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. Their -0.44 correlation means they have often moved in opposite directions in the past. 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 -70.23% return, which is significantly lower than SQQQ's -34.61% return.
CRCA
- 1D
- -5.20%
- 1M
- -12.09%
- 6M
- -51.11%
- YTD
- -70.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.28M | $18.49M | $44.45M | |
| $2.40B | $2.29B | $2.66B |
CRCA vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCA ProShares Ultra CRCL | -70.23% | -84.67% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -21.48% |
Correlation
The correlation between CRCA and SQQQ is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 7, 2025 | -0.44 |
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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 | — | 0.86 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.81 | — |
| Martin ratioReturn relative to average drawdown | — | -1.41 | — |
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Drawdowns
CRCA vs. SQQQ - Drawdown Comparison
The maximum CRCA drawdown since its inception was -95.61%, 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 | -95.61% | -100.00% | +4.39% |
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 | -95.44% | -100.00% | +4.56% |
Average DrawdownAverage peak-to-trough decline | -74.24% | -92.78% | +18.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.08% | — |
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 | — | 20.82% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 48.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 193.78% | 57.98% | +135.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 193.78% | 68.18% | +125.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 193.78% | 66.74% | +127.04% |
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 7.40%, less than SQQQ's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CRCA ProShares Ultra CRCL | 7.40% | 1.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.14% | 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 -0.44, 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 9.14%, compared with 7.40% for CRCA.
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