BTGD vs. MSTR
BTGD (STKD Bitcoin & Gold ETF) is Cryptocurrency fund actively managed by Quantify Funds, while MSTR (Strategy Inc) is a stock. Over the past year, BTGD returned -47.36% vs -78.81% for MSTR. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
BTGD vs. MSTR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BTGD having a -40.81% return and MSTR slightly higher at -39.39%.
BTGD
- 1D
- -5.09%
- 1M
- -8.92%
- 6M
- -46.53%
- YTD
- -40.81%
- 1Y
- -47.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -2.68%
- 1M
- -25.71%
- 6M
- -43.23%
- YTD
- -39.39%
- 1Y
- -78.81%
- 3Y*
- 26.14%
- 5Y*
- 10.45%
- 10Y*
- 17.27%
BTGD vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTGD STKD Bitcoin & Gold ETF | -40.81% | 34.62% | 29.32% |
MSTR Strategy Inc | -39.39% | -47.53% | 49.05% |
Correlation
The correlation between BTGD and MSTR is 0.74, 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 | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024 | 0.73 |
The correlation between BTGD and MSTR has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.
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Return for Risk
BTGD vs. MSTR — Risk / Return Rank
BTGD
MSTR
BTGD vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.
| BTGD | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.76 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.96 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.38 | -0.22 |
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Drawdowns
BTGD vs. MSTR - Drawdown Comparison
The maximum BTGD drawdown since its inception was -58.79%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BTGD and MSTR.
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Drawdown Indicators
| BTGD | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.79% | -99.86% | +41.07% |
Max Drawdown (1Y)Largest decline over 1 year | -58.79% | -81.95% | +23.16% |
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 | -56.64% | -80.56% | +23.92% |
Average DrawdownAverage peak-to-trough decline | -16.93% | -86.43% | +69.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.73% | 57.18% | -27.45% |
Volatility
BTGD vs. MSTR - Volatility Comparison
The current volatility for STKD Bitcoin & Gold ETF (BTGD) is 17.60%, while Strategy Inc (MSTR) has a volatility of 26.76%. This indicates that BTGD 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
| BTGD | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.60% | 26.76% | -9.16% |
Volatility (6M)Calculated over the trailing 6-month period | 47.93% | 61.05% | -13.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.77% | 74.29% | -16.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.10% | 90.78% | -34.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.10% | 74.25% | -18.15% |
Dividends
BTGD vs. MSTR - Dividend Comparison
BTGD's dividend yield for the trailing twelve months is around 5.68%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTGD STKD Bitcoin & Gold ETF | 5.68% | 3.36% | 0.19% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTGD and MSTR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (26.76%) compared to BTGD (17.60%). In terms of maximum drawdown, BTGD dropped -58.79% vs MSTR's -99.86%.
BTGD currently has the higher Sharpe Ratio (-0.82 vs -1.06), 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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