CONL vs. QQQ

Last updated Jun 24, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - CONL is a Leveraged Equities fund actively managed by GraniteShares, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. CONL is actively managed, while QQQ is passively managed. Over the past 3 years, CONL returned -14.86%/yr vs 26.05%/yr for QQQ. A 0.54 correlation means they provide meaningful diversification when combined. CONL charges 1.15%/yr vs 0.18%/yr for QQQ.

Performance

CONL vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CONL achieves a -65.46% return, which is significantly lower than QQQ's 16.45% return.

CONL

• 1D: -7.83%
• 1M: -30.11%
• YTD: -65.46%
• 6M: -70.11%
• 1Y: -86.06%
• 3Y*: -14.86%
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -3.29%
• 1M: -0.43%
• YTD: 16.45%
• 6M: 14.99%
• 1Y: 34.88%
• 3Y*: 26.05%
• 5Y*: 16.01%
• 10Y*: 22.07%

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

CONL vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CONL GraniteShares 2x Long COIN Daily ETF	-65.46%	-58.49%	4.23%	641.63%	-80.40%
QQQ Invesco QQQ ETF	16.45%	20.77%	25.58%	54.86%	-16.62%

Correlation

The correlation between CONL and QQQ is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.54

The correlation between CONL and QQQ has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

CONL vs. QQQ - Sectors Allocation Comparison

Sectors	CONL	QQQ
Financial Services	100.0%	0.2%
Basic Materials	-	1.0%
Communication Services	-	14.3%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Healthcare	-	3.7%
Industrials	-	2.6%
Real Estate	-	0.1%
Technology	-	58.7%
Utilities	-	1.2%

Return for Risk

CONL vs. QQQ — Risk / Return Rank

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

CONL

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

QQQ

QQQ Risk / Return Rank: 59
QQQ Sharpe Ratio Rank: 61
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 58
QQQ Calmar Ratio Rank: 61
QQQ Martin Ratio Rank: 62

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.95	-2.59
Sortino ratio: Return per unit of downside risk	-1.10	2.57	-3.66
Omega ratio: Gain probability vs. loss probability	0.88	1.35	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.93	2.93	-3.86
Martin ratio: Return relative to average drawdown	-1.25	10.86	-12.11

CONL vs. QQQ - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.63, which is lower than the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of CONL and QQQ, 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. QQQ - Drawdown Comparison

The maximum CONL drawdown since its inception was -94.36%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for CONL and QQQ.

Drawdown Indicators

	CONL	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.36%	-82.97%	-11.39%
Max Drawdown (1Y) Largest decline over 1 year	-92.57%	-11.96%	-80.61%
Max Drawdown (3Y) Largest decline over 3 years	-94.36%	-22.77%	-71.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-94.06%	-4.25%	-89.81%
Average Drawdown Average peak-to-trough decline	-56.45%	-32.73%	-23.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.94%	3.22%	+65.72%

Volatility

CONL vs. QQQ - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 36.69% compared to Invesco QQQ ETF (QQQ) at 9.17%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.69%	9.17%	+27.52%
Volatility (6M) Calculated over the trailing 6-month period	102.83%	14.57%	+88.26%
Volatility (1Y) Calculated over the trailing 1-year period	135.85%	17.96%	+117.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.59%	22.69%	+126.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.59%	22.42%	+127.17%

CONL vs. QQQ - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

CONL vs. QQQ - Dividend Comparison

CONL has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both CONL and QQQ in my portfolio?

CONL and QQQ have a correlation of 0.57, 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 QQQ?

CONL has higher volatility (36.69%) compared to QQQ (9.17%). In terms of maximum drawdown, CONL dropped -94.36% vs QQQ's -82.97%.

Which ETF is better, CONL or QQQ?

On 3-year performance, QQQ leads with 26.05% vs -14.86% for CONL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 9.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or QQQ?

Over the 3-year period, QQQ has performed better with a 26.05% return vs -14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 1.15% for CONL.

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

QQQ has the higher dividend yield at 0.43%, compared with 0.00% for CONL.

What is the main difference between CONL and QQQ?

CONL is categorized as Leveraged Equities, while QQQ is Nasdaq-100. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 1.15% for CONL and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.95 vs -0.63), 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.