yield at 82.40%, compared with 0.00% for CONL.
CONL is categorized as Leveraged Equities, while BITU is Cryptocurrency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for CONL and 0.95% for BITU.
CONL currently has the higher Sharpe Ratio (-0.67 vs -0.90), 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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