CONL vs. FNGU

Last updated Jul 17, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds. CONL is actively managed, while FNGU is passively managed. Over the past year, CONL returned -91.43% vs 17.64% for FNGU. A 0.58 correlation means they provide meaningful diversification when combined. CONL charges 1.15%/yr vs 2.60%/yr for FNGU.

Performance

CONL vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -65.80% return, which is significantly lower than FNGU's 12.71% return.

CONL

• 1D: -8.24%
• 1M: -13.92%
• 6M: -68.86%
• YTD: -65.80%
• 1Y: -91.43%
• 3Y*: -34.50%
• 5Y*: —
• 10Y*: —

FNGU

• 1D: -4.43%
• 1M: 1.86%
• 6M: 19.42%
• YTD: 12.71%
• 1Y: 17.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
CONL GraniteShares 2x Long COIN Daily ETF	-65.80%	-58.57%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	12.71%	3.02%

Correlation

The correlation between CONL and FNGU is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.58

The correlation between CONL and FNGU has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

CONL vs. FNGU - Sectors Allocation Comparison

Sectors	CONL	FNGU
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	29.8%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	60.6%
Utilities	-	-

Return for Risk

CONL vs. FNGU — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 2
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 1
CONL Omega Ratio Rank: 2
CONL Calmar Ratio Rank: 0
CONL Martin Ratio Rank: 3

FNGU

FNGU Risk / Return Rank: 15
FNGU Sharpe Ratio Rank: 14
FNGU Sortino Ratio Rank: 18
FNGU Omega Ratio Rank: 18
FNGU Calmar Ratio Rank: 13
FNGU Martin Ratio Rank: 13

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	0.28	-0.96
Sortino ratio: Return per unit of downside risk	-1.61	0.82	-2.42
Omega ratio: Gain probability vs. loss probability	0.82	1.10	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.98	0.30	-1.27
Martin ratio: Return relative to average drawdown	-1.26	0.68	-1.94

CONL vs. FNGU - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.68, which is lower than the FNGU Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of CONL and FNGU, 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. FNGU - Drawdown Comparison

The maximum CONL drawdown since its inception was -95.20%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for CONL and FNGU.

Drawdown Indicators

	CONL	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-95.20%	-61.30%	-33.90%
Max Drawdown (1Y) Largest decline over 1 year	-93.67%	-59.55%	-34.12%
Max Drawdown (3Y) Largest decline over 3 years	-95.20%	—	—
Current Drawdown Current decline from peak	-94.12%	-21.24%	-72.88%
Average Drawdown Average peak-to-trough decline	-57.06%	-22.42%	-34.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.73%	26.00%	+46.73%

Volatility

CONL vs. FNGU - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 32.60% compared to MicroSectors FANG+ 3X Leveraged ETNs (FNGU) at 19.80%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.60%	19.80%	+12.80%
Volatility (6M) Calculated over the trailing 6-month period	104.88%	53.06%	+51.82%
Volatility (1Y) Calculated over the trailing 1-year period	134.45%	64.38%	+70.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.18%	79.87%	+69.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.18%	79.87%	+69.31%

CONL vs. FNGU - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

CONL vs. FNGU - Dividend Comparison

Neither CONL nor FNGU has paid dividends to shareholders.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONL and FNGU in my portfolio?

CONL and FNGU have a correlation of 0.53, 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 FNGU?

CONL has higher volatility (32.60%) compared to FNGU (19.80%). In terms of maximum drawdown, CONL dropped -95.20% vs FNGU's -61.30%.

Which ETF is better, CONL or FNGU?

On 1-year performance, FNGU leads with 17.64% vs -91.43% for CONL. On fees, CONL is cheaper at 1.15% per year. On volatility, FNGU has been the lower-risk option at 19.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or FNGU?

Over the 1-year period, FNGU has performed better with a 17.64% return vs -91.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or FNGU?

CONL is cheaper with a 1.15% expense ratio, compared with 2.60% for FNGU.

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

CONL and FNGU have nearly identical dividend yields, around 0.00%.

What is the main difference between CONL and FNGU?

They also come from different issuers: GraniteShares and Bank of Montreal. Their fees differ too: 1.15% for CONL and 2.60% for FNGU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.28 vs -0.68), 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.