CONL vs. DPST

Last updated Jun 24, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and DPST (Direxion Daily Regional Banks Bull 3X Shares) are both Leveraged Equities funds. CONL is actively managed, while DPST is passively managed. Over the past 3 years, CONL returned -14.86%/yr vs 41.35%/yr for DPST. At a 0.38 correlation, their price movements are largely independent. CONL charges 1.15%/yr vs 0.99%/yr for DPST.

Performance

CONL vs. DPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily Regional Banks Bull 3X Shares (DPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -65.46% return, which is significantly lower than DPST's 31.18% return.

CONL

• 1D: -7.83%
• 1M: -30.11%
• YTD: -65.46%
• 6M: -70.11%
• 1Y: -86.06%
• 3Y*: -14.86%
• 5Y*: —
• 10Y*: —

DPST

• 1D: 4.14%
• 1M: 16.60%
• YTD: 31.18%
• 6M: 20.48%
• 1Y: 66.43%
• 3Y*: 41.35%
• 5Y*: -20.53%
• 10Y*: -11.17%

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

CONL vs. DPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CONL GraniteShares 2x Long COIN Daily ETF	-65.46%	-58.49%	4.23%	641.63%	-80.40%
DPST Direxion Daily Regional Banks Bull 3X Shares	31.18%	-5.90%	15.48%	-55.79%	-28.33%

Correlation

The correlation between CONL and DPST is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.38

The correlation between CONL and DPST shifts across timeframes, from 0.26 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

CONL vs. DPST - Sectors Allocation Comparison

Sectors	CONL	DPST
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CONL vs. DPST — 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: 3
CONL Omega Ratio Rank: 3
CONL Calmar Ratio Rank: 1
CONL Martin Ratio Rank: 3

DPST

DPST Risk / Return Rank: 31
DPST Sharpe Ratio Rank: 28
DPST Sortino Ratio Rank: 31
DPST Omega Ratio Rank: 32
DPST Calmar Ratio Rank: 35
DPST Martin Ratio Rank: 28

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. DPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily Regional Banks Bull 3X Shares (DPST). 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	DPST	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	0.97	-1.60
Sortino ratio: Return per unit of downside risk	-1.10	1.59	-2.69
Omega ratio: Gain probability vs. loss probability	0.88	1.21	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.93	1.65	-2.58
Martin ratio: Return relative to average drawdown	-1.25	3.66	-4.91

CONL vs. DPST - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.63, which is lower than the DPST Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of CONL and DPST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CONL vs. DPST - Drawdown Comparison

The maximum CONL drawdown since its inception was -94.36%, roughly equal to the maximum DPST drawdown of -97.73%. Use the drawdown chart below to compare losses from any high point for CONL and DPST.

Drawdown Indicators

	CONL	DPST	Difference
Max Drawdown Largest peak-to-trough decline	-94.36%	-97.73%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-92.57%	-40.44%	-52.13%
Max Drawdown (3Y) Largest decline over 3 years	-94.36%	-68.38%	-25.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-93.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-97.73%	—
Current Drawdown Current decline from peak	-94.06%	-91.97%	-2.09%
Average Drawdown Average peak-to-trough decline	-56.45%	-64.25%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.94%	18.22%	+50.72%

Volatility

CONL vs. DPST - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 36.69% compared to Direxion Daily Regional Banks Bull 3X Shares (DPST) at 18.76%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than DPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	DPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.69%	18.76%	+17.93%
Volatility (6M) Calculated over the trailing 6-month period	102.83%	48.13%	+54.70%
Volatility (1Y) Calculated over the trailing 1-year period	135.85%	69.32%	+66.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.59%	88.98%	+60.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.59%	94.46%	+55.13%

CONL vs. DPST - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than DPST's 0.99% expense ratio.

Dividends

CONL vs. DPST - Dividend Comparison

CONL has not paid dividends to shareholders, while DPST's dividend yield for the trailing twelve months is around 1.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DPST Direxion Daily Regional Banks Bull 3X Shares	1.61%	2.18%	1.55%	1.78%	1.51%	0.58%	0.90%	1.29%	2.18%	0.30%

Frequently Asked Questions

Can I hold both CONL and DPST in my portfolio?

CONL and DPST have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CONL or DPST?

CONL has higher volatility (36.69%) compared to DPST (18.76%). In terms of maximum drawdown, CONL dropped -94.36% vs DPST's -97.73%.

Which ETF is better, CONL or DPST?

On 3-year performance, DPST leads with 41.35% vs -14.86% for CONL. On fees, DPST is cheaper at 0.99% per year. On volatility, DPST has been the lower-risk option at 18.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or DPST?

Over the 3-year period, DPST has performed better with a 41.35% return vs -14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or DPST?

DPST is cheaper with a 0.99% expense ratio, compared with 1.15% for CONL.

Which ETF pays a higher dividend yield, CONL or DPST?

DPST has the higher dividend yield at 1.61%, compared with 0.00% for CONL.

What is the main difference between CONL and DPST?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONL and 0.99% for DPST.

Which has better risk-adjusted returns?

DPST currently has the higher Sharpe Ratio (0.97 vs -0.63), 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.