MARA vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about Marathon Digital Holdings, Inc. (MARA) and MicroStrategy Incorporated (MSTR).

Performance

MARA vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marathon Digital Holdings, Inc. (MARA) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.

MARA vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MARA Marathon Digital Holdings, Inc.	-9.13%	-46.45%	-28.61%	586.84%	-89.59%	214.75%	1,084.48%	-39.16%	-91.17%	-40.41%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Fundamentals

EPS MARA : -$4.32 MSTR : -$13.50
PS Ratio MARA : 2.73 MSTR : 78.11
Total Revenue (TTM) MARA : $907.09M MSTR : $477.23M
Gross Profit (TTM) MARA : $576.49M MSTR : $327.82M
EBITDA (TTM) MARA : -$559.37M MSTR : -$5.44B

Returns By Period

In the year-to-date period, MARA achieves a -9.13% return, which is significantly higher than MSTR's -17.87% return. Over the past 10 years, MARA has underperformed MSTR with an annualized return of -12.64%, while MSTR has yielded a comparatively higher 21.18% annualized return.

MARA

• 1D: 4.68%
• 1M: -8.72%
• YTD: -9.13%
• 6M: -55.31%
• 1Y: -29.04%
• 3Y*: -2.19%
• 5Y*: -30.09%
• 10Y*: -12.64%

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

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

Return for Risk

MARA vs. MSTR — Risk / Return Rank

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

MARA

MARA Risk / Return Rank: 28
MARA Sharpe Ratio Rank: 26
MARA Sortino Ratio Rank: 30
MARA Omega Ratio Rank: 30
MARA Calmar Ratio Rank: 27
MARA Martin Ratio Rank: 26

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

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.

MARA vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marathon Digital Holdings, Inc. (MARA) and MicroStrategy Incorporated (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.

	MARA	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.36	-0.77	+0.41
Sortino ratio Return per unit of downside risk	-0.03	-1.12	+1.09
Omega ratio Gain probability vs. loss probability	1.00	0.87	+0.12
Calmar ratio Return relative to maximum drawdown	-0.49	-0.74	+0.25
Martin ratio Return relative to average drawdown	-0.94	-1.29	+0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARA vs. MSTR - Sharpe Ratio Comparison

The current MARA Sharpe Ratio is -0.36, which is higher than the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of MARA and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MARA	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-0.77	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.13	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.29	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.12	-0.23

Correlation

The correlation between MARA and MSTR is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MARA vs. MSTR - Dividend Comparison

Neither MARA nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

MARA vs. MSTR - Drawdown Comparison

The maximum MARA drawdown since its inception was -99.74%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for MARA and MSTR.

Drawdown Indicators

	MARA	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.74%	-99.86%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-70.53%	-76.53%	+6.00%
Max Drawdown (5Y) Largest decline over 5 years	-95.87%	-84.11%	-11.76%
Max Drawdown (10Y) Largest decline over 10 years	-99.20%	-89.27%	-9.93%
Current Drawdown Current decline from peak	-94.73%	-73.66%	-21.07%
Average Drawdown Average peak-to-trough decline	-77.82%	-86.60%	+8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.95%	43.98%	-7.03%

Volatility

MARA vs. MSTR - Volatility Comparison

Marathon Digital Holdings, Inc. (MARA) has a higher volatility of 25.28% compared to MicroStrategy Incorporated (MSTR) at 18.69%. This indicates that MARA's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARA	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.28%	18.69%	+6.59%
Volatility (6M) Calculated over the trailing 6-month period	61.57%	55.56%	+6.01%
Volatility (1Y) Calculated over the trailing 1-year period	81.91%	74.10%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.54%	91.30%	+16.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.05%	73.16%	+70.89%

Financials