BTC vs. MSTR
BTC (Grayscale Bitcoin Mini Trust ETF) is Cryptocurrency fund actively managed by Grayscale, while MSTR (Strategy Inc) is a stock. Over the past year, BTC returned -40.87% vs -67.34% for MSTR. A 0.78 correlation means they provide meaningful diversification when combined.
Performance
BTC vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -31.09% return, which is significantly lower than MSTR's -20.74% return.
BTC
- 1D
- -5.02%
- 1M
- -25.92%
- YTD
- -31.09%
- 6M
- -32.52%
- 1Y
- -40.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -6.90%
- 1M
- -35.53%
- YTD
- -20.74%
- 6M
- -32.71%
- 1Y
- -67.34%
- 3Y*
- 59.14%
- 5Y*
- 19.97%
- 10Y*
- 20.04%
BTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -31.09% | -7.50% | 44.64% |
MSTR Strategy Inc | -20.74% | -47.53% | 79.39% |
Correlation
The correlation between BTC 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 Aug 1, 2024 | 0.78 |
The correlation between BTC 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
BTC vs. MSTR — Risk / Return Rank
BTC
MSTR
BTC vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.
| BTC | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.81 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.88 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.30 | -0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC | MSTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.96 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.22 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.12 | -0.21 |
Drawdowns
BTC vs. MSTR - Drawdown Comparison
The maximum BTC drawdown since its inception was -51.97%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BTC and MSTR.
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Drawdown Indicators
| BTC | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.97% | -99.86% | +47.89% |
Max Drawdown (1Y)Largest decline over 1 year | -51.97% | -76.53% | +24.56% |
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 DrawdownCurrent decline from peak | -51.97% | -74.58% | +22.61% |
Average DrawdownAverage peak-to-trough decline | -16.76% | -86.47% | +69.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.74% | 51.99% | -23.25% |
Volatility
BTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 9.82%, while Strategy Inc (MSTR) has a volatility of 20.17%. This indicates that BTC 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
| BTC | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 20.17% | -10.35% |
Volatility (6M)Calculated over the trailing 6-month period | 34.17% | 56.51% | -22.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 70.48% | -26.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.39% | 90.82% | -42.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.39% | 73.72% | -25.33% |
Dividends
BTC vs. MSTR - Dividend Comparison
Neither BTC nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
BTC 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 (20.17%) compared to BTC (9.82%). In terms of maximum drawdown, BTC dropped -51.97% vs MSTR's -99.86%.
BTC currently has the higher Sharpe Ratio (-0.93 vs -0.96), 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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