BITU vs. MSTR

Last updated Jun 3, 2026

BITU (Proshares Ultra Bitcoin ETF) is Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while MSTR (Strategy Inc) is a stock. Over the past year, BITU returned -70.45% vs -63.45% for MSTR. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

BITU vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -50.14% return, which is significantly lower than MSTR's -10.44% return.

BITU

• 1D: -11.77%
• 1M: -28.10%
• YTD: -50.14%
• 6M: -54.90%
• 1Y: -70.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: -9.15%
• 1M: -23.19%
• YTD: -10.44%
• 6M: -24.95%
• 1Y: -63.45%
• 3Y*: 65.15%
• 5Y*: 22.73%
• 10Y*: 21.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITU vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-50.14%	-37.07%	37.90%
MSTR Strategy Inc	-10.44%	-47.53%	83.44%

Correlation

The correlation between BITU and MSTR is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.79

The correlation between BITU and MSTR has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

BITU vs. MSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 5
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 9
MSTR Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITU vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) 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.

	BITU	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.81	-0.91	+0.10
Sortino ratio Return per unit of downside risk	-1.30	-1.55	+0.25
Omega ratio Gain probability vs. loss probability	0.85	0.83	+0.02
Calmar ratio Return relative to maximum drawdown	-0.91	-0.82	-0.08
Martin ratio Return relative to average drawdown	-1.42	-1.23	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITU vs. MSTR - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.81, which is comparable to the MSTR Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BITU and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITU	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	-0.91	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.13	-0.46

Drawdowns

BITU vs. MSTR - Drawdown Comparison

The maximum BITU drawdown since its inception was -77.76%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BITU and MSTR.

Drawdown Indicators

	BITU	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-77.76%	-99.86%	+22.10%
Max Drawdown (1Y) Largest decline over 1 year	-77.76%	-76.53%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-77.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-77.70%	-71.28%	-6.42%
Average Drawdown Average peak-to-trough decline	-34.41%	-86.48%	+52.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.59%	51.39%	-1.80%

Volatility

BITU vs. MSTR - Volatility Comparison

Proshares Ultra Bitcoin ETF (BITU) and Strategy Inc (MSTR) have volatilities of 19.53% and 19.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.53%	19.27%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	70.19%	56.14%	+14.05%
Volatility (1Y) Calculated over the trailing 1-year period	86.84%	69.99%	+16.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.46%	90.74%	+6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.46%	73.68%	+23.78%

Dividends

BITU vs. MSTR - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 78.71%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	78.71%	50.23%	0.12%
MSTR Strategy Inc	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and MSTR in my portfolio?

BITU and MSTR have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITU or MSTR?

BITU has higher volatility (19.53%) compared to MSTR (19.27%). In terms of maximum drawdown, BITU dropped -77.76% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.81 vs -0.91), 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.