CRCA vs. TQQQ

Last updated Jun 4, 2026

CRCA (ProShares Ultra CRCL) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares. CRCA is actively managed, while TQQQ is passively managed. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

CRCA vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra CRCL (CRCA) and ProShares UltraPro QQQ (TQQQ). 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 lower than TQQQ's 64.46% return.

CRCA

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

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

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

CRCA vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
CRCA ProShares Ultra CRCL	-25.37%	-81.81%
TQQQ ProShares UltraPro QQQ	64.46%	17.79%

Correlation

The correlation between CRCA and TQQQ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 8, 2025	0.45

Return for Risk

CRCA vs. TQQQ — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra CRCL (CRCA) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.92	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	0.74	-1.20

Drawdowns

CRCA vs. TQQQ - Drawdown Comparison

The maximum CRCA drawdown since its inception was -94.02%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for CRCA and TQQQ.

Drawdown Indicators

	CRCA	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.02%	-81.66%	-12.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-87.98%	-0.76%	-87.22%
Average Drawdown Average peak-to-trough decline	-69.26%	-18.52%	-50.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.28%	—

Volatility

Volatility by Period

	CRCA	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	196.79%	47.60%	+149.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.79%	66.53%	+130.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.79%	65.96%	+130.83%

CRCA vs. TQQQ - Expense Ratio Comparison

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

Dividends

CRCA vs. TQQQ - Dividend Comparison

CRCA's dividend yield for the trailing twelve months is around 2.32%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRCA ProShares Ultra CRCL	2.32%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.36%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both CRCA and TQQQ in my portfolio?

CRCA and TQQQ 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 TQQQ?

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 TQQQ?

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

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

CRCA has the higher dividend yield at 2.32%, compared with 0.36% for TQQQ.