CONL vs. SPUU

Last updated Jun 4, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds. CONL is actively managed, while SPUU is passively managed. Over the past 3 years, CONL returned -14.88%/yr vs 38.21%/yr for SPUU. A 0.52 correlation means they provide meaningful diversification when combined. CONL charges 1.15%/yr vs 0.64%/yr for SPUU.

Performance

CONL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -62.12% return, which is significantly lower than SPUU's 19.82% return.

CONL

• 1D: -12.32%
• 1M: -38.47%
• YTD: -62.12%
• 6M: -75.31%
• 1Y: -79.34%
• 3Y*: -14.88%
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -1.27%
• 1M: 10.01%
• YTD: 19.82%
• 6M: 19.11%
• 1Y: 53.61%
• 3Y*: 38.21%
• 5Y*: 20.19%
• 10Y*: 24.77%

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

CONL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CONL GraniteShares 2x Long COIN Daily ETF	-62.12%	-58.49%	4.23%	641.63%	-78.28%
SPUU Direxion Daily S&P 500 Bull 2x Shares	19.82%	26.55%	44.25%	47.28%	-15.61%

Correlation

The correlation between CONL and SPUU is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.52

The correlation between CONL and SPUU has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.

CONL vs. SPUU - Sectors Allocation Comparison

Sectors	CONL	SPUU
Financial Services	100.0%	4.8%
Basic Materials	-	0.7%
Communication Services	-	4.6%
Consumer Cyclical	-	4.2%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Healthcare	-	3.6%
Industrials	-	3.3%
Real Estate	-	0.8%
Technology	-	16.5%
Utilities	-	1.1%

Return for Risk

CONL vs. SPUU — 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: 4
CONL Omega Ratio Rank: 4
CONL Calmar Ratio Rank: 2
CONL Martin Ratio Rank: 3

SPUU

SPUU Risk / Return Rank: 63
SPUU Sharpe Ratio Rank: 67
SPUU Sortino Ratio Rank: 60
SPUU Omega Ratio Rank: 60
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 69

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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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	SPUU	Difference
Sharpe ratio Return per unit of total volatility	-0.57	2.26	-2.83
Sortino ratio Return per unit of downside risk	-0.65	2.87	-3.52
Omega ratio Gain probability vs. loss probability	0.93	1.38	-0.45
Calmar ratio Return relative to maximum drawdown	-0.86	2.96	-3.83
Martin ratio Return relative to average drawdown	-1.21	13.06	-14.27
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. SPUU - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.57, which is lower than the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CONL and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CONL	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	2.26	-2.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	0.63	-0.83

Drawdowns

CONL vs. SPUU - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for CONL and SPUU.

Drawdown Indicators

	CONL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-59.35%	-34.60%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-18.19%	-73.83%
Max Drawdown (3Y) Largest decline over 3 years	-93.95%	-35.18%	-58.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-93.48%	-1.27%	-92.21%
Average Drawdown Average peak-to-trough decline	-55.95%	-9.51%	-46.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.74%	4.12%	+61.62%

Volatility

CONL vs. SPUU - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 38.02% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.02%	5.71%	+32.31%
Volatility (6M) Calculated over the trailing 6-month period	101.03%	18.09%	+82.94%
Volatility (1Y) Calculated over the trailing 1-year period	139.40%	23.90%	+115.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.93%	33.46%	+116.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.93%	35.77%	+114.16%

CONL vs. SPUU - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

CONL vs. SPUU - Dividend Comparison

CONL has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.34%.

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%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.34%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both CONL and SPUU in my portfolio?

CONL and SPUU have a correlation of 0.55, 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 SPUU?

CONL has higher volatility (38.02%) compared to SPUU (5.71%). In terms of maximum drawdown, CONL dropped -93.95% vs SPUU's -59.35%.

Which ETF is better, CONL or SPUU?

On 3-year performance, SPUU leads with 38.21% vs -14.88% for CONL. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or SPUU?

Over the 3-year period, SPUU has performed better with a 38.21% return vs -14.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 1.15% for CONL.

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

SPUU has the higher dividend yield at 1.34%, compared with 0.00% for CONL.

What is the main difference between CONL and SPUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONL and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.26 vs -0.57), 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.