BTCC-U.TO vs. MSTR

Last updated Jul 16, 2026

BTCC-U.TO (Purpose Bitcoin ETF Non-Currency Hedged Units) is Cryptocurrency fund actively managed by Purpose Investments, while MSTR (Strategy Inc) is a stock. Over the past 5 years, BTCC-U.TO returned 13.71%/yr vs 13.26%/yr for MSTR. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

BTCC-U.TO vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-U.TO) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC-U.TO achieves a -25.98% return, which is significantly higher than MSTR's -35.85% return.

BTCC-U.TO

• 1D: 1.06%
• 1M: -2.30%
• 6M: -33.76%
• YTD: -25.98%
• 1Y: -45.15%
• 3Y*: 27.49%
• 5Y*: 13.71%
• 10Y*: —

MSTR

• 1D: -0.11%
• 1M: -25.67%
• 6M: -45.65%
• YTD: -35.85%
• 1Y: -77.96%
• 3Y*: 28.55%
• 5Y*: 13.26%
• 10Y*: 17.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTCC-U.TO vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCC-U.TO Purpose Bitcoin ETF Non-Currency Hedged Units	-25.98%	-7.46%	118.51%	153.14%	-64.85%	-21.57%
MSTR Strategy Inc	-35.85%	-47.53%	358.54%	346.15%	-74.00%	-42.19%

Correlation

The correlation between BTCC-U.TO and MSTR is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 18, 2021	0.74

The correlation between BTCC-U.TO and MSTR has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

BTCC-U.TO vs. MSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTCC-U.TO

BTCC-U.TO Risk / Return Rank: 2
BTCC-U.TO Sharpe Ratio Rank: 1
BTCC-U.TO Sortino Ratio Rank: 2
BTCC-U.TO Omega Ratio Rank: 2
BTCC-U.TO Calmar Ratio Rank: 2
BTCC-U.TO Martin Ratio Rank: 2

MSTR

MSTR Risk / Return Rank: 5
MSTR Sharpe Ratio Rank: 4
MSTR Sortino Ratio Rank: 2
MSTR Omega Ratio Rank: 4
MSTR Calmar Ratio Rank: 5
MSTR Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCC-U.TO vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-U.TO) 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.

	BTCC-U.TO	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	-1.05	+0.03
Sortino ratio: Return per unit of downside risk	-1.52	-2.30	+0.79
Omega ratio: Gain probability vs. loss probability	0.83	0.76	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.95	+0.11
Martin ratio: Return relative to average drawdown	-1.36	-1.35	0.00

BTCC-U.TO vs. MSTR - Sharpe Ratio Comparison

The current BTCC-U.TO Sharpe Ratio is -1.02, which is comparable to the MSTR Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BTCC-U.TO and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTCC-U.TO vs. MSTR - Drawdown Comparison

The maximum BTCC-U.TO drawdown since its inception was -76.91%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BTCC-U.TO and MSTR.

Drawdown Indicators

	BTCC-U.TO	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-76.91%	-99.86%	+22.95%
Max Drawdown (1Y) Largest decline over 1 year	-53.49%	-81.95%	+28.46%
Max Drawdown (3Y) Largest decline over 3 years	-53.49%	-82.63%	+29.14%
Max Drawdown (5Y) Largest decline over 5 years	-76.91%	-84.11%	+7.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-48.61%	-79.43%	+30.82%
Average Drawdown Average peak-to-trough decline	-34.35%	-86.43%	+52.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.32%	57.60%	-24.28%

Volatility

BTCC-U.TO vs. MSTR - Volatility Comparison

The current volatility for Purpose Bitcoin ETF Non-Currency Hedged Units (BTCC-U.TO) is 10.72%, while Strategy Inc (MSTR) has a volatility of 26.83%. This indicates that BTCC-U.TO 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.

Volatility by Period

	BTCC-U.TO	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.72%	26.83%	-16.11%
Volatility (6M) Calculated over the trailing 6-month period	34.84%	61.02%	-26.18%
Volatility (1Y) Calculated over the trailing 1-year period	44.53%	74.30%	-29.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.47%	90.79%	-36.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.15%	74.25%	-18.10%

Dividends

BTCC-U.TO vs. MSTR - Dividend Comparison

Neither BTCC-U.TO nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCC-U.TO and MSTR in my portfolio?

BTCC-U.TO and MSTR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.