GBTC vs. MSTR
GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while MSTR (Strategy Inc) is a stock. Over the past 10 years, GBTC returned 50.04%/yr vs 19.45%/yr for MSTR. Their 0.46 correlation means their historical movements had little consistent relationship.
Performance
GBTC vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -26.58% return, which is significantly higher than MSTR's -35.26% return. Over the past 10 years, GBTC has outperformed MSTR with an annualized return of 50.04%, while MSTR has yielded a comparatively lower 19.45% annualized return.
GBTC
- 1D
- 0.92%
- 1M
- 1.60%
- 6M
- -12.29%
- YTD
- -26.58%
- 1Y
- -43.85%
- 3Y*
- 37.71%
- 5Y*
- 6.87%
- 10Y*
- 50.04%
- ALL TIME*
- 54.82%
MSTR
- 1D
- 0.74%
- 1M
- -2.38%
- 6M
- -23.80%
- YTD
- -35.26%
- 1Y
- -73.80%
- 3Y*
- 37.67%
- 5Y*
- 5.61%
- 10Y*
- 19.45%
- ALL TIME*
- 9.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.03M | $74.72M | $99.77M | |
MSTR Strategy Inc | $1.45B | $1.47B | $2.34B |
GBTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -26.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
MSTR Strategy Inc | -35.26% | -47.53% | 358.54% | 346.15% | -74.00% | 40.13% | 172.42% | 11.65% | -2.70% | -33.49% |
Correlation
The correlation between GBTC and MSTR is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.46 |
Over the past year, GBTC and MSTR have become more correlated (0.85) than their long-term average of 0.46, meaning their price movements have been converging.
Fundamentals
GBTC:
$0.00
MSTR:
$498.35M
GBTC:
$0.00
MSTR:
$336.89M
GBTC:
$4.58B
MSTR:
-$36.86B
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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 ETF (GBTC) 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.
| GBTC | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.79 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.93 | +0.11 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.31 | +0.07 |
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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 | -53.75% | -79.53% | +25.78% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -82.63% | +28.88% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -84.11% | -1.31% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -89.27% | -0.64% |
Current DrawdownCurrent decline from peak | -49.01% | -79.24% | +30.23% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -86.42% | +42.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.33% | 56.24% | -20.91% |
Volatility
GBTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.15%, while Strategy Inc (MSTR) has a volatility of 16.86%. 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 | 8.15% | 16.86% | -8.71% |
Volatility (6M)Calculated over the trailing 6-month period | 32.95% | 59.98% | -27.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 74.57% | -30.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 89.88% | -29.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.13% | 74.35% | +6.78% |
Dividends
GBTC vs. MSTR - Dividend Comparison
Neither GBTC nor MSTR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and MSTR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (16.86%) compared to GBTC (8.15%). In terms of maximum drawdown, GBTC dropped -89.91% vs MSTR's -99.86%.
MSTR currently has the higher Sharpe Ratio (-0.99 vs -0.99), 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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