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 -43.02% vs -73.80% for MSTR. Their 0.78 correlation means they have sometimes moved together and sometimes differently.
Performance
BTC vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -25.97% return, which is significantly higher than MSTR's -35.26% return.
BTC
- 1D
- 0.95%
- 1M
- 1.74%
- 6M
- -11.68%
- YTD
- -25.97%
- 1Y
- -43.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.41%
MSTR
- 1D
- 0.74%
- 1M
- -2.38%
- 6M
- -23.80%
- YTD
- -35.26%
- 1Y
- -73.80%
- 3Y*
- 37.67%
- 5Y*
- 5.61%
- 10Y*
- 19.45%
- ALL TIME*
- 9.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.80M | $38.89M | $54.30M | |
MSTR Strategy Inc | $1.45B | $1.47B | $2.34B |
BTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -25.97% | -7.50% | 41.93% |
MSTR Strategy Inc | -35.26% | -47.53% | 80.55% |
Correlation
The correlation between BTC 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 (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 | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.79 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.93 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.31 | +0.08 |
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Drawdowns
BTC vs. MSTR - Drawdown Comparison
The maximum BTC drawdown since its inception was -53.30%, 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 | -53.30% | -99.86% | +46.56% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -79.53% | +26.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.63% | — |
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 | -48.41% | -79.24% | +30.83% |
Average DrawdownAverage peak-to-trough decline | -19.56% | -86.42% | +66.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 56.24% | -21.23% |
Volatility
BTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 8.18%, while Strategy Inc (MSTR) has a volatility of 16.86%. 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 | 8.18% | 16.86% | -8.68% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 59.98% | -27.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 74.57% | -30.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.41% | 89.88% | -42.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.41% | 74.35% | -26.94% |
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 (16.86%) compared to BTC (8.18%). In terms of maximum drawdown, BTC dropped -53.30% vs MSTR's -99.86%.
BTC currently has the higher Sharpe Ratio (-0.97 vs -0.99), 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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