CONL vs CONX: which held to its multiple?
Over the days both have traded, CONL finished 19.8 points from its stated multiple and CONX 18.6. GraniteShares 2x Long COIN Daily ETF and Direxion Daily COIN Bull 2X ETF.
CONL returned +14.3% while 2 times COIN's move would have been +34.1%
CONX returned +15.5% while 2 times COIN's move would have been +34.1%
A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | CONL | CONX | CONL | CONX | CONL | CONX |
| 1 month | −8.2% | −7.8% | −1.8% | −1.8% | −6.3 pts | −6.0 pts |
| 3 months | +14.3% | +15.5% | +34.1% | +34.1% | −19.8 pts | −18.6 pts |
| 6 months | −16.6% | −15.3% | +15.5% | +15.5% | −32.1 pts | −30.8 pts |
| 1 year | −84.7% | not published | −89.5% | not published | +4.9 pts | not published |
| 3 years | −43.7% | not published | not meaningful | not published | not meaningful | not published |
| Since launch CONL Aug 2022 · CONX Nov 2025 | −72.7% | −70.5% | not meaningful | −55.1% | not meaningful | −15.4 pts |
CONL and CONX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CONL and CONX on the same fields, as of Sep 30, 2026. Source: ETFIQ.
CONL in plain words
Three months to Sep 30, 2026: CONL returned +14.3% where its own daily promise gave +19.5%, 5.2 points short. Read the multiple against the whole window instead and 2 times COIN's 17.1% implies +34.1%, which makes CONL look 19.8 points short. 14.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CONL aims to return +2 times COIN's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. COIN moved at 75% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
CONX in plain words
Three months to Sep 30, 2026: CONX returned +15.5% where its own daily promise gave +19.5%, 4.0 points short. Read the multiple against the whole window instead and 2 times COIN's 17.1% implies +34.1%, which makes CONX look 18.6 points short. CONX aims to return +2 times COIN's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, CONL or CONX?
- Over the window to Sep 30, 2026, CONL finished 19.8 points from what its multiple implies and CONX finished 18.6 points from its own, so CONX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are CONL and CONX levered on the same thing?
- Yes. Both are levered on Coinbase Global, CONL at +2 times and CONX at +2 times the daily move.
- Which one decays faster, CONL or CONX?
- Decay follows how much the underlying moves about. Over this window CONL’s moved at 75% annualized and CONX’s at 75%, so CONL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold CONL or CONX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CONL against CONX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/conl-vs-conx
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CONL against CONX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/conl-vs-conx Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CONL against CONX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/conl-vs-conx
- APA
- ETFIQ. (Sep 30, 2026). CONL against CONX. Retrieved from https://etfiq.com/compare/leverage/conl-vs-conx
- Markdown
- [CONL against CONX (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/conl-vs-conx)