IMST vs. MSTR

Last updated Jun 4, 2026

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 -62.31% vs -67.34% for MSTR. With a 0.97 correlation, they move nearly in lockstep.

Performance

IMST vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, IMST achieves a -14.98% return, which is significantly higher than MSTR's -16.72% return.

IMST

• 1D: -5.79%
• 1M: -25.22%
• YTD: -14.98%
• 6M: -28.07%
• 1Y: -62.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: -7.01%
• 1M: -31.15%
• YTD: -16.72%
• 6M: -32.83%
• 1Y: -67.34%
• 3Y*: 61.19%
• 5Y*: 21.16%
• 10Y*: 20.96%

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

IMST vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-44.26%
MSTR Strategy Inc	-16.72%	-46.17%

Correlation

The correlation between IMST and MSTR is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.97

The correlation between IMST and MSTR has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

IMST vs. MSTR — Risk / Return Rank

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

IMST

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

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 10

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.

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.

	IMST	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-1.10	-0.96	-0.14
Sortino ratio Return per unit of downside risk	-1.93	-1.75	-0.18
Omega ratio Gain probability vs. loss probability	0.78	0.81	-0.03
Calmar ratio Return relative to maximum drawdown	-0.89	-0.88	-0.01
Martin ratio Return relative to average drawdown	-1.35	-1.31	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMST vs. MSTR - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.10, which is comparable to the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of IMST 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

	IMST	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.96	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	0.12	-0.92

Drawdowns

IMST vs. MSTR - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, 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.

Drawdown Indicators

	IMST	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-99.86%	+30.00%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	-76.53%	+6.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-77.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-66.74%	-73.29%	+6.55%
Average Drawdown Average peak-to-trough decline	-35.27%	-86.48%	+51.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	51.59%	-5.37%

Volatility

IMST vs. MSTR - Volatility Comparison

The current volatility for Bitwise Funds Trust (IMST) is 14.83%, while Strategy Inc (MSTR) has a volatility of 19.43%. 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.

Volatility by Period

	IMST	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	19.43%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	44.06%	56.49%	-12.43%
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	70.30%	-13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	90.79%	-31.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	73.70%	-13.97%

Dividends

IMST vs. MSTR - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025
IMST Bitwise Funds Trust	221.80%	195.93%
MSTR Strategy Inc	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMST and MSTR in my portfolio?

With a correlation of 0.98, 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.

Which is riskier, IMST or MSTR?

MSTR has higher volatility (19.43%) compared to IMST (14.83%). In terms of maximum drawdown, IMST dropped -69.86% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

MSTR currently has the higher Sharpe Ratio (-0.96 vs -1.10), 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.