CONL vs. BTC-USD
CONL (GraniteShares 2x Long COIN Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, CONL returned -12.52%/yr vs 27.78%/yr for BTC-USD. A 0.50 correlation means they provide meaningful diversification when combined.
Performance
CONL vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, CONL achieves a -62.53% return, which is significantly lower than BTC-USD's -26.78% return.
CONL
- 1D
- 1.67%
- 1M
- -24.17%
- YTD
- -62.53%
- 6M
- -69.05%
- 1Y
- -84.98%
- 3Y*
- -12.52%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 1.32%
- 1M
- -16.41%
- YTD
- -26.78%
- 6M
- -27.65%
- 1Y
- -36.56%
- 3Y*
- 27.78%
- 5Y*
- 13.72%
- 10Y*
- 57.78%
CONL vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -62.53% | -58.49% | 4.23% | 641.63% | -80.40% |
BTC-USD Bitcoin | -26.78% | -6.27% | 120.76% | 155.82% | -30.59% |
Correlation
The correlation between CONL and BTC-USD is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.50 |
The correlation between CONL and BTC-USD has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.
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Return for Risk
CONL vs. BTC-USD — Risk / Return Rank
CONL
BTC-USD
CONL vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.88 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.71 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.20 | -0.03 |
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Drawdowns
CONL vs. BTC-USD - Drawdown Comparison
The maximum CONL drawdown since its inception was -94.36%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for CONL and BTC-USD.
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Drawdown Indicators
| CONL | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.36% | -85.30% | -9.06% |
Max Drawdown (1Y)Largest decline over 1 year | -92.57% | -51.21% | -41.36% |
Max Drawdown (3Y)Largest decline over 3 years | -94.36% | -51.21% | -43.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -93.55% | -48.63% | -44.92% |
Average DrawdownAverage peak-to-trough decline | -56.41% | -42.41% | -14.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.70% | 31.17% | +37.53% |
Volatility
CONL vs. BTC-USD - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 36.38% compared to Bitcoin (BTC-USD) at 12.27%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONL | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.38% | 12.27% | +24.11% |
Volatility (6M)Calculated over the trailing 6-month period | 102.63% | 34.57% | +68.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 135.92% | 35.70% | +100.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.61% | 44.28% | +105.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.61% | 56.43% | +93.18% |
Frequently Asked Questions
CONL and BTC-USD 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.
CONL has higher volatility (36.38%) compared to BTC-USD (12.27%). In terms of maximum drawdown, CONL dropped -94.36% vs BTC-USD's -85.30%.
CONL currently has the higher Sharpe Ratio (-0.63 vs -0.85), 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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