GBTC vs. MSTR

Last updated Jun 6, 2026

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 48.34%/yr vs 20.04%/yr for MSTR. At a 0.45 correlation, their price movements are largely independent.

Performance

GBTC vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTC achieves a -31.54% return, which is significantly lower than MSTR's -20.74% return. Over the past 10 years, GBTC has outperformed MSTR with an annualized return of 48.34%, while MSTR has yielded a comparatively lower 20.04% annualized return.

GBTC

• 1D: -5.15%
• 1M: -26.07%
• YTD: -31.54%
• 6M: -33.05%
• 1Y: -41.68%
• 3Y*: 47.89%
• 5Y*: 8.66%
• 10Y*: 48.34%

MSTR

• 1D: -6.90%
• 1M: -35.53%
• YTD: -20.74%
• 6M: -32.71%
• 1Y: -67.34%
• 3Y*: 59.14%
• 5Y*: 19.97%
• 10Y*: 20.04%

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

GBTC vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	-31.54%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%
MSTR Strategy Inc	-20.74%	-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, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.45

Over the past year, GBTC and MSTR have become more correlated (0.85) than their long-term average of 0.45, meaning their price movements have been converging.

Fundamentals

Total Revenue (TTM) GBTC : $0.00 MSTR : $490.47M
Gross Profit (TTM) GBTC : $0.00 MSTR : $334.08M
EBITDA (TTM) GBTC : $4.58B MSTR : $466.93M

Return for Risk

GBTC vs. MSTR — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

MSTR

MSTR Risk / Return Rank: 7
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 12

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.

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.

	GBTC	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	-0.96	+0.01
Sortino ratio: Return per unit of downside risk	-1.36	-1.74	+0.38
Omega ratio: Gain probability vs. loss probability	0.85	0.81	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.88	+0.08
Martin ratio: Return relative to average drawdown	-1.44	-1.30	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. MSTR - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.95, which is comparable to the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GBTC 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

	GBTC	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	-0.96	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.22	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.27	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.12	+0.52

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.

Drawdown Indicators

	GBTC	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-99.86%	+9.95%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-76.53%	+24.08%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	-77.42%	+24.97%
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 Drawdown Current decline from peak	-52.45%	-74.58%	+22.13%
Average Drawdown Average peak-to-trough decline	-43.44%	-86.47%	+43.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.99%	51.99%	-23.00%

Volatility

GBTC vs. MSTR - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.88%, while Strategy Inc (MSTR) has a volatility of 20.17%. 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.

Volatility by Period

	GBTC	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	20.17%	-10.29%
Volatility (6M) Calculated over the trailing 6-month period	34.14%	56.51%	-22.37%
Volatility (1Y) Calculated over the trailing 1-year period	43.96%	70.48%	-26.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.45%	90.82%	-28.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.20%	73.72%	+8.48%

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

Can I hold both GBTC and MSTR in my portfolio?

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.

Which is riskier, GBTC or MSTR?

MSTR has higher volatility (20.17%) compared to GBTC (9.88%). In terms of maximum drawdown, GBTC dropped -89.91% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

GBTC currently has the higher Sharpe Ratio (-0.95 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.