CONL vs. TSMG

Last updated Jun 4, 2026

CONL (GraniteShares 2x Long COIN Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CONL returned -79.34% vs 297.71% for TSMG. At a 0.41 correlation, their price movements are largely independent. CONL charges 1.15%/yr vs 0.75%/yr for TSMG.

Performance

CONL vs. TSMG - 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 TSM Daily ETF (TSMG). 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 TSMG's 86.06% return.

CONL

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

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
CONL GraniteShares 2x Long COIN Daily ETF	-62.12%	-59.86%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between CONL and TSMG is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.41

Return for Risk

CONL vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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. TSMG - 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 TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	4.18	-4.75
Sortino ratio: Return per unit of downside risk	-0.65	3.78	-4.44
Omega ratio: Gain probability vs. loss probability	0.93	1.46	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.86	8.50	-9.36
Martin ratio: Return relative to average drawdown	-1.21	27.74	-28.94
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. TSMG - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.57, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of CONL and TSMG, 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	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	4.18	-4.75
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	1.69	-1.89

Drawdowns

CONL vs. TSMG - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for CONL and TSMG.

Drawdown Indicators

	CONL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-63.67%	-30.28%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-35.29%	-56.73%
Max Drawdown (3Y) Largest decline over 3 years	-93.95%	—	—
Current Drawdown Current decline from peak	-93.48%	-4.26%	-89.22%
Average Drawdown Average peak-to-trough decline	-55.95%	-16.98%	-38.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.74%	10.79%	+54.95%

Volatility

CONL vs. TSMG - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 38.02% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 23.14%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.02%	23.14%	+14.88%
Volatility (6M) Calculated over the trailing 6-month period	101.03%	55.07%	+45.96%
Volatility (1Y) Calculated over the trailing 1-year period	139.40%	71.74%	+67.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.93%	81.06%	+68.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.93%	81.06%	+68.87%

CONL vs. TSMG - Expense Ratio Comparison

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

Dividends

CONL vs. TSMG - Dividend Comparison

CONL has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.17%.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%

Frequently Asked Questions

Can I hold both CONL and TSMG in my portfolio?

CONL and TSMG have a correlation of 0.32, 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 TSMG?

CONL has higher volatility (38.02%) compared to TSMG (23.14%). In terms of maximum drawdown, CONL dropped -93.95% vs TSMG's -63.67%.

Which ETF is better, CONL or TSMG?

On 1-year performance, TSMG leads with 297.71% vs -79.34% for CONL. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 23.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CONL or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs -79.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CONL or TSMG?

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

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

TSMG has the higher dividend yield at 6.17%, compared with 0.00% for CONL.

What is the main difference between CONL and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 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.