CONL vs. MULL

Last updated Apr 2, 2026

Compare and contrast key facts about GraniteShares 2x Long COIN Daily ETF (CONL) and GraniteShares 2x Long MU Daily ETF (MULL).

CONL and MULL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CONL is an actively managed fund by GraniteShares. It was launched on Aug 9, 2022. MULL is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024.

Performance

CONL vs. MULL - Performance Comparison

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

CONL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	-53.04%	-58.49%	-46.22%
MULL GraniteShares 2x Long MU Daily ETF	40.10%	558.51%	-40.10%

Returns By Period

In the year-to-date period, CONL achieves a -53.04% return, which is significantly lower than MULL's 40.10% return.

CONL

• 1D: -1.71%
• 1M: -18.19%
• YTD: -53.04%
• 6M: -82.49%
• 1Y: -51.55%
• 3Y*: -12.20%
• 5Y*: —
• 10Y*: —

MULL

• 1D: 18.15%
• 1M: -25.99%
• YTD: 40.10%
• 6M: 196.67%
• 1Y: 845.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. MULL - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is lower than MULL's 1.50% expense ratio.

MULL

GraniteShares 2x Long MU Daily ETF

CONL

GraniteShares 2x Long COIN Daily ETF

Return for Risk

CONL vs. MULL — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 9
CONL Sharpe Ratio Rank: 6
CONL Sortino Ratio Rank: 15
CONL Omega Ratio Rank: 14
CONL Calmar Ratio Rank: 3
CONL Martin Ratio Rank: 5

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 99
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

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. MULL - Risk-Adjusted Trends Comparison

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

	CONL	MULL	Difference
Sharpe ratio Return per unit of total volatility	-0.35	6.53	-6.87
Sortino ratio Return per unit of downside risk	0.37	3.77	-3.39
Omega ratio Gain probability vs. loss probability	1.04	1.50	-0.46
Calmar ratio Return relative to maximum drawdown	-0.55	16.69	-17.24
Martin ratio Return relative to average drawdown	-0.91	46.83	-47.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CONL vs. MULL - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.35, which is lower than the MULL Sharpe Ratio of 6.53. The chart below compares the historical Sharpe Ratios of CONL and MULL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CONL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	6.53	-6.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	1.91	-2.09

Correlation

The correlation between CONL and MULL is 0.41, 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.

Dividends

CONL vs. MULL - Dividend Comparison

CONL has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.28%.

	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
MULL GraniteShares 2x Long MU Daily ETF	0.28%	0.39%	0.00%

Drawdowns

CONL vs. MULL - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for CONL and MULL.

Drawdown Indicators

	CONL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-72.29%	-21.66%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-53.09%	-38.93%
Current Drawdown Current decline from peak	-91.92%	-39.05%	-52.87%
Average Drawdown Average peak-to-trough decline	-54.32%	-21.99%	-32.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.16%	18.92%	+36.24%

Volatility

CONL vs. MULL - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) and GraniteShares 2x Long MU Daily ETF (MULL) have volatilities of 45.76% and 47.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.76%	47.87%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	103.14%	99.70%	+3.44%
Volatility (1Y) Calculated over the trailing 1-year period	149.22%	130.90%	+18.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	150.93%	130.06%	+20.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	150.93%	130.06%	+20.87%