BITO vs. MSTR
BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares, while MSTR (Strategy Inc) is a stock. Over the past 3 years, BITO returned 22.22%/yr vs 36.02%/yr for MSTR. Their 0.79 correlation means they have sometimes moved together and sometimes differently.
Performance
BITO vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -28.40% return, which is significantly higher than MSTR's -37.57% return.
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
MSTR
- 1D
- 1.69%
- 1M
- -5.86%
- 6M
- -32.06%
- YTD
- -37.57%
- 1Y
- -74.13%
- 3Y*
- 36.02%
- 5Y*
- 7.17%
- 10Y*
- 19.02%
- ALL TIME*
- 9.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
MSTR Strategy Inc | $1.51B | $1.54B | $2.39B |
BITO vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
MSTR Strategy Inc | -37.57% | -47.53% | 358.54% | 346.15% | -74.00% | -26.38% |
Correlation
The correlation between BITO and MSTR is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.79 |
The correlation between BITO and MSTR has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
BITO vs. MSTR — Risk / Return Rank
BITO
MSTR
BITO vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.
| BITO | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.79 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.93 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.33 | +0.05 |
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Drawdowns
BITO vs. MSTR - Drawdown Comparison
The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BITO and MSTR.
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Drawdown Indicators
| BITO | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.86% | -99.86% | +22.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -79.53% | +25.06% |
Max Drawdown (3Y)Largest decline over 3 years | -54.47% | -82.63% | +28.16% |
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 | -50.61% | -79.98% | +29.37% |
Average DrawdownAverage peak-to-trough decline | -37.19% | -86.42% | +49.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.62% | 55.84% | -20.22% |
Volatility
BITO vs. MSTR - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 8.72%, while Strategy Inc (MSTR) has a volatility of 16.90%. This indicates that BITO 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
| BITO | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.72% | 16.90% | -8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 33.49% | 60.42% | -26.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.21% | 74.93% | -30.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.58% | 89.97% | -35.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.58% | 74.36% | -19.78% |
Dividends
BITO vs. MSTR - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 47.03%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITO and MSTR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (16.90%) compared to BITO (8.72%). In terms of maximum drawdown, BITO dropped -77.86% vs MSTR's -99.86%.
MSTR currently has the higher Sharpe Ratio (-0.99 vs -1.04), 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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