BTOG vs. MSTR

Last updated Jun 4, 2026

BTOG (Bit Origin Ltd) and MSTR (Strategy Inc) are both stocks. BTOG operates in Capital Markets (Financial Services), while MSTR operates in Software - Application (Technology). Over the past 5 years, BTOG returned -77.74%/yr vs 21.16%/yr for MSTR. At a 0.22 correlation, their price movements are largely independent.

Performance

BTOG vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bit Origin Ltd (BTOG) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTOG achieves a -83.14% return, which is significantly lower than MSTR's -16.72% return.

BTOG

• 1D: -4.40%
• 1M: -21.97%
• YTD: -83.14%
• 6M: -89.07%
• 1Y: -81.91%
• 3Y*: -75.66%
• 5Y*: -77.74%
• 10Y*: —

MSTR

• 1D: -7.01%
• 1M: -31.15%
• YTD: -16.72%
• 6M: -32.83%
• 1Y: -67.34%
• 3Y*: 61.19%
• 5Y*: 21.16%
• 10Y*: 20.96%

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

BTOG vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTOG Bit Origin Ltd	-83.14%	-82.45%	-76.39%	-21.45%	-87.15%	43.61%	-75.54%	-22.00%
MSTR Strategy Inc	-16.72%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	3.39%

Correlation

The correlation between BTOG and MSTR is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 15, 2019	0.22

Over the past year, BTOG and MSTR have become more correlated (0.48) than their long-term average of 0.22, meaning their price movements have been converging.

Fundamentals

Market Cap BTOG : $102.62M MSTR : $42.26B
EPS BTOG : -$0.46 MSTR : -$40.19
PS Ratio BTOG : 35.06 MSTR : 79.33
PB Ratio BTOG : 26.31 MSTR : 1.15
Total Revenue (TTM) BTOG : $2.93M MSTR : $490.47M
Gross Profit (TTM) BTOG : -$946.00K MSTR : $334.08M
EBITDA (TTM) BTOG : -$11.21M MSTR : $466.93M

Return for Risk

BTOG vs. MSTR — Risk / Return Rank

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

BTOG

BTOG Risk / Return Rank: 19
BTOG Sharpe Ratio Rank: 22
BTOG Sortino Ratio Rank: 24
BTOG Omega Ratio Rank: 25
BTOG Calmar Ratio Rank: 8
BTOG Martin Ratio Rank: 16

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.

BTOG vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bit Origin Ltd (BTOG) 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.

	BTOG	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.45	-0.96	+0.51
Sortino ratio Return per unit of downside risk	-0.30	-1.75	+1.46
Omega ratio Gain probability vs. loss probability	0.97	0.81	+0.15
Calmar ratio Return relative to maximum drawdown	-0.85	-0.88	+0.03
Martin ratio Return relative to average drawdown	-1.16	-1.31	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTOG vs. MSTR - Sharpe Ratio Comparison

The current BTOG Sharpe Ratio is -0.45, which is higher than the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of BTOG 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

	BTOG	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	-0.96	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	0.23	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.12	-0.63

Drawdowns

BTOG vs. MSTR - Drawdown Comparison

The maximum BTOG drawdown since its inception was -99.98%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BTOG and MSTR.

Drawdown Indicators

	BTOG	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-99.86%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-96.47%	-76.53%	-19.94%
Max Drawdown (3Y) Largest decline over 3 years	-99.71%	-77.42%	-22.29%
Max Drawdown (5Y) Largest decline over 5 years	-99.97%	-84.11%	-15.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-99.98%	-73.29%	-26.69%
Average Drawdown Average peak-to-trough decline	-84.06%	-86.48%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.63%	51.59%	+19.04%

Volatility

BTOG vs. MSTR - Volatility Comparison

Bit Origin Ltd (BTOG) has a higher volatility of 20.56% compared to Strategy Inc (MSTR) at 19.43%. This indicates that BTOG's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTOG	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.56%	19.43%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	95.54%	56.49%	+39.05%
Volatility (1Y) Calculated over the trailing 1-year period	181.06%	70.30%	+110.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	155.72%	90.79%	+64.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.13%	73.70%	+68.43%

Dividends

BTOG vs. MSTR - Dividend Comparison

Neither BTOG nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both BTOG and MSTR in my portfolio?

BTOG and MSTR have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTOG or MSTR?

BTOG has higher volatility (20.56%) compared to MSTR (19.43%). In terms of maximum drawdown, BTOG dropped -99.98% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

BTOG currently has the higher Sharpe Ratio (-0.45 vs -0.96), 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.