CRCA vs. SQQQ
CRCA (ProShares Ultra CRCL) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares. CRCA is actively managed, while SQQQ is passively managed. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
CRCA vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, CRCA achieves a -68.22% return, which is significantly lower than SQQQ's -40.27% return.
CRCA
- 1D
- -9.58%
- 1M
- -40.68%
- 6M
- -70.42%
- YTD
- -68.22%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
CRCA vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCA ProShares Ultra CRCL | -68.22% | -84.67% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -21.48% |
Correlation
The correlation between CRCA and SQQQ is -0.43, 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 | -0.43 |
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Return for Risk
CRCA vs. SQQQ — Risk / Return Rank
CRCA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SQQQ
CRCA vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra CRCL (CRCA) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.82 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.92 | — |
| Martin ratioReturn relative to average drawdown | — | -1.71 | — |
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Drawdowns
CRCA vs. SQQQ - Drawdown Comparison
The maximum CRCA drawdown since its inception was -95.18%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CRCA and SQQQ.
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Drawdown Indicators
| CRCA | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.18% | -100.00% | +4.82% |
Max Drawdown (1Y)Largest decline over 1 year | — | -61.03% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -92.51% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.27% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.97% | — |
Current DrawdownCurrent decline from peak | -95.13% | -100.00% | +4.87% |
Average DrawdownAverage peak-to-trough decline | -72.99% | -92.75% | +19.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 32.78% | — |
Volatility
CRCA vs. SQQQ - Volatility Comparison
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Volatility by Period
| CRCA | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 26.05% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 45.88% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 195.27% | 55.64% | +139.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 195.27% | 67.87% | +127.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 195.27% | 66.56% | +128.71% |
CRCA vs. SQQQ - Expense Ratio Comparison
Both CRCA and SQQQ have an expense ratio of 0.95%.
Dividends
CRCA vs. SQQQ - Dividend Comparison
CRCA's dividend yield for the trailing twelve months is around 6.93%, less than SQQQ's 10.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CRCA ProShares Ultra CRCL | 6.93% | 1.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.00% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
CRCA and SQQQ have a correlation of -0.43, 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 SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.00%, compared with 6.93% for CRCA.
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