ETHA vs. MSTR
ETHA (iShares Ethereum Trust ETF) is Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while MSTR (Strategy Inc) is a stock. Over the past year, ETHA returned -34.33% vs -67.62% for MSTR. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
ETHA vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -43.96% return, which is significantly lower than MSTR's -18.41% return.
ETHA
- 1D
- -1.02%
- 1M
- -27.59%
- YTD
- -43.96%
- 6M
- -45.98%
- 1Y
- -34.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 3.18%
- 1M
- -33.70%
- YTD
- -18.41%
- 6M
- -29.74%
- 1Y
- -67.62%
- 3Y*
- 63.46%
- 5Y*
- 19.14%
- 10Y*
- 20.92%
ETHA vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -43.96% | -11.31% | -4.89% |
MSTR Strategy Inc | -18.41% | -47.53% | 60.89% |
Correlation
The correlation between ETHA and MSTR is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.69 |
The correlation between ETHA and MSTR has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
ETHA vs. MSTR — Risk / Return Rank
ETHA
MSTR
ETHA vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.82 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.88 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.98 | -1.27 | +0.29 |
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Drawdowns
ETHA vs. MSTR - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.56%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for ETHA and MSTR.
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Drawdown Indicators
| ETHA | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.56% | -99.86% | +32.30% |
Max Drawdown (1Y)Largest decline over 1 year | -67.56% | -76.53% | +8.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -77.42% | — |
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 | -65.65% | -73.84% | +8.19% |
Average DrawdownAverage peak-to-trough decline | -33.25% | -86.45% | +53.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.22% | 53.01% | -13.79% |
Volatility
ETHA vs. MSTR - Volatility Comparison
The current volatility for iShares Ethereum Trust ETF (ETHA) is 17.30%, while Strategy Inc (MSTR) has a volatility of 21.60%. This indicates that ETHA 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
| ETHA | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.30% | 21.60% | -4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 46.58% | 57.34% | -10.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.29% | 71.15% | -1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.65% | 90.79% | -18.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.65% | 73.80% | -1.15% |
Dividends
ETHA vs. MSTR - Dividend Comparison
Neither ETHA nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
ETHA and MSTR have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (21.60%) compared to ETHA (17.30%). In terms of maximum drawdown, ETHA dropped -67.56% vs MSTR's -99.86%.
ETHA currently has the higher Sharpe Ratio (-0.56 vs -0.95), 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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