CRCA vs. BITI
CRCA (ProShares Ultra CRCL) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CRCA is a Leveraged Equities fund actively managed by ProShares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. CRCA is actively managed, while BITI is passively managed. At a correlation of -0.57, they often move in opposite directions. CRCA charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
CRCA vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, CRCA achieves a -70.84% return, which is significantly lower than BITI's 24.48% return.
CRCA
- 1D
- -15.56%
- 1M
- -47.74%
- 6M
- -67.98%
- YTD
- -70.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITI
- 1D
- 1.13%
- 1M
- 1.49%
- 6M
- 35.86%
- YTD
- 24.48%
- 1Y
- 64.61%
- 3Y*
- -31.62%
- 5Y*
- —
- 10Y*
- —
CRCA vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCA ProShares Ultra CRCL | -70.84% | -84.67% |
BITI ProShares Short Bitcoin ETF | 24.48% | 27.25% |
Correlation
The correlation between CRCA and BITI is -0.57, 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 (All Time) Calculated using the full available price history since Aug 7, 2025 | -0.57 |
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Return for Risk
CRCA vs. BITI — Risk / Return Rank
CRCA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BITI
CRCA vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra CRCL (CRCA) and ProShares Short Bitcoin ETF (BITI). 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.
| CRCA | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.57 | — |
| Martin ratioReturn relative to average drawdown | — | 6.38 | — |
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Drawdowns
CRCA vs. BITI - Drawdown Comparison
The maximum CRCA drawdown since its inception was -95.53%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CRCA and BITI.
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Drawdown Indicators
| CRCA | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.53% | -92.16% | -3.37% |
Max Drawdown (1Y)Largest decline over 1 year | — | -25.28% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.63% | — |
Current DrawdownCurrent decline from peak | -95.53% | -86.41% | -9.12% |
Average DrawdownAverage peak-to-trough decline | -73.27% | -68.40% | -4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 10.16% | — |
Volatility
CRCA vs. BITI - Volatility Comparison
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Volatility by Period
| CRCA | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 10.76% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.28% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 194.86% | 44.15% | +150.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 194.86% | 52.24% | +142.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 194.86% | 52.24% | +142.62% |
CRCA vs. BITI - Expense Ratio Comparison
CRCA has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
CRCA vs. BITI - Dividend Comparison
CRCA's dividend yield for the trailing twelve months is around 7.55%, less than BITI's 15.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.62% | 1.60% | 3.91% | 3.33% | 0.06% |
CRCA ProShares Ultra CRCL | 7.55% | 1.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CRCA and BITI have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CRCA is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CRCA is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.62%, compared with 7.55% for CRCA.
CRCA is categorized as Leveraged Equities, while BITI is Cryptocurrency. Their fees differ too: 0.95% for CRCA and 1.03% for BITI.
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