KCE vs. MSTR

Last updated Jun 13, 2026

KCE (SPDR S&P Capital Markets ETF) is Financials Equities fund tracking the S&P Capital Markets Select Industry Index, while MSTR (Strategy Inc) is a stock. Over the past 10 years, KCE returned 17.65%/yr vs 20.92%/yr for MSTR. At a 0.49 correlation, their price movements are largely independent.

Performance

KCE vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Capital Markets ETF (KCE) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCE achieves a 3.66% return, which is significantly higher than MSTR's -18.41% return. Over the past 10 years, KCE has underperformed MSTR with an annualized return of 17.65%, while MSTR has yielded a comparatively higher 20.92% annualized return.

KCE

• 1D: 1.60%
• 1M: 1.26%
• YTD: 3.66%
• 6M: 2.73%
• 1Y: 14.27%
• 3Y*: 24.58%
• 5Y*: 12.87%
• 10Y*: 17.65%

MSTR

• 1D: 3.18%
• 1M: -30.37%
• YTD: -18.41%
• 6M: -29.74%
• 1Y: -67.36%
• 3Y*: 63.46%
• 5Y*: 19.14%
• 10Y*: 20.92%

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

KCE vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCE SPDR S&P Capital Markets ETF	3.66%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%
MSTR Strategy Inc	-18.41%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Correlation

The correlation between KCE and MSTR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.49

The correlation between KCE and MSTR has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

Return for Risk

KCE vs. MSTR — Risk / Return Rank

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

KCE

KCE Risk / Return Rank: 22
KCE Sharpe Ratio Rank: 23
KCE Sortino Ratio Rank: 22
KCE Omega Ratio Rank: 22
KCE Calmar Ratio Rank: 21
KCE Martin Ratio Rank: 20

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 8
MSTR Martin Ratio Rank: 13

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.

KCE vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) 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.

	KCE	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	0.71	-0.95	+1.66
Sortino ratio: Return per unit of downside risk	1.08	-1.71	+2.79
Omega ratio: Gain probability vs. loss probability	1.13	0.82	+0.31
Calmar ratio: Return relative to maximum drawdown	0.82	-0.88	+1.70
Martin ratio: Return relative to average drawdown	2.14	-1.27	+3.41

KCE vs. MSTR - Sharpe Ratio Comparison

The current KCE Sharpe Ratio is 0.71, which is higher than the MSTR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of KCE 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.

Drawdowns

KCE vs. MSTR - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for KCE and MSTR.

Drawdown Indicators

	KCE	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-99.86%	+25.86%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-76.53%	+59.09%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-77.42%	+51.11%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-84.11%	+49.66%
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	-89.27%	+48.49%
Current Drawdown Current decline from peak	-3.75%	-73.84%	+70.09%
Average Drawdown Average peak-to-trough decline	-22.78%	-86.45%	+63.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.70%	53.01%	-46.31%

Volatility

KCE vs. MSTR - Volatility Comparison

The current volatility for SPDR S&P Capital Markets ETF (KCE) is 6.04%, while Strategy Inc (MSTR) has a volatility of 21.60%. This indicates that KCE 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

	KCE	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	21.60%	-15.56%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	57.34%	-42.03%
Volatility (1Y) Calculated over the trailing 1-year period	20.12%	71.15%	-51.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	90.79%	-67.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	73.80%	-50.70%

Dividends

KCE vs. MSTR - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.67%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.67%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
MSTR Strategy Inc	0.00%	0.00%	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 KCE and MSTR in my portfolio?

KCE and MSTR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCE or MSTR?

MSTR has higher volatility (21.60%) compared to KCE (6.04%). In terms of maximum drawdown, KCE dropped -74.00% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

KCE currently has the higher Sharpe Ratio (0.71 vs -0.95), 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.