BTCE.DE vs. MSTR
BTCE.DE (ETC Group Physical Bitcoin) is Cryptocurrency fund actively managed by ETC Issuance, while MSTR (Strategy Inc) is a stock. Over the past 5 years, BTCE.DE returned 10.38%/yr vs 20.23%/yr for MSTR. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
BTCE.DE vs. MSTR - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while MSTR is traded in USD. To make them comparable, the MSTR values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTCE.DE achieves a -27.02% return, which is significantly lower than MSTR's -17.16% return.
BTCE.DE
- 1D
- -3.79%
- 1M
- -20.74%
- YTD
- -27.02%
- 6M
- -28.97%
- 1Y
- -41.00%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
MSTR
- 1D
- 3.26%
- 1M
- -33.11%
- YTD
- -17.16%
- 6M
- -28.70%
- 1Y
- -67.67%
- 3Y*
- 59.71%
- 5Y*
- 20.23%
- 10Y*
- 20.53%
BTCE.DE vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | -27.02% | -18.20% | 125.79% | 146.52% | -63.89% | 81.36% | 162.37% |
MSTR Strategy Inc | -17.16% | -53.76% | 388.80% | 332.78% | -72.39% | 50.62% | 193.74% |
Correlation
The correlation between BTCE.DE and MSTR is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2020 | 0.54 |
The correlation between BTCE.DE and MSTR has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
BTCE.DE vs. MSTR — Risk / Return Rank
BTCE.DE
MSTR
BTCE.DE vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) 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.
| BTCE.DE | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.88 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.27 | -0.19 |
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Drawdowns
BTCE.DE vs. MSTR - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, smaller than the maximum MSTR drawdown of -87.80%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and MSTR.
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Drawdown Indicators
| BTCE.DE | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -87.80% | +13.18% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | -76.81% | +27.05% |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | -79.79% | +30.03% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | -82.73% | +8.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -87.80% | — |
Current DrawdownCurrent decline from peak | -49.27% | -76.15% | +26.88% |
Average DrawdownAverage peak-to-trough decline | -30.26% | -34.58% | +4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 53.12% | -24.60% |
Volatility
BTCE.DE vs. MSTR - Volatility Comparison
The current volatility for ETC Group Physical Bitcoin (BTCE.DE) is 9.82%, while Strategy Inc (MSTR) has a volatility of 21.21%. This indicates that BTCE.DE 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
| BTCE.DE | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 21.21% | -11.39% |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | 56.86% | -25.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 70.71% | -30.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 89.73% | -37.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.83% | 73.23% | -15.40% |
Dividends
BTCE.DE vs. MSTR - Dividend Comparison
Neither BTCE.DE nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and MSTR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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