CONL vs. MSTU

Last updated Aug 4, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CONL returned -88.50% vs -97.30% for MSTU. Their 0.73 correlation means they have sometimes moved together and sometimes differently. CONL charges 1.15%/yr vs 1.05%/yr for MSTU.

Performance

CONL vs. MSTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -72.70% return, which is significantly higher than MSTU's -78.22% return.

CONL

• 1D: 0.00%
• 1M: -25.93%
• 6M: -58.97%
• YTD: -72.70%
• 1Y: -88.50%
• 3Y*: -32.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.74%

MSTU

• 1D: 2.84%
• 1M: -15.81%
• 6M: -72.32%
• YTD: -78.22%
• 1Y: -97.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CONL GraniteShares 2x Long COIN Daily ETF	$95.60M	$89.29M	$124.67M
MSTU T-Rex 2X Long MSTR Daily Target ETF	$200.96M	$178.85M	$198.52M

CONL vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	-72.70%	-58.49%	67.25%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.22%	-89.07%	205.47%

Correlation

The correlation between CONL and MSTU is 0.80, 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.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.73

The correlation between CONL and MSTU has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

CONL vs. MSTU - Sectors Allocation Comparison

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

Return for Risk

CONL vs. MSTU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CONL

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

MSTU

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CONL vs. MSTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.66	0.00
Sortino ratio: Return per unit of downside risk	-1.35	-2.36	+1.01
Omega ratio: Gain probability vs. loss probability	0.85	0.76	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.99	+0.03
Martin ratio: Return relative to average drawdown	-1.30	-1.20	-0.10

CONL vs. MSTU - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.66, which is comparable to the MSTU Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of CONL and MSTU, 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. MSTU - Drawdown Comparison

The maximum CONL drawdown since its inception was -95.30%, roughly equal to the maximum MSTU drawdown of -99.43%. Use the drawdown chart below to compare losses from any high point for CONL and MSTU.

Drawdown Indicators

	CONL	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-95.30%	-99.43%	+4.13%
Max Drawdown (1Y) Largest decline over 1 year	-91.79%	-98.15%	+6.36%
Max Drawdown (3Y) Largest decline over 3 years	-95.30%	—	—
Current Drawdown Current decline from peak	-95.30%	-99.29%	+3.99%
Average Drawdown Average peak-to-trough decline	-57.51%	-74.16%	+16.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.01%	80.83%	-12.82%

Volatility

CONL vs. MSTU - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 39.80% compared to T-Rex 2X Long MSTR Daily Target ETF (MSTU) at 32.84%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.80%	32.84%	+6.96%
Volatility (6M) Calculated over the trailing 6-month period	108.86%	119.27%	-10.41%
Volatility (1Y) Calculated over the trailing 1-year period	134.57%	147.80%	-13.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.34%	168.37%	-19.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.34%	168.37%	-19.03%

CONL vs. MSTU - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than MSTU's 1.05% expense ratio.

Dividends

CONL vs. MSTU - Dividend Comparison

Neither CONL nor MSTU has paid dividends to shareholders.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONL and MSTU in my portfolio?

CONL and MSTU have a correlation of 0.80, 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 MSTU?

CONL has higher volatility (39.80%) compared to MSTU (32.84%). In terms of maximum drawdown, CONL dropped -95.30% vs MSTU's -99.43%.

Which ETF is better, CONL or MSTU?

On 1-year performance, CONL leads with -88.50% vs -97.30% for MSTU. On fees, MSTU is cheaper at 1.05% per year. On volatility, MSTU has been the lower-risk option at 32.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or MSTU?

Over the 1-year period, CONL has performed better with a -88.50% return vs -97.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or MSTU?

MSTU is cheaper with a 1.05% expense ratio, compared with 1.15% for CONL.

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

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

What is the main difference between CONL and MSTU?

They also come from different issuers: GraniteShares and T-Rex. Their fees differ too: 1.15% for CONL and 1.05% for MSTU.

Which has better risk-adjusted returns?

CONL currently has the higher Sharpe Ratio (-0.66 vs -0.66), 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.