ETHU vs. CONL

Last updated Jun 24, 2026

ETHU (Volatility Shares 2x Ether ETF) and CONL (GraniteShares 2x Long COIN Daily ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while CONL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, ETHU returned -73.33% vs -86.06% for CONL. A 0.69 correlation means they provide meaningful diversification when combined. ETHU charges 2.67%/yr vs 1.15%/yr for CONL.

Performance

ETHU vs. CONL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) 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, ETHU achieves a -76.57% return, which is significantly lower than CONL's -65.46% return.

ETHU

• 1D: -8.34%
• 1M: -38.44%
• YTD: -76.57%
• 6M: -76.68%
• 1Y: -73.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONL

• 1D: -7.83%
• 1M: -30.11%
• YTD: -65.46%
• 6M: -70.11%
• 1Y: -86.06%
• 3Y*: -14.86%
• 5Y*: —
• 10Y*: —

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

ETHU vs. CONL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-76.57%	-64.38%	-48.73%
CONL GraniteShares 2x Long COIN Daily ETF	-65.46%	-58.49%	-30.80%

Correlation

The correlation between ETHU and CONL is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.69

The correlation between ETHU and CONL has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Return for Risk

ETHU vs. CONL — Risk / Return Rank

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 5
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 6
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 4

CONL

CONL Risk / Return Rank: 3
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 3
CONL Omega Ratio Rank: 3
CONL Calmar Ratio Rank: 1
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.

ETHU vs. CONL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.

	ETHU	CONL	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	-0.63	+0.10
Sortino ratio: Return per unit of downside risk	-0.37	-1.10	+0.73
Omega ratio: Gain probability vs. loss probability	0.96	0.88	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.93	+0.15
Martin ratio: Return relative to average drawdown	-1.12	-1.25	+0.13

ETHU vs. CONL - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.53, which is comparable to the CONL Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of ETHU 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

ETHU vs. CONL - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.27%, roughly equal to the maximum CONL drawdown of -94.36%. Use the drawdown chart below to compare losses from any high point for ETHU and CONL.

Drawdown Indicators

	ETHU	CONL	Difference
Max Drawdown Largest peak-to-trough decline	-96.27%	-94.36%	-1.91%
Max Drawdown (1Y) Largest decline over 1 year	-93.66%	-92.57%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-94.36%	—
Current Drawdown Current decline from peak	-95.94%	-94.06%	-1.88%
Average Drawdown Average peak-to-trough decline	-69.93%	-56.45%	-13.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.51%	68.94%	-3.43%

Volatility

ETHU vs. CONL - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 39.76% compared to GraniteShares 2x Long COIN Daily ETF (CONL) at 36.69%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than CONL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	CONL	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.76%	36.69%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	95.70%	102.83%	-7.13%
Volatility (1Y) Calculated over the trailing 1-year period	138.92%	135.85%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.29%	149.59%	-6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.29%	149.59%	-6.30%

ETHU vs. CONL - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than CONL's 1.15% expense ratio.

Dividends

ETHU vs. CONL - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 6.26%, while CONL has not paid dividends to shareholders.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
ETHU Volatility Shares 2x Ether ETF	6.26%	2.31%	0.41%

Frequently Asked Questions

Can I hold both ETHU and CONL in my portfolio?

ETHU and CONL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHU or CONL?

ETHU has higher volatility (39.76%) compared to CONL (36.69%). In terms of maximum drawdown, ETHU dropped -96.27% vs CONL's -94.36%.

Which ETF is better, ETHU or CONL?

On 1-year performance, ETHU leads with -73.33% vs -86.06% for CONL. On fees, CONL is cheaper at 1.15% per year. On volatility, CONL has been the lower-risk option at 36.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or CONL?

Over the 1-year period, ETHU has performed better with a -73.33% return vs -86.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or CONL?

CONL is cheaper with a 1.15% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 6.26%, compared with 0.00% for CONL.

What is the main difference between ETHU and CONL?

ETHU is categorized as Leveraged Cryptocurrency, while CONL is Leveraged Equities. They also come from different issuers: Volatility Shares and GraniteShares. Their fees differ too: 2.67% for ETHU and 1.15% for CONL.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.53 vs -0.63), 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.