BTCX-B.TO vs. MSTR

Last updated Jun 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) is Cryptocurrency fund managed by CI Global Asset Management, while MSTR (Strategy Inc) is a stock. Over the past 5 years, BTCX-B.TO returned 14.29%/yr vs 26.34%/yr for MSTR. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

BTCX-B.TO vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while MSTR is traded in USD. To make them comparable, the MSTR values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -24.79% return, which is significantly lower than MSTR's -9.67% return.

BTCX-B.TO

• 1D: -2.37%
• 1M: -16.88%
• YTD: -24.79%
• 6M: -30.42%
• 1Y: -38.32%
• 3Y*: 34.38%
• 5Y*: 14.29%
• 10Y*: —

MSTR

• 1D: 0.00%
• 1M: -24.79%
• YTD: -9.67%
• 6M: -28.34%
• 1Y: -64.57%
• 3Y*: 66.84%
• 5Y*: 26.34%
• 10Y*: 22.68%

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

BTCX-B.TO vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-24.79%	-11.32%	139.01%	149.40%	-62.06%	-16.98%
MSTR Strategy Inc	-15.66%	-49.94%	397.93%	336.33%	-72.15%	-23.90%

Correlation

The correlation between BTCX-B.TO and MSTR is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.73

The correlation between BTCX-B.TO and MSTR has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. MSTR — Risk / Return Rank

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

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
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.

BTCX-B.TO vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.

	BTCX-B.TO	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.90	-0.94	+0.04
Sortino ratio Return per unit of downside risk	-1.24	-1.64	+0.40
Omega ratio Gain probability vs. loss probability	0.86	0.82	+0.04
Calmar ratio Return relative to maximum drawdown	-0.76	-0.85	+0.08
Martin ratio Return relative to average drawdown	-1.32	-1.26	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCX-B.TO vs. MSTR - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.90, which is comparable to the MSTR Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of BTCX-B.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.

Sharpe Ratios by Period

	BTCX-B.TO	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.94	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.30	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.38	-0.30

Drawdowns

BTCX-B.TO vs. MSTR - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and MSTR.

Drawdown Indicators

	BTCX-B.TO	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-88.54%	+13.28%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-76.48%	+26.07%
Max Drawdown (3Y) Largest decline over 3 years	-50.41%	-77.85%	+27.44%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	-82.70%	+7.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-88.54%	—
Current Drawdown Current decline from peak	-48.50%	-71.56%	+23.06%
Average Drawdown Average peak-to-trough decline	-32.95%	-32.30%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.08%	51.25%	-22.17%

Volatility

BTCX-B.TO vs. MSTR - Volatility Comparison

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 9.83%, while Strategy Inc (MSTR) has a volatility of 18.48%. This indicates that BTCX-B.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

	BTCX-B.TO	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	18.48%	-8.65%
Volatility (6M) Calculated over the trailing 6-month period	33.96%	55.68%	-21.72%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	69.26%	-26.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.13%	89.13%	-35.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.99%	72.45%	-17.46%

Dividends

BTCX-B.TO vs. MSTR - Dividend Comparison

Neither BTCX-B.TO nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCX-B.TO and MSTR in my portfolio?

BTCX-B.TO and MSTR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.