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CONL vs. MSTR
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

CONL vs. MSTR

Last updated Apr 25, 2025

Compare and contrast key facts about GraniteShares 2x Long COIN Daily ETF (CONL) and MicroStrategy Incorporated (MSTR).

CONL is an actively managed fund by GraniteShares. It was launched on Aug 9, 2022.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CONL or MSTR.

Correlation

The correlation between CONL and MSTR is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

-0.50.00.51.0
Correlation: 0.5

Performance

CONL vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.
0.00%500.00%1,000.00%NovemberDecember2025FebruaryMarchApril
-13.36%
996.94%
CONL
MSTR

Key characteristics

Sharpe Ratio

CONL:

-0.39

MSTR:

1.60

Sortino Ratio

CONL:

0.27

MSTR:

2.41

Omega Ratio

CONL:

1.03

MSTR:

1.28

Calmar Ratio

CONL:

-0.75

MSTR:

2.45

Martin Ratio

CONL:

-1.38

MSTR:

6.93

Ulcer Index

CONL:

47.77%

MSTR:

23.75%

Daily Std Dev

CONL:

167.74%

MSTR:

102.96%

Max Drawdown

CONL:

-87.62%

MSTR:

-99.86%

Current Drawdown

CONL:

-78.62%

MSTR:

-26.06%

Returns By Period

In the year-to-date period, CONL achieves a -48.40% return, which is significantly lower than MSTR's 20.97% return.

CONL

YTD

-48.40%

1M

-7.70%

6M

-43.74%

1Y

-65.11%

5Y*

N/A

10Y*

N/A

MSTR

YTD

20.97%

1M

2.50%

6M

48.52%

1Y

176.80%

5Y*

95.01%

10Y*

35.15%

*Annualized

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Risk-Adjusted Performance

CONL vs. MSTR — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CONL
The Risk-Adjusted Performance Rank of CONL is 1414
Overall Rank
The Sharpe Ratio Rank of CONL is 77
Sharpe Ratio Rank
The Sortino Ratio Rank of CONL is 3030
Sortino Ratio Rank
The Omega Ratio Rank of CONL is 2727
Omega Ratio Rank
The Calmar Ratio Rank of CONL is 00
Calmar Ratio Rank
The Martin Ratio Rank of CONL is 33
Martin Ratio Rank
MSTR
The Risk-Adjusted Performance Rank of MSTR is 9191
Overall Rank
The Sharpe Ratio Rank of MSTR is 9393
Sharpe Ratio Rank
The Sortino Ratio Rank of MSTR is 9191
Sortino Ratio Rank
The Omega Ratio Rank of MSTR is 8686
Omega Ratio Rank
The Calmar Ratio Rank of MSTR is 9595
Calmar Ratio Rank
The Martin Ratio Rank of MSTR is 9191
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

CONL vs. MSTR - Risk-Adjusted Performance Comparison

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

The chart of Sharpe ratio for CONL, currently valued at -0.39, compared to the broader market-1.000.001.002.003.004.00
CONL: -0.39
MSTR: 1.60
The chart of Sortino ratio for CONL, currently valued at 0.27, compared to the broader market-2.000.002.004.006.008.00
CONL: 0.27
MSTR: 2.41
The chart of Omega ratio for CONL, currently valued at 1.03, compared to the broader market0.501.001.502.002.50
CONL: 1.03
MSTR: 1.28
The chart of Calmar ratio for CONL, currently valued at -0.75, compared to the broader market0.002.004.006.008.0010.0012.00
CONL: -0.75
MSTR: 3.31
The chart of Martin ratio for CONL, currently valued at -1.38, compared to the broader market0.0020.0040.0060.00
CONL: -1.38
MSTR: 6.93

The current CONL Sharpe Ratio is -0.39, which is lower than the MSTR Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of CONL and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio0.002.004.006.008.00NovemberDecember2025FebruaryMarchApril
-0.39
1.60
CONL
MSTR

Dividends

CONL vs. MSTR - Dividend Comparison

Neither CONL nor MSTR has paid dividends to shareholders.

TTM2024
CONL
GraniteShares 2x Long COIN Daily ETF		0.00%0.31%
MSTR
MicroStrategy Incorporated		0.00%0.00%

Drawdowns

CONL vs. MSTR - Drawdown Comparison

The maximum CONL drawdown since its inception was -87.62%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for CONL and MSTR. For additional features, visit the drawdowns tool.

-80.00%-60.00%-40.00%-20.00%0.00%NovemberDecember2025FebruaryMarchApril
-78.62%
-26.06%
CONL
MSTR

Volatility

CONL vs. MSTR - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 48.96% compared to MicroStrategy Incorporated (MSTR) at 36.48%. 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.

20.00%40.00%60.00%80.00%NovemberDecember2025FebruaryMarchApril
48.96%
36.48%
CONL
MSTR