CONL vs. SPXL

Last updated Jun 3, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. CONL is actively managed, while SPXL is passively managed. Over the past 3 years, CONL returned -11.06%/yr vs 53.90%/yr for SPXL. A 0.52 correlation means they provide meaningful diversification when combined. CONL charges 1.15%/yr vs 0.84%/yr for SPXL.

Performance

CONL vs. SPXL - 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 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CONL achieves a -56.79% return, which is significantly lower than SPXL's 30.87% return.

CONL

• 1D: -9.57%
• 1M: -21.27%
• YTD: -56.79%
• 6M: -68.91%
• 1Y: -74.16%
• 3Y*: -11.06%
• 5Y*: —
• 10Y*: —

SPXL

• 1D: 0.41%
• 1M: 15.92%
• YTD: 30.87%
• 6M: 30.90%
• 1Y: 88.59%
• 3Y*: 53.90%
• 5Y*: 24.69%
• 10Y*: 30.47%

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

CONL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CONL GraniteShares 2x Long COIN Daily ETF	-56.79%	-58.49%	4.23%	641.63%	-78.28%
SPXL Direxion Daily S&P 500 Bull 3X ETF	30.87%	31.94%	63.61%	69.49%	-25.73%

Correlation

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

CONL vs. SPXL - Sectors Allocation Comparison

Sectors	CONL	SPXL
Financial Services	100.0%	2.6%
Basic Materials	-	0.4%
Communication Services	-	2.4%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Healthcare	-	1.9%
Industrials	-	1.7%
Real Estate	-	0.4%
Technology	-	8.5%
Utilities	-	0.6%

Return for Risk

CONL vs. SPXL — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 4
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 5
CONL Omega Ratio Rank: 5
CONL Calmar Ratio Rank: 2
CONL Martin Ratio Rank: 3

SPXL

SPXL Risk / Return Rank: 69
SPXL Sharpe Ratio Rank: 77
SPXL Sortino Ratio Rank: 63
SPXL Omega Ratio Rank: 64
SPXL Calmar Ratio Rank: 68
SPXL Martin Ratio Rank: 75

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. 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 ETF (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 ratio Return per unit of total volatility	-0.54	2.52	-3.06
Sortino ratio Return per unit of downside risk	-0.43	2.95	-3.37
Omega ratio Gain probability vs. loss probability	0.95	1.39	-0.44
Calmar ratio Return relative to maximum drawdown	-0.81	3.43	-4.23
Martin ratio Return relative to average drawdown	-1.13	14.51	-15.64
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. SPXL - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.54, which is lower than the SPXL Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CONL and SPXL, 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	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.54	2.52	-3.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.53	-0.71

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.

Drawdown Indicators

	CONL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-76.86%	-17.09%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-26.77%	-65.25%
Max Drawdown (3Y) Largest decline over 3 years	-93.95%	-48.95%	-45.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-92.57%	0.00%	-92.57%
Average Drawdown Average peak-to-trough decline	-55.91%	-15.73%	-40.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.48%	6.32%	+59.16%

Volatility

CONL vs. SPXL - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 38.63% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.21%. 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.

Volatility by Period

	CONL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.63%	8.21%	+30.42%
Volatility (6M) Calculated over the trailing 6-month period	100.69%	26.62%	+74.07%
Volatility (1Y) Calculated over the trailing 1-year period	138.87%	35.34%	+103.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.87%	50.23%	+99.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.87%	53.42%	+96.45%

CONL vs. SPXL - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than SPXL's 0.84% expense ratio.

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 0.51%.

Position	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 ETF	0.51%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both CONL and SPXL in my portfolio?

CONL and SPXL 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 SPXL?

CONL has higher volatility (38.63%) compared to SPXL (8.21%). In terms of maximum drawdown, CONL dropped -93.95% vs SPXL's -76.86%.

Which ETF is better, CONL or SPXL?

On 3-year performance, SPXL leads with 53.90% vs -11.06% for CONL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or SPXL?

Over the 3-year period, SPXL has performed better with a 53.90% return vs -11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.15% for CONL.

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

SPXL has the higher dividend yield at 0.51%, compared with 0.00% for CONL.

What is the main difference between CONL and SPXL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for CONL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.52 vs -0.54), 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.