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 45.97%/yr vs 17.50%/yr for MSTR. At a 0.46 correlation, their price movements are largely independent.
Performance
GBTC vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.18% return, which is significantly higher than MSTR's -38.12% return. Over the past 10 years, GBTC has outperformed MSTR with an annualized return of 45.97%, while MSTR has yielded a comparatively lower 17.50% annualized return.
GBTC
- 1D
- -1.11%
- 1M
- -2.22%
- 6M
- -33.03%
- YTD
- -27.18%
- 1Y
- -46.99%
- 3Y*
- 35.70%
- 5Y*
- 13.70%
- 10Y*
- 45.97%
MSTR
- 1D
- -3.53%
- 1M
- -23.43%
- 6M
- -44.98%
- YTD
- -38.12%
- 1Y
- -79.37%
- 3Y*
- 27.86%
- 5Y*
- 12.44%
- 10Y*
- 17.50%
GBTC vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.18% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
MSTR Strategy Inc | -38.12% | -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 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
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 (0.84) than their long-term average of 0.46, meaning their price movements have been converging.
Fundamentals
GBTC:
$0.00
MSTR:
$490.47M
GBTC:
$0.00
MSTR:
$334.08M
GBTC:
$4.58B
MSTR:
$466.93M
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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 | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.75 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.97 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.38 | -0.03 |
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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% | -81.76% | +28.01% |
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 | -49.43% | -80.16% | +30.73% |
Average DrawdownAverage peak-to-trough decline | -43.49% | -86.43% | +42.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.38% | 57.82% | -24.44% |
Volatility
GBTC vs. MSTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 10.75%, while Strategy Inc (MSTR) has a volatility of 25.96%. 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 | 10.75% | 25.96% | -15.21% |
Volatility (6M)Calculated over the trailing 6-month period | 34.74% | 60.71% | -25.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.29% | 74.35% | -30.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.83% | 90.79% | -28.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.43% | 74.24% | +7.19% |
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 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (25.96%) compared to GBTC (10.75%). In terms of maximum drawdown, GBTC dropped -89.91% vs MSTR's -99.86%.
GBTC currently has the higher Sharpe Ratio (-1.07 vs -1.07), 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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