CONL vs. TERG

Last updated Jun 4, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. CONL charges 1.15%/yr vs 0.75%/yr for TERG.

Performance

CONL vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long COIN Daily ETF (CONL) and Leverage Shares 2X Long TER Daily ETF (TERG). 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 TERG's 229.64% return.

CONL

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

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
CONL GraniteShares 2x Long COIN Daily ETF	-62.12%	-30.14%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between CONL and TERG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.33

Return for Risk

CONL vs. TERG — 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

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	—	—
Sortino ratio: Return per unit of downside risk	-0.65	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.86	—	—
Martin ratio: Return relative to average drawdown	-1.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CONL	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	9.90	-10.09

Drawdowns

CONL vs. TERG - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CONL and TERG.

Drawdown Indicators

	CONL	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-49.52%	-44.43%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-93.95%	—	—
Current Drawdown Current decline from peak	-93.48%	-15.98%	-77.50%
Average Drawdown Average peak-to-trough decline	-55.95%	-13.73%	-42.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.74%	—	—

Volatility

Volatility by Period

	CONL	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	101.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	139.40%	139.25%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.93%	139.25%	+10.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.93%	139.25%	+10.68%

CONL vs. TERG - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

CONL vs. TERG - Dividend Comparison

Neither CONL nor TERG has paid dividends to shareholders.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CONL and TERG in my portfolio?

CONL and TERG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CONL or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CONL or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 1.15% for CONL.

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

CONL and TERG have nearly identical dividend yields, around 0.00%.

What is the main difference between CONL and TERG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.15% for CONL and 0.75% for TERG.