DFNM vs. CONL

Last updated Jul 14, 2026

DFNM (Dimensional National Municipal Bond ETF) and CONL (GraniteShares 2x Long COIN Daily ETF) are both exchange-traded funds - DFNM is a Municipal Bonds fund actively managed by Dimensional, while CONL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past 3 years, DFNM returned 3.16%/yr vs -35.14%/yr for CONL. At a 0.04 correlation, their price movements are largely independent. DFNM charges 0.17%/yr vs 1.15%/yr for CONL.

Performance

DFNM vs. CONL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional National Municipal Bond ETF (DFNM) and GraniteShares 2x Long COIN Daily ETF (CONL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNM achieves a 1.38% return, which is significantly higher than CONL's -66.89% return.

DFNM

• 1D: -0.04%
• 1M: 0.18%
• 6M: 0.82%
• YTD: 1.38%
• 1Y: 4.66%
• 3Y*: 3.16%
• 5Y*: —
• 10Y*: —

CONL

• 1D: -2.02%
• 1M: -6.91%
• 6M: -70.98%
• YTD: -66.89%
• 1Y: -91.24%
• 3Y*: -35.14%
• 5Y*: —
• 10Y*: —

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

DFNM vs. CONL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFNM Dimensional National Municipal Bond ETF	1.38%	3.87%	1.19%	3.97%	-1.16%
CONL GraniteShares 2x Long COIN Daily ETF	-66.89%	-58.49%	4.23%	641.63%	-80.40%

Correlation

The correlation between DFNM and CONL is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.04

The correlation between DFNM and CONL shifts across timeframes, from -0.06 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFNM vs. CONL — Risk / Return Rank

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

DFNM

DFNM Risk / Return Rank: 82
DFNM Sharpe Ratio Rank: 94
DFNM Sortino Ratio Rank: 94
DFNM Omega Ratio Rank: 95
DFNM Calmar Ratio Rank: 64
DFNM Martin Ratio Rank: 64

CONL

CONL Risk / Return Rank: 2
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 1
CONL Omega Ratio Rank: 2
CONL Calmar Ratio Rank: 0
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.

DFNM vs. CONL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and GraniteShares 2x Long COIN Daily ETF (CONL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFNM	CONL	Difference
Sharpe ratio: Return per unit of total volatility	2.73	-0.68	+3.41
Sortino ratio: Return per unit of downside risk	3.91	-1.59	+5.51
Omega ratio: Gain probability vs. loss probability	1.62	0.82	+0.79
Calmar ratio: Return relative to maximum drawdown	2.55	-0.97	+3.52
Martin ratio: Return relative to average drawdown	9.15	-1.27	+10.41

DFNM vs. CONL - Sharpe Ratio Comparison

The current DFNM Sharpe Ratio is 2.73, which is higher than the CONL Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of DFNM and CONL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNM vs. CONL - Drawdown Comparison

The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum CONL drawdown of -95.20%. Use the drawdown chart below to compare losses from any high point for DFNM and CONL.

Drawdown Indicators

	DFNM	CONL	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-95.20%	+88.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.84%	-93.67%	+91.83%
Max Drawdown (3Y) Largest decline over 3 years	-2.82%	-95.20%	+92.38%
Current Drawdown Current decline from peak	-0.29%	-94.31%	+94.02%
Average Drawdown Average peak-to-trough decline	-1.92%	-56.95%	+55.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	72.04%	-71.53%

Volatility

DFNM vs. CONL - Volatility Comparison

The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.32%, while GraniteShares 2x Long COIN Daily ETF (CONL) has a volatility of 33.61%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than CONL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNM	CONL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	33.61%	-33.29%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	104.56%	-103.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.72%	134.25%	-132.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	149.29%	-146.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	149.29%	-146.77%

DFNM vs. CONL - Expense Ratio Comparison

DFNM has a 0.17% expense ratio, which is lower than CONL's 1.15% expense ratio.

Dividends

DFNM vs. CONL - Dividend Comparison

DFNM's dividend yield for the trailing twelve months is around 2.94%, while CONL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%	0.00%	0.00%	0.00%
DFNM Dimensional National Municipal Bond ETF	2.94%	2.94%	2.74%	2.39%	1.16%	0.05%

Frequently Asked Questions

Can I hold both DFNM and CONL in my portfolio?

DFNM and CONL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFNM or CONL?

CONL has higher volatility (33.61%) compared to DFNM (0.32%). In terms of maximum drawdown, DFNM dropped -6.99% vs CONL's -95.20%.

Which ETF is better, DFNM or CONL?

On 3-year performance, DFNM leads with 3.16% vs -35.14% for CONL. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNM or CONL?

Over the 3-year period, DFNM has performed better with a 3.16% return vs -35.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNM or CONL?

DFNM is cheaper with a 0.17% expense ratio, compared with 1.15% for CONL.

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

DFNM has the higher dividend yield at 2.94%, compared with 0.00% for CONL.

What is the main difference between DFNM and CONL?

DFNM is categorized as Municipal Bonds, while CONL is Leveraged Equities. They also come from different issuers: Dimensional and GraniteShares. Their fees differ too: 0.17% for DFNM and 1.15% for CONL.

Which has better risk-adjusted returns?

DFNM currently has the higher Sharpe Ratio (2.73 vs -0.68), 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.