CRCA vs. BITO
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 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
CRCA vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, CRCA achieves a -5.71% return, which is significantly higher than BITO's -24.14% return.
CRCA
- 1D
- -7.63%
- 1M
- -8.37%
- YTD
- -5.71%
- 6M
- -7.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITO
- 1D
- -5.85%
- 1M
- -14.50%
- YTD
- -24.14%
- 6M
- -27.28%
- 1Y
- -38.17%
- 3Y*
- 26.52%
- 5Y*
- —
- 10Y*
- —
CRCA vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCA ProShares Ultra CRCL | -5.71% | -81.81% |
BITO ProShares Bitcoin Strategy ETF | -24.14% | -26.97% |
Correlation
The correlation between CRCA and BITO is 0.56, 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 8, 2025 | 0.56 |
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Return for Risk
CRCA vs. BITO — Risk / Return Rank
CRCA
BITO
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| CRCA | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | -0.08 | -0.37 |
Drawdowns
CRCA vs. BITO - Drawdown Comparison
The maximum CRCA drawdown since its inception was -94.02%, 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.
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Drawdown Indicators
| CRCA | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.02% | -77.86% | -16.16% |
Max Drawdown (1Y)Largest decline over 1 year | — | -50.05% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.05% | — |
Current DrawdownCurrent decline from peak | -84.81% | -47.68% | -37.13% |
Average DrawdownAverage peak-to-trough decline | -69.17% | -36.72% | -32.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 28.93% | — |
Volatility
CRCA vs. BITO - Volatility Comparison
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Volatility by Period
| CRCA | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.61% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.65% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 195.93% | 43.48% | +152.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 195.93% | 55.12% | +140.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 195.93% | 55.12% | +140.81% |
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 1.84%, less than BITO's 65.64% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 65.64% | 78.29% | 61.59% | 15.14% |
CRCA ProShares Ultra CRCL | 1.84% | 1.06% | 0.00% | 0.00% |
Frequently Asked Questions
CRCA and BITO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CRCA and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 65.64%, compared with 1.84% for CRCA.
CRCA is categorized as Leveraged Equities, while BITO is Cryptocurrency.
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