CRCA vs. SQQQ

Last updated Jun 4, 2026

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 -0.45, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

CRCA vs. SQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CRCA achieves a -25.37% return, which is significantly higher than SQQQ's -45.27% return.

CRCA

• 1D: -20.86%
• 1M: -48.25%
• YTD: -25.37%
• 6M: -39.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

CRCA vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
CRCA ProShares Ultra CRCL	-25.37%	-81.81%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-20.72%

Correlation

The correlation between CRCA and SQQQ is -0.45, 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 8, 2025	-0.45

Return for Risk

CRCA vs. SQQQ — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

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. 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.

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

Sharpe Ratios by Period

	CRCA	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	-0.88	+0.41

Drawdowns

CRCA vs. SQQQ - Drawdown Comparison

The maximum CRCA drawdown since its inception was -94.02%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CRCA and SQQQ.

Drawdown Indicators

	CRCA	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.02%	-100.00%	+5.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-65.95%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-92.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-87.98%	-100.00%	+12.02%
Average Drawdown Average peak-to-trough decline	-69.26%	-92.40%	+23.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.73%	—

Volatility

Volatility by Period

	CRCA	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	196.79%	47.79%	+149.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.79%	66.64%	+130.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.79%	66.11%	+130.68%

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 2.32%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRCA ProShares Ultra CRCL	2.32%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	12.48%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both CRCA and SQQQ in my portfolio?

CRCA and SQQQ have a correlation of -0.45, 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 SQQQ?

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 SQQQ?

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

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

SQQQ has the higher dividend yield at 12.48%, compared with 2.32% for CRCA.