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 3 years, BITX returned 5.01%/yr vs 28.96%/yr for MSTR. Their 0.78 correlation means they have sometimes moved together and sometimes differently.
Performance
BITX vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -57.64% return, which is significantly lower than MSTR's -38.61% return.
BITX
- 1D
- -5.89%
- 1M
- 3.21%
- 6M
- -52.61%
- YTD
- -57.64%
- 1Y
- -77.94%
- 3Y*
- 5.01%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.01%
MSTR
- 1D
- -4.56%
- 1M
- -7.43%
- 6M
- -37.69%
- YTD
- -38.61%
- 1Y
- -74.56%
- 3Y*
- 28.96%
- 5Y*
- 8.30%
- 10Y*
- 18.75%
- ALL TIME*
- 9.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.28M | $99.74M | $121.60M | |
MSTR Strategy Inc | $1.53B | $1.65B | $2.43B |
BITX vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -57.64% | -38.71% | 163.41% | 46.18% |
MSTR Strategy Inc | -38.61% | -47.53% | 358.54% | 106.59% |
Correlation
The correlation between BITX and MSTR is 0.85, 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. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
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 | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.78 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.97 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.38 | +0.04 |
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Drawdowns
BITX vs. MSTR - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, 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 | -83.45% | -99.86% | +16.41% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -79.53% | -3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | -82.63% | -0.82% |
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 | -81.28% | -80.31% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -86.42% | +52.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.44% | 55.64% | +3.80% |
Volatility
BITX vs. MSTR - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) and Strategy Inc (MSTR) have volatilities of 17.98% and 18.58%, 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.
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Volatility by Period
| BITX | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.98% | 18.58% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 67.72% | 60.57% | +7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.19% | 75.24% | +12.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.19% | 89.94% | +7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.19% | 74.33% | +22.86% |
Dividends
BITX vs. MSTR - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 27.89%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 27.89% | 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.
MSTR has higher volatility (18.58%) compared to BITX (17.98%). In terms of maximum drawdown, BITX dropped -83.45% vs MSTR's -99.86%.
BITX currently has the higher Sharpe Ratio (-0.90 vs -1.02), 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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