CONL vs. MSTR
CONL (GraniteShares 2x Long COIN Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while MSTR (Strategy Inc) is a stock. Over the past 3 years, CONL returned -35.14%/yr vs 26.14%/yr for MSTR. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
CONL vs. MSTR - 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 MSTR's -39.39% return.
CONL
- 1D
- -2.02%
- 1M
- -6.91%
- 6M
- -70.98%
- YTD
- -66.89%
- 1Y
- -91.24%
- 3Y*
- -35.14%
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -2.68%
- 1M
- -25.71%
- 6M
- -43.23%
- YTD
- -39.39%
- 1Y
- -78.81%
- 3Y*
- 26.14%
- 5Y*
- 10.45%
- 10Y*
- 17.27%
CONL vs. MSTR - 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% |
MSTR Strategy Inc | -39.39% | -47.53% | 358.54% | 346.15% | -57.10% |
Correlation
The correlation between CONL and MSTR is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.72 |
The correlation between CONL and MSTR has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
CONL vs. MSTR — Risk / Return Rank
CONL
MSTR
CONL vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.76 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.38 | +0.11 |
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Drawdowns
CONL vs. MSTR - Drawdown Comparison
The maximum CONL drawdown since its inception was -95.20%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for CONL and MSTR.
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Drawdown Indicators
| CONL | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.20% | -99.86% | +4.66% |
Max Drawdown (1Y)Largest decline over 1 year | -93.67% | -81.95% | -11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -95.20% | -82.63% | -12.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -94.31% | -80.56% | -13.75% |
Average DrawdownAverage peak-to-trough decline | -56.95% | -86.43% | +29.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.04% | 57.18% | +14.86% |
Volatility
CONL vs. MSTR - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 33.61% compared to Strategy Inc (MSTR) at 26.76%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONL | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.61% | 26.76% | +6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 104.56% | 61.05% | +43.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.25% | 74.29% | +59.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.29% | 90.78% | +58.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.29% | 74.25% | +75.04% |
Dividends
CONL vs. MSTR - Dividend Comparison
Neither CONL nor MSTR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.31% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CONL and MSTR have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONL has higher volatility (33.61%) compared to MSTR (26.76%). In terms of maximum drawdown, CONL dropped -95.20% vs MSTR's -99.86%.
CONL currently has the higher Sharpe Ratio (-0.68 vs -1.06), 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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