CONL vs. SPXL
Compare and contrast key facts about GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
CONL and SPXL 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. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008.
Performance
CONL vs. SPXL - Performance Comparison
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CONL vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -53.04% | -58.49% | 4.23% | 641.63% | -78.28% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | -14.06% | 31.94% | 63.61% | 69.49% | -25.73% |
Returns By Period
In the year-to-date period, CONL achieves a -53.04% return, which is significantly lower than SPXL's -14.06% return.
CONL
- 1D
- -1.71%
- 1M
- -18.19%
- YTD
- -53.04%
- 6M
- -82.49%
- 1Y
- -51.55%
- 3Y*
- -12.20%
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- 2.30%
- 1M
- -13.75%
- YTD
- -14.06%
- 6M
- -11.40%
- 1Y
- 34.55%
- 3Y*
- 38.52%
- 5Y*
- 17.51%
- 10Y*
- 25.61%
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CONL vs. SPXL - Expense Ratio Comparison
CONL has a 1.15% expense ratio, which is higher than SPXL's 1.02% expense ratio.
Return for Risk
CONL vs. SPXL — Risk / Return Rank
CONL
SPXL
CONL vs. SPXL - 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 3X Shares (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.35 | 0.64 | -0.99 |
Sortino ratioReturn per unit of downside risk | 0.37 | 1.22 | -0.84 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.18 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.07 | -1.62 |
Martin ratioReturn relative to average drawdown | -0.91 | 4.25 | -5.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CONL | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.35 | 0.64 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.35 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.48 | -0.65 |
Correlation
The correlation between CONL and SPXL is 0.53, 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. SPXL - Dividend Comparison
CONL has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.78%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.78% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Drawdowns
CONL vs. SPXL - Drawdown Comparison
The maximum CONL drawdown since its inception was -93.95%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for CONL and SPXL.
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Drawdown Indicators
| CONL | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.95% | -76.86% | -17.09% |
Max Drawdown (1Y)Largest decline over 1 year | -92.02% | -33.42% | -58.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -91.92% | -18.62% | -73.30% |
Average DrawdownAverage peak-to-trough decline | -54.32% | -15.85% | -38.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.16% | 8.42% | +46.74% |
Volatility
CONL vs. SPXL - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 45.76% compared to Direxion Daily S&P 500 Bull 3X Shares (SPXL) at 16.04%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONL | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.76% | 16.04% | +29.72% |
Volatility (6M)Calculated over the trailing 6-month period | 103.14% | 28.52% | +74.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.22% | 54.32% | +94.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.93% | 50.26% | +100.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.93% | 53.36% | +97.57% |