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GBTC vs. MSTR
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Financials

Correlation

The correlation between GBTC and MSTR is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


Performance

GBTC vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust (BTC) (GBTC) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.

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Key characteristics

Sharpe Ratio

GBTC:

0.98

MSTR:

1.44

Sortino Ratio

GBTC:

1.62

MSTR:

2.14

Omega Ratio

GBTC:

1.19

MSTR:

1.25

Calmar Ratio

GBTC:

1.83

MSTR:

1.89

Martin Ratio

GBTC:

4.06

MSTR:

4.99

Ulcer Index

GBTC:

12.84%

MSTR:

24.11%

Daily Std Dev

GBTC:

52.84%

MSTR:

97.91%

Max Drawdown

GBTC:

-89.91%

MSTR:

-99.86%

Current Drawdown

GBTC:

-5.98%

MSTR:

-22.11%

Fundamentals

Returns By Period

In the year-to-date period, GBTC achieves a 11.42% return, which is significantly lower than MSTR's 27.43% return. Over the past 10 years, GBTC has outperformed MSTR with an annualized return of 76.27%, while MSTR has yielded a comparatively lower 35.58% annualized return.


GBTC

YTD

11.42%

1M

11.04%

6M

6.98%

1Y

51.51%

3Y*

65.13%

5Y*

53.39%

10Y*

76.27%

MSTR

YTD

27.43%

1M

-2.91%

6M

-4.75%

1Y

139.49%

3Y*

140.69%

5Y*

96.97%

10Y*

35.58%

*Annualized

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Grayscale Bitcoin Trust (BTC)

MicroStrategy Incorporated

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

GBTC vs. MSTR — Risk-Adjusted Performance Rank

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

GBTC
The Risk-Adjusted Performance Rank of GBTC is 8282
Overall Rank
The Sharpe Ratio Rank of GBTC is 8181
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 7979
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7575
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 9191
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 8282
Martin Ratio Rank

MSTR
The Risk-Adjusted Performance Rank of MSTR is 8787
Overall Rank
The Sharpe Ratio Rank of MSTR is 8989
Sharpe Ratio Rank
The Sortino Ratio Rank of MSTR is 8787
Sortino Ratio Rank
The Omega Ratio Rank of MSTR is 8282
Omega Ratio Rank
The Calmar Ratio Rank of MSTR is 9292
Calmar Ratio Rank
The Martin Ratio Rank of MSTR is 8686
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

GBTC vs. MSTR - Risk-Adjusted Performance 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.


The current GBTC Sharpe Ratio is 0.98, which is lower than the MSTR Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of GBTC and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

GBTC vs. MSTR - Dividend Comparison

Neither GBTC nor MSTR has paid dividends to shareholders.


TTM20242023202220212020201920182017
GBTC
Grayscale Bitcoin Trust (BTC)
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.26%
MSTR
MicroStrategy Incorporated
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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Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

GBTC vs. MSTR - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust (BTC) (GBTC) is 9.39%, while MicroStrategy Incorporated (MSTR) has a volatility of 14.13%. 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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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.


Quarterly
Annual

Total Revenue: Total amount of money received from sales and other business activities


110.00M115.00M120.00M125.00M130.00M135.00MJulyOctober2021AprilJulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober2025
111.07M
(GBTC) Total Revenue
(MSTR) Total Revenue
Values in USD except per share items