Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
CRCL has lagged CRY over the shared window since Apr 2026, posting a -12.91% total return against -6.82%. CRY has been the steadier holding, though — annualized volatility of 22.7% against 95.6% for CRCL. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2026” measures every fund from April 28, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Apr 2026. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since Apr 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
CRCL
CRY
Forward distribution rate
—
89.75%
Trailing 12-month yield
—
48.91%
30-day SEC yield
—
1.01%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks current income by selling put options on leveraged ETFs designed to deliver 2x the daily performance of Circle Internet Group (CRCL), targeting 2x (200%) the income generated from selling options directly on CRCL.
Bottom lineWe won't call this one: CRY launched April 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer security as provisional.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Daily leverage reset. CRY targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.
Capped upside and premium dependence. CRY generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
GraniteShares is known for offering specialized ETF strategies that extend beyond traditional equity and bond investing, particularly through structured products and income-focused solutions. The firm manages 48 ETFs organized around distinct fund families including Autocallable products, Commodities, Income strategies, Leveraged exposures, and their YieldBOOST line designed to enhance distributions. GraniteShares targets investors seeking alternative income generation methods and commodity access, with popular tickers like AHD, CRY, and FBL representing their diverse approach to yield enhancement and alternative asset classes.
See our curated list of related YouTube videos on CRY.
CRCL (Circle Internet Group) is a stock, while CRY (GraniteShares YieldBOOST CRCL ETF) is an ETF — their trading structures differ.
CRY currently shows a 89.75% distribution yield. CRCL has not yet established a full distribution history, so a comparable yield figure is not available.
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On a $10,000 investment, CRCL has no reported distribution yield yet, so a cash estimate is not available, while CRY would produce $172.60 cash per distribution, at current distribution rates.
CRCL yield—
CRY yield89.75%
Cost & efficiency
CRY charges a 1.07% expense ratio — roughly $1,070 over 10 years on $10,000 (simplified, not compounded). CRCL is a stock, not a fund, so it charges no expense ratio.
CRY ER1.07%
Strategy & risk
CRCL is a stock, while CRY tracks Circle (CRCL) with an options approach.
Security details
CRCL (Circle Internet Group) is a stock. CRY is managed by GraniteShares (launched 04/28/2026) with $1.79M in assets.
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Frequently asked questions
Which of CRCL or CRY pays more dividend income?
CRY currently reports a distribution yield, while CRCL has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between CRCL and CRY?
CRCL (Circle Internet Group) is a stock, while CRY (GraniteShares YieldBOOST CRCL ETF) tracks Circle (CRCL) with an options approach. They are issued by — and GraniteShares respectively.
Can I hold both CRCL and CRY?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, CRCL or CRY?
CRY charges a 1.07% expense ratio. CRCL is a stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.
How much income does $10,000 in CRCL vs CRY generate?
At current rates, CRCL has not established a distribution history yet, so a cash estimate is not available. The same in CRY would produce about $172.60 cash per distribution ($8,975.00 annually).
Which has performed better historically, CRCL or CRY?
CRCL has lagged CRY over the shared window since Apr 2026, posting a -12.91% total return against -6.82%. CRY has been the steadier holding, though — annualized volatility of 22.7% against 95.6% for CRCL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
Circle Internet Group (CRCL) is a public equity stock in financial services and cryptocurrency infrastructure. The two are structurally separate: one is equity ownership; the other is a leveraged derivatives income strategy built on top of it. CRY achieves this high yield by selling puts on a 2x leveraged fund tracking CRCL, which magnifies both the premium income and the underlying volatility exposure compared to owning CRCL shares directly. CRY's asset base is $1.79M, reflecting its nascent stage and niche strategy.
Who each is best for
CRCL: Investors seeking long-term equity exposure to a cryptocurrency and blockchain infrastructure company, with conviction in Circle's business fundamentals and willing to forgo current income in exchange for potential capital appreciation.
CRY: Fits investors with high near-term income needs and high risk tolerance who understand that an 89.75% yield relies on options decay and leveraged derivatives, and who actively monitor positions for assignment and drawdown risk.
Key risks to know
NAV erosion at extreme distribution yield. An 89.75% distribution rate far exceeds typical equity capital gains and dividends. Sustaining this payout requires continuous option premium harvesting and assumes that put selling does not incur losses that exceed premiums collected. If underlying volatility declines, premium income may shrink sharply, forcing yield compression or NAV deterioration.
Leveraged derivatives amplify downside.CRY sells puts on a 2x leveraged fund, not on CRCL directly. A 50% decline in CRCL translates to a 100% decline in the 2x fund, multiplying the risk of assignment and realized losses on the underlying position CRY must manage.
Assignment and forced liquidation risk. When put options are assigned, CRY is obligated to purchase shares of the underlying 2x leveraged fund at the strike price. In a declining market, assignment forces the fund to hold or liquidate positions at unfavorable prices, crystallizing losses.
CRCL and crypto sector volatility. Both securities are exposed to Circle's cryptocurrency business and regulatory environment. Crypto asset price swings, regulatory changes, or shifts in stablecoin demand can trigger sharp equity moves and spike option implied volatility unpredictably. If you prioritize capital appreciation and can accept no current income, CRCL is the direct equity play; if you require high current income and accept leveraged derivatives exposure and NAV risk, CRY's structure is designed to deliver it. Past performance does not predict future results, and the sustainability of CRY's distribution rate depends on continued volatility and option premium availability.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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