CONI vs SPY
GraniteShares 2x Short COIN Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CONI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.15% | 0.09% | |
| AUM | $11M | $821.1B | |
| Dividend Yield | 1.09% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -30.43% | +13.17% | |
| 1Y Return | -22.39% | +21.53% | |
| 3Y Return (annualized) | - | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | 105.8% | 15.3% | |
| Max Drawdown | -94.4% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 3, 2024 | Jan 22, 1993 |
CONI vs SPY Performance
GraniteShares 2x Short COIN Daily ETF (CONI) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CONI returned -22.39% while SPY returned +21.53%. Year to date, CONI is down 30.43% versus a gain of 13.17% for SPY.
Risk: Volatility and Drawdowns
CONI has been the more volatile fund, with annualized monthly volatility of 105.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -94.4% for CONI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.53. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CONI charges 1.15% per year while SPY charges 0.09%. On a $10,000 position that is $115 vs $9 annually, a gap of $106 per year that compounds over a long holding period. On income, CONI currently yields 1.09% against 1.01% for SPY.
Holdings Overlap
CONI and SPY share 1 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in CONI | Weight in SPY | Difference |
|---|---|---|---|
| COIN | -200.37% | 0.05% | 200.42% |
Frequently Asked Questions
Which is cheaper, CONI or SPY?
CONI has an expense ratio of 1.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $106 per year of difference.
Which performed better, CONI or SPY?
Over the past year CONI returned -22.39% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CONI annualized -71.42% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CONI or SPY?
CONI has been the more volatile fund at 105.8% annualized versus 15.3% for SPY. Worst drawdown: CONI -94.4% vs SPY -56.5%.
Should I hold both CONI and SPY?
CONI and SPY have a monthly-return correlation of -0.53, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CONI and SPY?
CONI and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, CONI or SPY?
CONI yields 1.09% while SPY yields 1.01%, so CONI currently pays the higher dividend yield.
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