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 -45.21% vs -78.05% 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 -32.40% return, which is significantly higher than MSTR's -43.84% return.
BTC
- 1D
- -1.10%
- 1M
- -21.99%
- YTD
- -32.40%
- 6M
- -32.19%
- 1Y
- -45.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -9.35%
- 1M
- -46.65%
- YTD
- -43.84%
- 6M
- -46.24%
- 1Y
- -78.05%
- 3Y*
- 40.79%
- 5Y*
- 9.18%
- 10Y*
- 17.71%
BTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -32.40% | -7.50% | 41.93% |
MSTR Strategy Inc | -43.84% | -47.53% | 80.55% |
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 Jul 31, 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.
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.
| BTC | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.76 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.96 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.43 | -0.04 |
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Drawdowns
BTC vs. MSTR - Drawdown Comparison
The maximum BTC drawdown since its inception was -52.89%, 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 | -52.89% | -99.86% | +46.97% |
Max Drawdown (1Y)Largest decline over 1 year | -52.89% | -81.28% | +28.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -81.99% | — |
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 | -52.89% | -81.99% | +29.10% |
Average DrawdownAverage peak-to-trough decline | -17.80% | -86.44% | +68.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.88% | 54.71% | -23.83% |
Volatility
BTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 13.15%, while Strategy Inc (MSTR) has a volatility of 24.22%. 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 | 13.15% | 24.22% | -11.07% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 58.95% | -24.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 73.06% | -28.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.25% | 90.71% | -42.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.25% | 74.00% | -25.75% |
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 (24.22%) compared to BTC (13.15%). In terms of maximum drawdown, BTC dropped -52.89% vs MSTR's -99.86%.
BTC currently has the higher Sharpe Ratio (-1.02 vs -1.07), 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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