BTCX-B.TO vs. STRK

Last updated Apr 1, 2026

Compare and contrast key facts about CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and MicroStrategy Incorporated (STRK).

BTCX-B.TO is managed by CI Global Asset Management. It was launched on Mar 5, 2021.

Performance

BTCX-B.TO vs. STRK - 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 MicroStrategy Incorporated (STRK). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-21.60%	-13.99%
STRK MicroStrategy Incorporated	-6.67%	-3.48%

Different Trading Currencies

BTCX-B.TO is traded in CAD, while STRK is traded in USD. To make them comparable, the STRK 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 -21.60% return, which is significantly lower than STRK's -6.67% return.

BTCX-B.TO

• 1D: 2.00%
• 1M: 5.44%
• YTD: -21.60%
• 6M: -41.05%
• 1Y: -21.01%
• 3Y*: 33.76%
• 5Y*: 4.09%
• 10Y*: —

STRK

• 1D: 2.04%
• 1M: -5.59%
• YTD: -6.67%
• 6M: -19.14%
• 1Y: -11.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

BTCX-B.TO vs. STRK — 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: 5
BTCX-B.TO Sharpe Ratio Rank: 4
BTCX-B.TO Sortino Ratio Rank: 5
BTCX-B.TO Omega Ratio Rank: 5
BTCX-B.TO Calmar Ratio Rank: 5
BTCX-B.TO Martin Ratio Rank: 5

STRK

STRK Risk / Return Rank: 33
STRK Sharpe Ratio Rank: 32
STRK Sortino Ratio Rank: 28
STRK Omega Ratio Rank: 29
STRK Calmar Ratio Rank: 36
STRK Martin Ratio Rank: 37

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. STRK - 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 MicroStrategy Incorporated (STRK). 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	STRK	Difference
Sharpe ratio Return per unit of total volatility	-0.47	-0.32	-0.16
Sortino ratio Return per unit of downside risk	-0.42	-0.24	-0.18
Omega ratio Gain probability vs. loss probability	0.95	0.97	-0.02
Calmar ratio Return relative to maximum drawdown	-0.44	-0.27	-0.17
Martin ratio Return relative to average drawdown	-0.93	-0.45	-0.47
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. STRK - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -0.47, which is lower than the STRK Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and STRK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCX-B.TO	STRK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.32	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	-0.24	+0.34

Correlation

The correlation between BTCX-B.TO and STRK is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BTCX-B.TO vs. STRK - Dividend Comparison

BTCX-B.TO has not paid dividends to shareholders, while STRK's dividend yield for the trailing twelve months is around 11.32%.

	TTM	2025
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%
STRK MicroStrategy Incorporated	11.32%	9.19%

Drawdowns

BTCX-B.TO vs. STRK - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than STRK's maximum drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and STRK.

Drawdown Indicators

	BTCX-B.TO	STRK	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-40.99%	-34.27%
Max Drawdown (1Y) Largest decline over 1 year	-50.41%	-40.99%	-9.42%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	—	—
Current Drawdown Current decline from peak	-46.31%	-39.72%	-6.59%
Average Drawdown Average peak-to-trough decline	-32.68%	-19.52%	-13.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.62%	24.27%	-0.65%

Volatility

BTCX-B.TO vs. STRK - Volatility Comparison

CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a higher volatility of 13.00% compared to MicroStrategy Incorporated (STRK) at 8.37%. This indicates that BTCX-B.TO's price experiences larger fluctuations and is considered to be riskier than STRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	STRK	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.00%	8.37%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	36.43%	25.45%	+10.98%
Volatility (1Y) Calculated over the trailing 1-year period	44.77%	35.32%	+9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.65%	35.95%	+19.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.58%	35.95%	+19.63%