CONL vs. COIN

Last updated Jun 4, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while COIN (Coinbase Global, Inc.) is a stock. Over the past 3 years, CONL returned -14.88%/yr vs 36.24%/yr for COIN. With a 1.00 correlation, they move nearly in lockstep.

Performance

CONL vs. COIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and Coinbase Global, Inc. (COIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -62.12% return, which is significantly lower than COIN's -27.82% return.

CONL

• 1D: -12.32%
• 1M: -38.47%
• YTD: -62.12%
• 6M: -75.31%
• 1Y: -79.34%
• 3Y*: -14.88%
• 5Y*: —
• 10Y*: —

COIN

• 1D: -6.19%
• 1M: -19.59%
• YTD: -27.82%
• 6M: -41.06%
• 1Y: -36.96%
• 3Y*: 36.24%
• 5Y*: -6.53%
• 10Y*: —

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

CONL vs. COIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CONL GraniteShares 2x Long COIN Daily ETF	-62.12%	-58.49%	4.23%	641.63%	-78.28%
COIN Coinbase Global, Inc.	-27.82%	-8.92%	42.77%	391.44%	-59.64%

Correlation

The correlation between CONL and COIN is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	1.00

The correlation between CONL and COIN has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

CONL vs. COIN — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 3
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 4
CONL Omega Ratio Rank: 4
CONL Calmar Ratio Rank: 2
CONL Martin Ratio Rank: 3

COIN

COIN Risk / Return Rank: 20
COIN Sharpe Ratio Rank: 18
COIN Sortino Ratio Rank: 20
COIN Omega Ratio Rank: 21
COIN Calmar Ratio Rank: 21
COIN Martin Ratio Rank: 22

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.

CONL vs. COIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Coinbase Global, Inc. (COIN). 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.

	CONL	COIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	-0.53	-0.04
Sortino ratio: Return per unit of downside risk	-0.65	-0.46	-0.19
Omega ratio: Gain probability vs. loss probability	0.93	0.95	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.56	-0.31
Martin ratio: Return relative to average drawdown	-1.21	-0.93	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CONL vs. COIN - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.57, which is comparable to the COIN Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of CONL and COIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CONL	COIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	-0.53	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	-0.15	-0.05

Drawdowns

CONL vs. COIN - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, roughly equal to the maximum COIN drawdown of -90.90%. Use the drawdown chart below to compare losses from any high point for CONL and COIN.

Drawdown Indicators

	CONL	COIN	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-90.90%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-66.39%	-25.63%
Max Drawdown (3Y) Largest decline over 3 years	-93.95%	-66.39%	-27.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-90.90%	—
Current Drawdown Current decline from peak	-93.48%	-61.12%	-32.36%
Average Drawdown Average peak-to-trough decline	-55.95%	-49.83%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.74%	39.68%	+26.06%

Volatility

CONL vs. COIN - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 38.02% compared to Coinbase Global, Inc. (COIN) at 19.13%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than COIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	COIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.02%	19.13%	+18.89%
Volatility (6M) Calculated over the trailing 6-month period	101.03%	50.99%	+50.04%
Volatility (1Y) Calculated over the trailing 1-year period	139.40%	70.20%	+69.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.93%	85.85%	+64.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.93%	85.39%	+64.54%

Dividends

CONL vs. COIN - Dividend Comparison

Neither CONL nor COIN has paid dividends to shareholders.

Position	TTM	2025	2024
COIN Coinbase Global, Inc.	0.00%	0.00%	0.00%
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%

Frequently Asked Questions

Can I hold both CONL and COIN in my portfolio?

With a correlation of 1.00, CONL and COIN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CONL or COIN?

CONL has higher volatility (38.02%) compared to COIN (19.13%). In terms of maximum drawdown, CONL dropped -93.95% vs COIN's -90.90%.

Which has better risk-adjusted returns?

COIN currently has the higher Sharpe Ratio (-0.53 vs -0.57), 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.