CONL vs. COIN
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 -35.14%/yr vs 14.33%/yr for COIN. With a 1.00 correlation, they move nearly in lockstep.
Performance
CONL vs. COIN - Performance Comparison
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Returns By Period
In the year-to-date period, CONL achieves a -66.89% return, which is significantly lower than COIN's -30.41% return.
CONL
- 1D
- -2.02%
- 1M
- -6.91%
- 6M
- -70.98%
- YTD
- -66.89%
- 1Y
- -91.24%
- 3Y*
- -35.14%
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- -1.07%
- 1M
- -1.51%
- 6M
- -35.23%
- YTD
- -30.41%
- 1Y
- -59.34%
- 3Y*
- 14.33%
- 5Y*
- -7.30%
- 10Y*
- —
CONL vs. COIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -66.89% | -58.49% | 4.23% | 641.63% | -80.40% |
COIN Coinbase Global, Inc. | -30.41% | -8.92% | 42.77% | 391.44% | -63.90% |
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 9, 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.
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Return for Risk
CONL vs. COIN — Risk / Return Rank
CONL
COIN
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.
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 | COIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.90 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.34 | +0.07 |
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Drawdowns
CONL vs. COIN - Drawdown Comparison
The maximum CONL drawdown since its inception was -95.20%, roughly equal to the maximum COIN drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for CONL and COIN.
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Drawdown Indicators
| CONL | COIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.20% | -91.46% | -3.74% |
Max Drawdown (1Y)Largest decline over 1 year | -93.67% | -66.39% | -27.28% |
Max Drawdown (3Y)Largest decline over 3 years | -95.20% | -66.39% | -28.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.90% | — |
Current DrawdownCurrent decline from peak | -94.31% | -62.51% | -31.80% |
Average DrawdownAverage peak-to-trough decline | -56.95% | -52.73% | -4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.04% | 44.40% | +27.64% |
Volatility
CONL vs. COIN - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 33.61% compared to Coinbase Global, Inc. (COIN) at 17.14%. 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.
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Volatility by Period
| CONL | COIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.61% | 17.14% | +16.47% |
Volatility (6M)Calculated over the trailing 6-month period | 104.56% | 52.80% | +51.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.25% | 67.63% | +66.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.29% | 85.97% | +63.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.29% | 85.18% | +64.11% |
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
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.
CONL has higher volatility (33.61%) compared to COIN (17.14%). In terms of maximum drawdown, CONL dropped -95.20% vs COIN's -91.46%.
CONL currently has the higher Sharpe Ratio (-0.68 vs -0.88), 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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