GBTC vs. MSTR
Compare and contrast key facts about Grayscale Bitcoin Trust (BTC) (GBTC) and MicroStrategy Incorporated (MSTR).
Performance
GBTC vs. MSTR - Performance Comparison
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GBTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust (BTC) | -22.40% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
MSTR MicroStrategy Incorporated | -19.20% | -47.53% | 358.54% | 346.15% | -74.00% | 40.13% | 172.42% | 11.65% | -2.70% | -33.49% |
Fundamentals
GBTC:
$0.00
MSTR:
$477.23M
GBTC:
$0.00
MSTR:
$327.82M
GBTC:
-$43.28K
MSTR:
-$5.44B
Returns By Period
In the year-to-date period, GBTC achieves a -22.40% return, which is significantly lower than MSTR's -19.20% return. Over the past 10 years, GBTC has outperformed MSTR with an annualized return of 58.56%, while MSTR has yielded a comparatively lower 20.98% annualized return.
GBTC
- 1D
- 0.55%
- 1M
- -1.56%
- YTD
- -22.40%
- 6M
- -42.46%
- 1Y
- -21.01%
- 3Y*
- 48.01%
- 5Y*
- 0.84%
- 10Y*
- 58.56%
MSTR
- 1D
- -1.62%
- 1M
- -10.80%
- YTD
- -19.20%
- 6M
- -63.72%
- 1Y
- -59.88%
- 3Y*
- 61.35%
- 5Y*
- 11.78%
- 10Y*
- 20.98%
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Return for Risk
GBTC vs. MSTR — Risk / Return Rank
GBTC
MSTR
GBTC vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust (BTC) (GBTC) and MicroStrategy Incorporated (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.
| GBTC | MSTR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.47 | -0.81 | +0.35 |
Sortino ratioReturn per unit of downside risk | -0.41 | -1.27 | +0.86 |
Omega ratioGain probability vs. loss probability | 0.95 | 0.86 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | -0.38 | -0.75 | +0.37 |
Martin ratioReturn relative to average drawdown | -0.80 | -1.30 | +0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | MSTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | -0.81 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.13 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.29 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.12 | +0.55 |
Correlation
The correlation between GBTC and MSTR is 0.45, 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
GBTC vs. MSTR - Dividend Comparison
Neither GBTC nor MSTR has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust (BTC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
MSTR MicroStrategy Incorporated | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
GBTC vs. MSTR - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for GBTC and MSTR.
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Drawdown Indicators
| GBTC | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -99.86% | +9.95% |
Max Drawdown (1Y)Largest decline over 1 year | -49.55% | -76.53% | +26.98% |
Max Drawdown (5Y)Largest decline over 5 years | -85.80% | -84.11% | -1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -89.27% | -0.64% |
Current DrawdownCurrent decline from peak | -46.10% | -74.09% | +27.99% |
Average DrawdownAverage peak-to-trough decline | -43.48% | -86.60% | +43.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.39% | 44.22% | -20.83% |
Volatility
GBTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust (BTC) (GBTC) is 12.99%, while MicroStrategy Incorporated (MSTR) has a volatility of 18.44%. This indicates that GBTC 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
| GBTC | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.99% | 18.44% | -5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 36.80% | 55.57% | -18.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.30% | 74.11% | -28.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.19% | 91.29% | -27.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.56% | 73.15% | +9.41% |
Financials
GBTC vs. MSTR - Financials Comparison
This section allows you to compare key financial metrics between Grayscale Bitcoin Trust (BTC) and MicroStrategy Incorporated. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities