BITX vs. MSTR
BITX (2x Bitcoin Strategy ETF) is Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MSTR (Strategy Inc) is a stock. Over the past year, BITX returned -74.26% vs -71.72% for MSTR. A 0.78 correlation means they provide meaningful diversification when combined.
Performance
BITX vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -57.54% return, which is significantly lower than MSTR's -31.66% return.
BITX
- 1D
- -6.62%
- 1M
- -34.22%
- YTD
- -57.54%
- 6M
- -57.83%
- 1Y
- -74.26%
- 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%
BITX vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -57.54% | -38.71% | 163.41% | 46.18% |
MSTR Strategy Inc | -31.66% | -47.53% | 358.54% | 106.59% |
Correlation
The correlation between BITX 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 Jun 27, 2023 | 0.78 |
The correlation between BITX 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
BITX vs. MSTR — Risk / Return Rank
BITX
MSTR
BITX vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.
| BITX | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.80 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.93 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.32 | -0.07 |
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Drawdowns
BITX vs. MSTR - Drawdown Comparison
The maximum BITX drawdown since its inception was -82.16%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BITX and MSTR.
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Drawdown Indicators
| BITX | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.16% | -99.86% | +17.70% |
Max Drawdown (1Y)Largest decline over 1 year | -82.16% | -77.22% | -4.94% |
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 | -81.23% | -78.08% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -32.50% | -86.44% | +53.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.22% | 54.24% | -1.02% |
Volatility
BITX vs. MSTR - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 26.10% compared to Strategy Inc (MSTR) at 22.01%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier 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
| BITX | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.10% | 22.01% | +4.09% |
Volatility (6M)Calculated over the trailing 6-month period | 69.46% | 57.60% | +11.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.90% | 72.03% | +15.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 98.18% | 90.57% | +7.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 98.18% | 73.91% | +24.27% |
Dividends
BITX vs. MSTR - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 37.54%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 37.54% | 21.69% | 10.70% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITX 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.
BITX has higher volatility (26.10%) compared to MSTR (22.01%). In terms of maximum drawdown, BITX dropped -82.16% vs MSTR's -99.86%.
BITX currently has the higher Sharpe Ratio (-0.85 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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