CRCA vs. BITO

Last updated Jul 14, 2026

CRCA (ProShares Ultra CRCL) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - CRCA is a Leveraged Equities fund actively managed by ProShares, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

CRCA vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra CRCL (CRCA) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRCA achieves a -68.22% return, which is significantly lower than BITO's -30.09% return.

CRCA

• 1D: -9.58%
• 1M: -40.68%
• 6M: -70.42%
• YTD: -68.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.65%
• 1M: -2.30%
• 6M: -33.01%
• YTD: -30.09%
• 1Y: -49.36%
• 3Y*: 19.35%
• 5Y*: —
• 10Y*: —

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

CRCA vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
CRCA ProShares Ultra CRCL	-68.22%	-84.67%
BITO ProShares Bitcoin Strategy ETF	-30.09%	-25.47%

Correlation

The correlation between CRCA and BITO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 7, 2025	0.57

Return for Risk

CRCA vs. BITO — Risk / Return Rank

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

CRCA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 1
BITO Martin Ratio Rank: 1

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.

CRCA vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra CRCL (CRCA) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.12	—
Sortino ratio: Return per unit of downside risk	—	-1.77	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-0.91	—
Martin ratio: Return relative to average drawdown	—	-1.48	—

Drawdowns

CRCA vs. BITO - Drawdown Comparison

The maximum CRCA drawdown since its inception was -95.18%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for CRCA and BITO.

Drawdown Indicators

	CRCA	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-95.18%	-77.86%	-17.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-54.47%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-95.13%	-51.78%	-43.35%
Average Drawdown Average peak-to-trough decline	-72.99%	-37.03%	-35.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	33.47%	—

Volatility

Volatility by Period

	CRCA	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	195.27%	44.12%	+151.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.27%	54.84%	+140.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.27%	54.84%	+140.43%

CRCA vs. BITO - Expense Ratio Comparison

Both CRCA and BITO have an expense ratio of 0.95%.

Dividends

CRCA vs. BITO - Dividend Comparison

CRCA's dividend yield for the trailing twelve months is around 6.93%, less than BITO's 62.24% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	62.24%	78.29%	61.59%	15.14%
CRCA ProShares Ultra CRCL	6.93%	1.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CRCA and BITO in my portfolio?

CRCA and BITO 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.

Which ETF is better, CRCA or BITO?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRCA or BITO?

CRCA and BITO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, CRCA or BITO?

BITO has the higher dividend yield at 62.24%, compared with 6.93% for CRCA.

What is the main difference between CRCA and BITO?

CRCA is categorized as Leveraged Equities, while BITO is Cryptocurrency.