Which came closer to its stated multiple, CIR or CRCA?

Over the window to Sep 30, 2026, CIR finished 3.7 points from what its multiple implies and CRCA finished 25.6 points from its own, so CIR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are CIR and CRCA levered on the same thing?

Yes. Both are levered on Circle Internet, CIR at +2 times and CRCA at +2 times the daily move.

Which one decays faster, CIR or CRCA?

Decay follows how much the underlying moves about. Over this window CIR’s moved at 95% annualized and CRCA’s at 85%, so CIR has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold CIR or CRCA for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, CIR or CRCA?

CIR charges 0.45% a year and CRCA charges 0.95%, so CIR is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

CIR vs CRCA: which held to its multiple?

Over the days both have traded, CIR finished 3.7 points from its stated multiple and CRCA 4.5. Corgi CRCL 2x Daily ETF and ProShares Ultra CRCL.

+30.6%

CIR returned, since launch

+39.7%

CRCA returned, 3 months

−21.6 pts

CIR from its stated multiple

−25.6 pts

CRCA from its stated multiple

CIR · 1 month to Sep 30, 20263.7 pts short of its stated multiple

CIR returned −31.7% while 2 times CRCL's move would have been −28.0%

CRCA · 3 months to Sep 30, 202625.6 pts short of its stated multiple

CRCA returned +39.7% while 2 times CRCL's move would have been +65.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	CIR	CRCA	CIR	CRCA	CIR	CRCA
1 month	−31.7%	−32.5%	−28.0%	−28.0%	−3.7 pts	−4.5 pts
3 months	not published	+39.7%	not published	+65.3%	not published	−25.6 pts
6 months	not published	−52.5%	not published	−18.9%	not published	−33.7 pts
1 year	not published	−87.8%	not published	−76.0%	not published	−11.7 pts
Since launch CIR Jul 2026 · CRCA Aug 2025	+30.6%	−92.0%	+52.2%	−92.5%	−21.6 pts	+0.6 pts

CIR and CRCA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CIR

Corgi CRCL 2x Daily ETF · Aims to return twice the daily move of Circle Internet (CRCL)

CRCA

ProShares Ultra CRCL · Aims to return twice the daily move of Circle Internet (CRCL)

Issuer Corgi ProShares

Sets out to return +2x +2x

Underlying asset CRCL CRCL

Segment company company

Fund returned, 3 months or since launch −31.7% +39.7%

Underlying returned, over that window −14.0% +32.6%

What the stated multiple implies, over that window −28.0% +65.3%

Difference from stated, over that window −3.7 pts −25.6 pts

Fund returned, 1 year or since launch +30.6% −87.8%

Difference from stated, over that window −21.6 pts −11.7 pts

Underlying volatility 95% 85%

Difference over the days both have traded −3.7 pts −4.5 pts

Expense ratio 0.45% 0.95%

Launched Jul 7, 2026 Aug 7, 2025

Net assets $586,610 $99m

CIR and CRCA on the same fields, as of Sep 30, 2026. Source: ETFIQ.

CIR in plain words

One month to Sep 30, 2026: CIR returned −31.7% where its own daily promise gave −31.2%, 0.5 points short. Read the multiple against the whole window instead and 2 times CRCL's −14.0% implies −28.0%, which makes CIR look 3.7 points short. 3.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CIR aims to return +2 times CRCL's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. CRCL moved at 95% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

CRCA in plain words

Three months to Sep 30, 2026: CRCA returned +39.7% where its own daily promise gave +47.6%, 8.0 points short. Read the multiple against the whole window instead and 2 times CRCL's 32.6% implies +65.3%, which makes CRCA look 25.6 points short. 17.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CRCA aims to return +2 times CRCL's move each day, then resets. CRCL moved at 85% annualized over that window.

Questions people ask

Which came closer to its stated multiple, CIR or CRCA?: Over the window to Sep 30, 2026, CIR finished 3.7 points from what its multiple implies and CRCA finished 25.6 points from its own, so CIR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are CIR and CRCA levered on the same thing?: Yes. Both are levered on Circle Internet, CIR at +2 times and CRCA at +2 times the daily move.
Which one decays faster, CIR or CRCA?: Decay follows how much the underlying moves about. Over this window CIR’s moved at 95% annualized and CRCA’s at 85%, so CIR has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold CIR or CRCA for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, CIR or CRCA?: CIR charges 0.45% a year and CRCA charges 0.95%, so CIR is cheaper. Fees come from each fund's prospectus.

Other comparisons

CIR vs CRCD CIR vs CRCG CIR vs CCUP CRCA vs CRCD CRCA vs CRCG CRCA vs CCUP

CIR on its own →CRCA on its own →How every figure is computed →Standards and sources →

Where these figures came from

CIR filings on SEC EDGAR ↗CIR prospectus with the expense ratio (SEC) ↗Corgi website ↗CRCA filings on SEC EDGAR ↗CRCA prospectus with the expense ratio (SEC) ↗ProShares page for CRCA ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CIR against CRCA, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/cir-vs-crca

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.