CONL vs. BITX
CONL (GraniteShares 2x Long COIN Daily ETF) and BITX (2x Bitcoin Strategy ETF) are both exchange-traded funds - CONL is a Leveraged Equities fund actively managed by GraniteShares, while BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). CONL is actively managed, while BITX is passively managed. Over the past 3 years, CONL returned -35.39%/yr vs 5.01%/yr for BITX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. CONL charges 1.15%/yr vs 2.38%/yr for BITX.
Performance
CONL vs. BITX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CONL achieves a -72.70% return, which is significantly lower than BITX's -57.64% 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%
BITX
- 1D
- -5.89%
- 1M
- 3.21%
- 6M
- -52.61%
- YTD
- -57.64%
- 1Y
- -77.94%
- 3Y*
- 5.01%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.28M | $99.74M | $121.60M | |
| $93.31M | $92.00M | $129.00M |
CONL vs. BITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -72.70% | -58.49% | 4.23% | 309.41% |
BITX 2x Bitcoin Strategy ETF | -57.64% | -38.71% | 163.41% | 46.18% |
Correlation
The correlation between CONL and BITX 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 (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.71 |
The correlation between CONL and BITX has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CONL vs. BITX — Risk / Return Rank
CONL
BITX
CONL vs. BITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and 2x Bitcoin Strategy ETF (BITX). 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 | BITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.95 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.34 | -0.03 |
Loading charts...
Drawdowns
CONL vs. BITX - Drawdown Comparison
The maximum CONL drawdown since its inception was -95.30%, which is greater than BITX's maximum drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for CONL and BITX.
Loading charts...
Drawdown Indicators
| CONL | BITX | 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% | -83.45% | -11.85% |
Current DrawdownCurrent decline from peak | -95.30% | -81.28% | -14.02% |
Average DrawdownAverage peak-to-trough decline | -57.47% | -34.19% | -23.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.40% | 59.44% | +10.96% |
Volatility
CONL vs. BITX - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 40.73% compared to 2x Bitcoin Strategy ETF (BITX) at 17.98%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CONL | BITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.73% | 17.98% | +22.75% |
Volatility (6M)Calculated over the trailing 6-month period | 108.93% | 67.72% | +41.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.25% | 88.19% | +50.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.42% | 97.19% | +52.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.42% | 97.19% | +52.23% |
CONL vs. BITX - Expense Ratio Comparison
CONL has a 1.15% expense ratio, which is lower than BITX's 2.38% expense ratio.
Dividends
CONL vs. BITX - Dividend Comparison
CONL has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 27.89%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 27.89% | 21.69% | 10.70% |
CONL GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.31% |
Frequently Asked Questions
CONL and BITX 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 BITX (17.98%). In terms of maximum drawdown, CONL dropped -95.30% vs BITX's -83.45%.
On 3-year performance, BITX leads with 5.01% vs -35.39% for CONL. On fees, CONL is cheaper at 1.15% per year. On volatility, BITX has been the lower-risk option at 17.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITX has performed better with a 5.01% return vs -35.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CONL is cheaper with a 1.15% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 27.89%, compared with 0.00% for CONL.
CONL is categorized as Leveraged Equities, while BITX is Cryptocurrency. They also come from different issuers: GraniteShares and Volatility Shares. Their fees differ too: 1.15% for CONL and 2.38% for BITX.
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.
Find the right allocation for CONL and BITX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer