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 -35.39%/yr vs 28.96%/yr for MSTR. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
CONL vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, CONL achieves a -72.70% return, which is significantly lower than MSTR's -38.61% return.
CONL
- 1D
- -21.10%
- 1M
- -25.93%
- 6M
- -61.90%
- YTD
- -72.70%
- 1Y
- -88.50%
- 3Y*
- -35.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.80%
MSTR
- 1D
- -4.56%
- 1M
- -7.43%
- 6M
- -37.69%
- YTD
- -38.61%
- 1Y
- -74.56%
- 3Y*
- 28.96%
- 5Y*
- 8.30%
- 10Y*
- 18.75%
- ALL TIME*
- 9.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.31M | $92.00M | $129.00M | |
MSTR Strategy Inc | $1.53B | $1.65B | $2.43B |
CONL vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -72.70% | -58.49% | 4.23% | 641.63% | -80.40% |
MSTR Strategy Inc | -38.61% | -47.53% | 358.54% | 346.15% | -57.10% |
Correlation
The correlation between CONL and MSTR is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.73 |
The correlation between CONL and MSTR has been stable across timeframes, ranging from 0.73 to 0.81 - 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 | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.78 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.97 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.38 | +0.02 |
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Drawdowns
CONL vs. MSTR - Drawdown Comparison
The maximum CONL drawdown since its inception was -95.30%, 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 | -95.30% | -99.86% | +4.56% |
Max Drawdown (1Y)Largest decline over 1 year | -91.79% | -79.53% | -12.26% |
Max Drawdown (3Y)Largest decline over 3 years | -95.30% | -82.63% | -12.67% |
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 | -95.30% | -80.31% | -14.99% |
Average DrawdownAverage peak-to-trough decline | -57.47% | -86.42% | +28.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.40% | 55.64% | +14.76% |
Volatility
CONL vs. MSTR - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 40.73% compared to Strategy Inc (MSTR) at 18.58%. 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 | 40.73% | 18.58% | +22.15% |
Volatility (6M)Calculated over the trailing 6-month period | 108.93% | 60.57% | +48.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.25% | 75.24% | +63.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.42% | 89.94% | +59.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.42% | 74.33% | +75.09% |
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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONL has higher volatility (40.73%) compared to MSTR (18.58%). In terms of maximum drawdown, CONL dropped -95.30% vs MSTR's -99.86%.
CONL currently has the higher Sharpe Ratio (-0.67 vs -1.02), 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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