BITB vs. MSTR
BITB (Bitwise Bitcoin ETF) is Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while MSTR (Strategy Inc) is a stock. Over the past year, BITB returned -39.79% vs -71.72% for MSTR. A 0.79 correlation means they provide meaningful diversification when combined.
Performance
BITB vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITB achieves a -28.85% return, which is significantly higher than MSTR's -31.66% return.
BITB
- 1D
- -3.23%
- 1M
- -17.74%
- YTD
- -28.85%
- 6M
- -28.92%
- 1Y
- -39.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -5.13%
- 1M
- -35.06%
- YTD
- -31.66%
- 6M
- -34.23%
- 1Y
- -71.72%
- 3Y*
- 46.67%
- 5Y*
- 12.28%
- 10Y*
- 19.62%
BITB vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | -28.85% | -6.47% | 89.74% |
MSTR Strategy Inc | -31.66% | -47.53% | 411.99% |
Correlation
The correlation between BITB and MSTR is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.79 |
The correlation between BITB and MSTR has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.
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Return for Risk
BITB vs. MSTR — Risk / Return Rank
BITB
MSTR
BITB vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Strategy Inc (MSTR). 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.
| BITB | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.80 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.93 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.32 | +0.02 |
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Drawdowns
BITB vs. MSTR - Drawdown Comparison
The maximum BITB drawdown since its inception was -52.04%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BITB and MSTR.
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Drawdown Indicators
| BITB | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.04% | -99.86% | +47.82% |
Max Drawdown (1Y)Largest decline over 1 year | -52.04% | -77.22% | +25.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -78.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -50.43% | -78.08% | +27.65% |
Average DrawdownAverage peak-to-trough decline | -16.85% | -86.44% | +69.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.56% | 54.24% | -23.68% |
Volatility
BITB vs. MSTR - Volatility Comparison
The current volatility for Bitwise Bitcoin ETF (BITB) is 13.08%, while Strategy Inc (MSTR) has a volatility of 22.01%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITB | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.08% | 22.01% | -8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 34.58% | 57.60% | -23.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.20% | 72.03% | -27.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.00% | 90.57% | -40.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.00% | 73.91% | -23.91% |
Dividends
BITB vs. MSTR - Dividend Comparison
Neither BITB nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
BITB and MSTR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (22.01%) compared to BITB (13.08%). In terms of maximum drawdown, BITB dropped -52.04% vs MSTR's -99.86%.
BITB currently has the higher Sharpe Ratio (-0.90 vs -1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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