TSDD vs. CONL

Last updated Jun 4, 2026

TSDD (GraniteShares 2x Short TSLA Daily ETF) and CONL (GraniteShares 2x Long COIN Daily ETF) are both exchange-traded funds - TSDD is a Inverse Equities fund actively managed by GraniteShares, while CONL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, TSDD returned -62.89% vs -79.34% for CONL. At a correlation of -0.40, they often move in opposite directions. TSDD charges 1.50%/yr vs 1.15%/yr for CONL.

Performance

TSDD vs. CONL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short TSLA Daily ETF (TSDD) 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, TSDD achieves a -4.27% return, which is significantly higher than CONL's -62.12% return.

TSDD

• 1D: 0.14%
• 1M: -17.41%
• YTD: -4.27%
• 6M: -7.92%
• 1Y: -62.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CONL

• 1D: -12.32%
• 1M: -38.47%
• YTD: -62.12%
• 6M: -75.31%
• 1Y: -79.34%
• 3Y*: -14.88%
• 5Y*: —
• 10Y*: —

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

TSDD vs. CONL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSDD GraniteShares 2x Short TSLA Daily ETF	-4.27%	-74.84%	-89.21%	-20.49%
CONL GraniteShares 2x Long COIN Daily ETF	-62.12%	-58.49%	4.23%	225.41%

Correlation

The correlation between TSDD and CONL is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.39
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	-0.40

TSDD vs. CONL - Sectors Allocation Comparison

Sectors	TSDD	CONL
Consumer Cyclical	200.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TSDD vs. CONL — Risk / Return Rank

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

TSDD

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

CONL

CONL Risk / Return Rank: 3
CONL Sharpe Ratio Rank: 4
CONL Sortino Ratio Rank: 4
CONL Omega Ratio Rank: 4
CONL Calmar Ratio Rank: 2
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.

TSDD vs. CONL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short TSLA Daily ETF (TSDD) 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.

	TSDD	CONL	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.57	-0.11
Sortino ratio: Return per unit of downside risk	-0.87	-0.65	-0.21
Omega ratio: Gain probability vs. loss probability	0.90	0.93	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.86	+0.04
Martin ratio: Return relative to average drawdown	-1.05	-1.21	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDD vs. CONL - Sharpe Ratio Comparison

The current TSDD Sharpe Ratio is -0.68, which is comparable to the CONL Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of TSDD 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.

Sharpe Ratios by Period

	TSDD	CONL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.57	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.20	-0.46

Drawdowns

TSDD vs. CONL - Drawdown Comparison

The maximum TSDD drawdown since its inception was -99.03%, which is greater than CONL's maximum drawdown of -93.95%. Use the drawdown chart below to compare losses from any high point for TSDD and CONL.

Drawdown Indicators

	TSDD	CONL	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-93.95%	-5.08%
Max Drawdown (1Y) Largest decline over 1 year	-76.12%	-92.02%	+15.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-93.95%	—
Current Drawdown Current decline from peak	-98.90%	-93.48%	-5.42%
Average Drawdown Average peak-to-trough decline	-71.21%	-55.95%	-15.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.88%	65.74%	-5.86%

Volatility

TSDD vs. CONL - Volatility Comparison

The current volatility for GraniteShares 2x Short TSLA Daily ETF (TSDD) is 24.19%, while GraniteShares 2x Long COIN Daily ETF (CONL) has a volatility of 38.02%. This indicates that TSDD 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

	TSDD	CONL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.19%	38.02%	-13.83%
Volatility (6M) Calculated over the trailing 6-month period	54.90%	101.03%	-46.13%
Volatility (1Y) Calculated over the trailing 1-year period	92.57%	139.40%	-46.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.46%	149.93%	-35.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.46%	149.93%	-35.47%

TSDD vs. CONL - Expense Ratio Comparison

TSDD has a 1.50% expense ratio, which is higher than CONL's 1.15% expense ratio.

Dividends

TSDD vs. CONL - Dividend Comparison

TSDD's dividend yield for the trailing twelve months is around 8.80%, while CONL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CONL GraniteShares 2x Long COIN Daily ETF	0.00%	0.00%	0.31%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.80%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both TSDD and CONL in my portfolio?

TSDD and CONL have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDD or CONL?

CONL has higher volatility (38.02%) compared to TSDD (24.19%). In terms of maximum drawdown, TSDD dropped -99.03% vs CONL's -93.95%.

Which ETF is better, TSDD or CONL?

On 1-year performance, TSDD leads with -62.89% vs -79.34% for CONL. On fees, CONL is cheaper at 1.15% per year. On volatility, TSDD has been the lower-risk option at 24.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSDD or CONL?

Over the 1-year period, TSDD has performed better with a -62.89% return vs -79.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSDD or CONL?

CONL is cheaper with a 1.15% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.80%, compared with 0.00% for CONL.

What is the main difference between TSDD and CONL?

TSDD is categorized as Inverse Equities, while CONL is Leveraged Equities. Their fees differ too: 1.50% for TSDD and 1.15% for CONL.

Which has better risk-adjusted returns?

CONL currently has the higher Sharpe Ratio (-0.57 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.