MSTU vs. CONL

Last updated Jun 23, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and CONL (GraniteShares 2x Long COIN Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSTU returned -96.32% vs -84.98% for CONL. A 0.72 correlation means they provide meaningful diversification when combined. MSTU charges 1.05%/yr vs 1.15%/yr for CONL.

Performance

MSTU vs. CONL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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, MSTU achieves a -67.51% return, which is significantly lower than CONL's -62.53% return.

MSTU

• 1D: -5.59%
• 1M: -56.73%
• YTD: -67.51%
• 6M: -72.64%
• 1Y: -96.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONL

• 1D: 1.67%
• 1M: -24.17%
• YTD: -62.53%
• 6M: -69.05%
• 1Y: -84.98%
• 3Y*: -12.52%
• 5Y*: —
• 10Y*: —

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

MSTU vs. CONL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-67.51%	-89.07%	205.47%
CONL GraniteShares 2x Long COIN Daily ETF	-62.53%	-58.49%	67.25%

Correlation

The correlation between MSTU and CONL is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.72

The correlation between MSTU and CONL has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

MSTU vs. CONL - Sectors Allocation Comparison

Sectors	MSTU	CONL
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MSTU vs. CONL — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 2
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

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.

MSTU vs. CONL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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.

	MSTU	CONL	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.63	-0.05
Sortino ratio: Return per unit of downside risk	-2.22	-1.02	-1.20
Omega ratio: Gain probability vs. loss probability	0.77	0.88	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.92	-0.07
Martin ratio: Return relative to average drawdown	-1.23	-1.24	0.00

MSTU vs. CONL - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.68, which is comparable to the CONL Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of MSTU 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

MSTU vs. CONL - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.95%, roughly equal to the maximum CONL drawdown of -94.36%. Use the drawdown chart below to compare losses from any high point for MSTU and CONL.

Drawdown Indicators

	MSTU	CONL	Difference
Max Drawdown Largest peak-to-trough decline	-98.95%	-94.36%	-4.59%
Max Drawdown (1Y) Largest decline over 1 year	-97.47%	-92.57%	-4.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-94.36%	—
Current Drawdown Current decline from peak	-98.95%	-93.55%	-5.40%
Average Drawdown Average peak-to-trough decline	-72.51%	-56.41%	-16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.06%	68.70%	+9.36%

Volatility

MSTU vs. CONL - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 43.88% compared to GraniteShares 2x Long COIN Daily ETF (CONL) at 36.38%. This indicates that MSTU'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

	MSTU	CONL	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.88%	36.38%	+7.50%
Volatility (6M) Calculated over the trailing 6-month period	113.60%	102.63%	+10.97%
Volatility (1Y) Calculated over the trailing 1-year period	141.98%	135.92%	+6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.54%	149.61%	+18.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.54%	149.61%	+18.93%

MSTU vs. CONL - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is lower than CONL's 1.15% expense ratio.

Dividends

MSTU vs. CONL - Dividend Comparison

Neither MSTU nor CONL has paid dividends to shareholders.

Position	TTM	2025	2024
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTU and CONL in my portfolio?

MSTU and CONL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTU or CONL?

MSTU has higher volatility (43.88%) compared to CONL (36.38%). In terms of maximum drawdown, MSTU dropped -98.95% vs CONL's -94.36%.

Which ETF is better, MSTU or CONL?

On 1-year performance, CONL leads with -84.98% vs -96.32% for MSTU. On fees, MSTU is cheaper at 1.05% per year. On volatility, CONL has been the lower-risk option at 36.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or CONL?

Over the 1-year period, CONL has performed better with a -84.98% return vs -96.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or CONL?

MSTU is cheaper with a 1.05% expense ratio, compared with 1.15% for CONL.

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

MSTU and CONL have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTU and CONL?

They also come from different issuers: T-Rex and GraniteShares. Their fees differ too: 1.05% for MSTU and 1.15% for CONL.

Which has better risk-adjusted returns?

CONL currently has the higher Sharpe Ratio (-0.63 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.