IMST vs. MSTR
IMST (Bitwise Funds Trust) is Derivative Income fund actively managed by Bitwise, while MSTR (Strategy Inc) is a stock. Over the past year, IMST returned -67.20% vs -74.56% for MSTR. Their 0.95 correlation means they have historically moved very closely together.
Performance
IMST vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, IMST achieves a -30.61% return, which is significantly higher than MSTR's -38.61% return.
IMST
- 1D
- 0.56%
- 1M
- -5.61%
- 6M
- -31.75%
- YTD
- -30.61%
- 1Y
- -67.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -52.56%
MSTR
- 1D
- -4.56%
- 1M
- -7.43%
- 6M
- -37.69%
- YTD
- -38.61%
- 1Y
- -74.56%
- 3Y*
- 28.96%
- 5Y*
- 8.30%
- 10Y*
- 18.75%
- ALL TIME*
- 9.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $166.01K | $154.83K | $265.20K | |
MSTR Strategy Inc | $1.53B | $1.65B | $2.43B |
IMST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMST Bitwise Funds Trust | -30.61% | -46.36% |
MSTR Strategy Inc | -38.61% | -51.38% |
Correlation
The correlation between IMST and MSTR is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.95 |
The correlation between IMST and MSTR has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
IMST vs. MSTR — Risk / Return Rank
IMST
MSTR
IMST vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) 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.
| IMST | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.78 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.97 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.38 | -0.02 |
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Drawdowns
IMST vs. MSTR - Drawdown Comparison
The maximum IMST drawdown since its inception was -75.63%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for IMST and MSTR.
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Drawdown Indicators
| IMST | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.63% | -99.86% | +24.23% |
Max Drawdown (1Y)Largest decline over 1 year | -72.94% | -79.53% | +6.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -72.85% | -80.31% | +7.46% |
Average DrawdownAverage peak-to-trough decline | -39.52% | -86.42% | +46.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.26% | 55.64% | -5.38% |
Volatility
IMST vs. MSTR - Volatility Comparison
The current volatility for Bitwise Funds Trust (IMST) is 9.69%, while Strategy Inc (MSTR) has a volatility of 18.58%. This indicates that IMST 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
| IMST | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 18.58% | -8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 45.17% | 60.57% | -15.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.00% | 75.24% | -15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.75% | 89.94% | -30.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.75% | 74.33% | -14.58% |
Dividends
IMST vs. MSTR - Dividend Comparison
IMST's dividend yield for the trailing twelve months is around 209.43%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
IMST Bitwise Funds Trust | 209.43% | 195.93% |
MSTR Strategy Inc | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, IMST and MSTR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MSTR has higher volatility (18.58%) compared to IMST (9.69%). In terms of maximum drawdown, IMST dropped -75.63% vs MSTR's -99.86%.
MSTR currently has the higher Sharpe Ratio (-1.02 vs -1.17), 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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