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

Over the window to Sep 30, 2026, CIR finished 3.7 points from what its multiple implies and CRCD finished 2.9 points from its own, so CRCD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are CIR and CRCD levered on the same thing?

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

Which one decays faster, CIR or CRCD?

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

Can I hold CIR or CRCD 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 CRCD?

CIR charges 0.45% a year and CRCD charges 1.50%, so CIR is cheaper. Fees come from each fund's prospectus.

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CIR vs CRCD: which held to its multiple?

Over a month against its own daily promise, CIR finished 0.5 points short and CRCD 1.4 points short. Corgi CRCL 2x Daily ETF and T-REX 2X INVERSE CRCL DAILY TARGET ETF.

+30.6%

CIR returned, since launch

−68.2%

CRCD returned, 3 months

−21.6 pts

CIR from its stated multiple

−2.9 pts

CRCD 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%

CRCD · 3 months to Sep 30, 20262.9 pts short of its stated multiple

CRCD returned −68.2% while −2 times CRCL's move would have been −65.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	CIR	CRCD	CIR	CRCD	CIR	CRCD
1 month	−31.7%	+5.1%	−28.0%	+28.0%	−3.7 pts	−22.9 pts
3 months	not published	−68.2%	not published	−65.3%	not published	−2.9 pts
6 months	not published	−69.6%	not published	+18.9%	not published	−88.5 pts
1 year	not published	−89.7%	not published	+76.0%	not published	−165.7 pts
Since launch CIR Jul 2026 · CRCD Sep 2025	+30.6%	−90.6%	+52.2%	+70.6%	−21.6 pts	−161.2 pts

CIR and CRCD 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)

CRCD

T-REX 2X INVERSE CRCL DAILY TARGET ETF · Aims to return twice the opposite of the daily move of Circle Internet (CRCL)

Issuer Corgi T-REX

Sets out to return +2x -2x

Underlying asset CRCL CRCL

Segment company company

Fund returned, 3 months or since launch −31.7% −68.2%

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 −2.9 pts

Fund returned, 1 year or since launch +30.6% −89.7%

Difference from stated, over that window −21.6 pts −165.7 pts

Underlying volatility 95% 85%

Difference over the days both have traded −3.7 pts no shared window

Expense ratio 0.45% 1.50%

Launched Jul 7, 2026 Sep 26, 2025

Net assets $586,610 $9m

CIR and CRCD 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.

CRCD in plain words

Three months to Sep 30, 2026: CRCD returned −68.2% where its own daily promise gave −67.8%, 0.3 points short. Read the multiple against the whole window instead and −2 times CRCL's 32.6% implies −65.3%, which makes CRCD look 2.9 points short. 2.5 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. CRCD aims to return -2 times CRCL's move each day, then resets. 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 85% annualized over that window.

Questions people ask

Which came closer to its stated multiple, CIR or CRCD?: Over the window to Sep 30, 2026, CIR finished 3.7 points from what its multiple implies and CRCD finished 2.9 points from its own, so CRCD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are CIR and CRCD levered on the same thing?: Yes. Both are levered on Circle Internet, CIR at +2 times and CRCD at -2 times the daily move.
Which one decays faster, CIR or CRCD?: Decay follows how much the underlying moves about. Over this window CIR’s moved at 95% annualized and CRCD’s at 85%, so CIR has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold CIR or CRCD 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 CRCD?: CIR charges 0.45% a year and CRCD charges 1.50%, so CIR is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

CIR on its own →CRCD 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 ↗CRCD filings on SEC EDGAR ↗CRCD prospectus with the expense ratio (SEC) ↗T-REX page for CRCD ↗

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 CRCD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/cir-vs-crcd

Open data

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