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 18.00%/yr vs 46.67%/yr for MSTR. A 0.79 correlation means they provide meaningful diversification when combined.
Performance
BITO vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITO achieves a -29.93% return, which is significantly higher than MSTR's -31.66% return.
BITO
- 1D
- -3.31%
- 1M
- -18.05%
- YTD
- -29.93%
- 6M
- -30.03%
- 1Y
- -42.09%
- 3Y*
- 18.00%
- 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%
BITO vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | -29.93% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
MSTR Strategy Inc | -31.66% | -47.53% | 358.54% | 346.15% | -74.00% | -26.38% |
Correlation
The correlation between BITO 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 (3Y) Calculated over the trailing 3-year period | 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 0.85 - 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 | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.80 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.93 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.32 | -0.02 |
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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 | -53.10% | -77.22% | +24.12% |
Max Drawdown (3Y)Largest decline over 3 years | -53.10% | -78.08% | +24.98% |
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 | -51.67% | -78.08% | +26.41% |
Average DrawdownAverage peak-to-trough decline | -36.86% | -86.44% | +49.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.28% | 54.24% | -22.96% |
Volatility
BITO vs. MSTR - Volatility Comparison
The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.79%, while Strategy Inc (MSTR) has a volatility of 22.01%. 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 | 12.79% | 22.01% | -9.22% |
Volatility (6M)Calculated over the trailing 6-month period | 34.39% | 57.60% | -23.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.08% | 72.03% | -27.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.02% | 90.57% | -35.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.02% | 73.91% | -18.89% |
Dividends
BITO vs. MSTR - Dividend Comparison
BITO's dividend yield for the trailing twelve months is around 71.07%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 71.07% | 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 0.85, 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 BITO (12.79%). In terms of maximum drawdown, BITO dropped -77.86% vs MSTR's -99.86%.
BITO currently has the higher Sharpe Ratio (-0.96 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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