GraniteShares 2x Long COIN Daily ETF (CONL) Performance
CONL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −70.5% since Dec 31, 2025
- 1 year
- −87.0% total return
- 3 years
- −25.7% a year
- Since first price
- −31.4% a year since 2022
CONL trailing returns vs SPY, QQQ, AGG
| Period | CONL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −33.6% | −33.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −13.3% | −13.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −50.5% | −50.5% | +7.8% | +8.4% | −1.5% |
| YTD | −70.5% | −70.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −87.0% | −87.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −58.9%−25.7%/yr | −59.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionAug 9, 2022 | −79.4%−31.4%/yr | −79.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CONL vs SPY
From Aug 9, 2022: CONL grew to $2,055, SPY to $19,539.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CONL returns by calendar year
2 of 3 full years positive. Best 2023 (+641.7%), worst 2025 (−58.5%). 2026 is year to date.
CONL annual returns table
| Year | CONL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −70.5% | −78.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −58.5% | −78.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.2% | −79.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +641.7% | −59.0% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CONL largest drawdowns
Now 94.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 25, 2024 | −95.4% | Aug 6, 2026 | not yet | 2.4 years | 2.6 years so far |
| Aug 10, 2022 | −82.6% | Dec 28, 2022 | Dec 1, 2023 | 5 months | 1.3 years |
| Dec 28, 2023 | −53.5% | Feb 5, 2024 | Feb 16, 2024 | 39 days | 50 days |
| Mar 8, 2024 | −21.0% | Mar 19, 2024 | Mar 21, 2024 | 11 days | 13 days |
| Feb 16, 2024 | −19.5% | Feb 21, 2024 | Feb 26, 2024 | 5 days | 10 days |
| Mar 4, 2024 | −10.9% | Mar 5, 2024 | Mar 6, 2024 | 1 days | 2 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CONL risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | −17.4% | −19.1% |
| Volatility (annualized) | 169.0% | 160.1% |
| Sharpe ratio | 0.52 | 0.47 |
| Sortino ratio | 1.11 | 0.99 |
| Best month | +133.9% | +133.9% |
| Worst month | −48.2% | −48.2% |
| Best 12 months | +154.1% | +654.6% |
| Worst 12 months | −92.3% | −92.3% |
| Positive months | 42% | 45% |
| Beta vs S&P 500 | 8.61 | — |
| Correlation with S&P 500 | 0.63 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CONL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 39 | −92.3% | +1.5% | +654.6% | 51% |
| 3-year (a year) | 15 | −37.0% | −4.3% | +47.5% | 47% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
CONL performance overview
GraniteShares 2x Long COIN Daily ETF (CONL) returned −87.0% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned −31.4% a year, turning $10,000 into about $2,055. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −95.4%, from Mar 25, 2024 to Aug 6, 2026; the fund has not yet regained that high. CONL finished 2 of its 3 full calendar years with a gain; the best year was 2023 (+641.7%) and the worst 2025 (−58.5%). Volatility has been 160.1% a year.
Related: CONL chart. See the CONL overview for the latest quote and fund facts.
CONL performance FAQ
What is the CONL return over the past year?
CONL returned −87.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 87.0%.
How much would $10,000 invested in CONL be worth?
$10,000 invested in CONL at its first recorded close on August 9, 2022 would be worth about $2,055 on October 23, 2026 with distributions reinvested.
What was the worst year for CONL?
The worst calendar year was 2025, with a total return of −58.5%. The best was 2023 at +641.7%.
What is the biggest drawdown of CONL?
The largest peak-to-trough decline was −95.4% between March 25, 2024 and August 6, 2026. It has not yet recovered to that high; it is 94.9% below its peak.
How volatile is CONL?
Over the past 3 years CONL had an annualized volatility of 169.0% and a Sharpe ratio of 0.52 (excess return over 1–3 month T-bills per unit of risk).