BKCH vs. MSTR
BKCH (Global X Blockchain ETF) is Technology Equities fund actively managed by Global X, while MSTR (Strategy Inc) is a stock. Over the past 3 years, BKCH returned 56.15%/yr vs 63.46%/yr for MSTR. A 0.76 correlation means they provide meaningful diversification when combined.
Performance
BKCH vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BKCH achieves a 30.73% return, which is significantly higher than MSTR's -18.41% return.
BKCH
- 1D
- 1.33%
- 1M
- -7.22%
- YTD
- 30.73%
- 6M
- 13.22%
- 1Y
- 85.38%
- 3Y*
- 56.15%
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 3.18%
- 1M
- -30.13%
- YTD
- -18.41%
- 6M
- -29.74%
- 1Y
- -67.62%
- 3Y*
- 63.46%
- 5Y*
- 19.14%
- 10Y*
- 20.92%
BKCH vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 30.73% | 27.14% | 18.81% | 267.06% | -85.10% | -6.69% |
MSTR Strategy Inc | -18.41% | -47.53% | 358.54% | 346.15% | -74.00% | -6.10% |
Correlation
The correlation between BKCH and MSTR is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021 | 0.76 |
The correlation between BKCH and MSTR has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.
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Return for Risk
BKCH vs. MSTR — Risk / Return Rank
BKCH
MSTR
BKCH vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain ETF (BKCH) 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.
| BKCH | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.82 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | -0.88 | +2.27 |
| Martin ratioReturn relative to average drawdown | 2.54 | -1.27 | +3.81 |
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Drawdowns
BKCH vs. MSTR - Drawdown Comparison
The maximum BKCH drawdown since its inception was -91.80%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BKCH and MSTR.
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Drawdown Indicators
| BKCH | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.80% | -99.86% | +8.06% |
Max Drawdown (1Y)Largest decline over 1 year | -56.28% | -76.53% | +20.25% |
Max Drawdown (3Y)Largest decline over 3 years | -57.99% | -77.42% | +19.43% |
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 | -37.33% | -73.84% | +36.51% |
Average DrawdownAverage peak-to-trough decline | -61.98% | -86.45% | +24.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.68% | 53.01% | -22.33% |
Volatility
BKCH vs. MSTR - Volatility Comparison
The current volatility for Global X Blockchain ETF (BKCH) is 20.27%, while Strategy Inc (MSTR) has a volatility of 21.60%. This indicates that BKCH 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
| BKCH | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.27% | 21.60% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 52.94% | 57.34% | -4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.68% | 71.15% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.55% | 90.79% | -15.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.55% | 73.80% | +1.75% |
Dividends
BKCH vs. MSTR - Dividend Comparison
BKCH's dividend yield for the trailing twelve months is around 1.53%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BKCH Global X Blockchain ETF | 1.53% | 2.00% | 7.61% | 2.33% | 1.29% | 4.28% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BKCH and MSTR have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (21.60%) compared to BKCH (20.27%). In terms of maximum drawdown, BKCH dropped -91.80% vs MSTR's -99.86%.
BKCH currently has the higher Sharpe Ratio (1.11 vs -0.95), 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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