CONL vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily TSM Bull 2X Shares (TSMX).

CONL and TSMX 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. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

CONL vs. TSMX - 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 TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

CONL vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	-52.22%	-58.49%	70.98%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, CONL achieves a -52.22% return, which is significantly lower than TSMX's 16.15% return.

CONL

• 1D: 16.67%
• 1M: -8.14%
• YTD: -52.22%
• 6M: -81.28%
• 1Y: -49.49%
• 3Y*: -11.69%
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CONL vs. TSMX - Expense Ratio Comparison

CONL has a 1.15% expense ratio, which is higher than TSMX's 1.05% expense ratio.

CONL

GraniteShares 2x Long COIN Daily ETF

TSMX

Direxion Daily TSM Bull 2X Shares

Return for Risk

CONL vs. TSMX — Risk / Return Rank

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

CONL

CONL Risk / Return Rank: 10
CONL Sharpe Ratio Rank: 6
CONL Sortino Ratio Rank: 18
CONL Omega Ratio Rank: 17
CONL Calmar Ratio Rank: 3
CONL Martin Ratio Rank: 5

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX Martin Ratio Rank: 97

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. TSMX - 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 TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-0.33	2.95	-3.29
Sortino ratio Return per unit of downside risk	0.42	3.08	-2.66
Omega ratio Gain probability vs. loss probability	1.05	1.39	-0.34
Calmar ratio Return relative to maximum drawdown	-0.55	6.59	-7.13
Martin ratio Return relative to average drawdown	-0.92	20.50	-21.42
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. TSMX - Sharpe Ratio Comparison

The current CONL Sharpe Ratio is -0.33, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of CONL and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CONL	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	2.95	-3.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	1.01	-1.18

Correlation

The correlation between CONL and TSMX is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CONL vs. TSMX - Dividend Comparison

CONL has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 7.11%.

	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%

Drawdowns

CONL vs. TSMX - Drawdown Comparison

The maximum CONL drawdown since its inception was -93.95%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for CONL and TSMX.

Drawdown Indicators

	CONL	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-93.95%	-63.80%	-30.15%
Max Drawdown (1Y) Largest decline over 1 year	-92.02%	-34.93%	-57.09%
Current Drawdown Current decline from peak	-91.78%	-25.94%	-65.84%
Average Drawdown Average peak-to-trough decline	-54.28%	-16.74%	-37.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.87%	11.22%	+43.65%

Volatility

CONL vs. TSMX - Volatility Comparison

GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 45.82% compared to Direxion Daily TSM Bull 2X Shares (TSMX) at 29.06%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CONL	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.82%	29.06%	+16.76%
Volatility (6M) Calculated over the trailing 6-month period	103.19%	54.61%	+48.58%
Volatility (1Y) Calculated over the trailing 1-year period	149.22%	77.49%	+71.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	151.01%	81.26%	+69.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	151.01%	81.26%	+69.75%