CONL vs. USO
CONL (GraniteShares 2x Long COIN Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CONL is a Leveraged Equities fund actively managed by GraniteShares, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CONL is actively managed, while USO is passively managed. Over the past 3 years, CONL returned -10.29%/yr vs 28.78%/yr for USO. At a 0.04 correlation, their price movements are largely independent. CONL charges 1.15%/yr vs 0.86%/yr for USO.
Performance
CONL vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CONL achieves a -61.71% return, which is significantly lower than USO's 97.72% return.
CONL
- 1D
- 1.08%
- 1M
- -34.39%
- YTD
- -61.71%
- 6M
- -74.52%
- 1Y
- -78.61%
- 3Y*
- -10.29%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
CONL vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | -61.71% | -58.49% | 4.23% | 641.63% | -78.28% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | -4.55% |
Correlation
The correlation between CONL and USO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.04 |
The correlation between CONL and USO shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CONL vs. USO — Risk / Return Rank
CONL
USO
CONL vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long COIN Daily ETF (CONL) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.37 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 4.79 | -5.65 |
| Martin ratioReturn relative to average drawdown | -1.19 | 9.00 | -10.19 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.57 | 2.21 | -2.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | -0.18 | -0.02 |
Drawdowns
CONL vs. USO - Drawdown Comparison
The maximum CONL drawdown since its inception was -93.95%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CONL and USO.
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Drawdown Indicators
| CONL | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.95% | -98.19% | +4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -92.02% | -20.39% | -71.63% |
Max Drawdown (3Y)Largest decline over 3 years | -93.95% | -26.05% | -67.90% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -93.41% | -85.45% | -7.96% |
Average DrawdownAverage peak-to-trough decline | -55.99% | -75.30% | +19.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.98% | 10.84% | +55.14% |
Volatility
CONL vs. USO - Volatility Comparison
GraniteShares 2x Long COIN Daily ETF (CONL) has a higher volatility of 38.02% compared to United States Oil Fund LP (USO) at 14.97%. This indicates that CONL's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CONL | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.02% | 14.97% | +23.05% |
Volatility (6M)Calculated over the trailing 6-month period | 101.00% | 38.35% | +62.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.06% | 44.32% | +94.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.85% | 36.09% | +113.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.85% | 39.00% | +110.85% |
CONL vs. USO - Expense Ratio Comparison
CONL has a 1.15% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
CONL vs. USO - Dividend Comparison
Neither CONL nor USO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CONL GraniteShares 2x Long COIN Daily ETF | 0.00% | 0.00% | 0.31% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CONL and USO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CONL has higher volatility (38.02%) compared to USO (14.97%). In terms of maximum drawdown, CONL dropped -93.95% vs USO's -98.19%.
On 3-year performance, USO leads with 28.78% vs -10.29% for CONL. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 28.78% return vs -10.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.15% for CONL.
CONL and USO have nearly identical dividend yields, around 0.00%.
CONL is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: GraniteShares and USCF. Their fees differ too: 1.15% for CONL and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 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.
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