MSTR vs. ^GSPC

Last updated Jun 9, 2026

MSTR (Strategy Inc) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, MSTR returned 21.08%/yr vs 13.45%/yr for ^GSPC. At a 0.46 correlation, their price movements are largely independent.

Performance

MSTR vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Inc (MSTR) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTR achieves a -16.29% return, which is significantly lower than ^GSPC's 8.18% return. Over the past 10 years, MSTR has outperformed ^GSPC with an annualized return of 21.08%, while ^GSPC has yielded a comparatively lower 13.45% annualized return.

MSTR

• 1D: 5.61%
• 1M: -32.19%
• YTD: -16.29%
• 6M: -30.75%
• 1Y: -66.03%
• 3Y*: 65.16%
• 5Y*: 19.92%
• 10Y*: 21.08%

^GSPC

• 1D: 0.30%
• 1M: 0.09%
• YTD: 8.18%
• 6M: 8.17%
• 1Y: 23.42%
• 3Y*: 19.88%
• 5Y*: 11.91%
• 10Y*: 13.45%

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

MSTR vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTR Strategy Inc	-16.29%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%
^GSPC S&P 500 Index	8.18%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between MSTR and ^GSPC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 12, 1998	0.46

The correlation between MSTR and ^GSPC has been stable across timeframes, ranging from 0.42 to 0.50 - a consistent structural relationship.

Return for Risk

MSTR vs. ^GSPC — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 5
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 8
MSTR Martin Ratio Rank: 13

^GSPC

^GSPC Risk / Return Rank: 68
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 65
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 65
^GSPC Martin Ratio Rank: 79

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.

MSTR vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and S&P 500 Index (^GSPC). 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.

	MSTR	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	1.94	-2.87
Sortino ratio: Return per unit of downside risk	-1.66	2.63	-4.28
Omega ratio: Gain probability vs. loss probability	0.82	1.35	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.86	2.59	-3.45
Martin ratio: Return relative to average drawdown	-1.27	11.84	-13.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTR vs. ^GSPC - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.94, which is lower than the ^GSPC Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of MSTR and ^GSPC, 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

	MSTR	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.94	1.94	-2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.71	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.75	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.47	-0.35

Drawdowns

MSTR vs. ^GSPC - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for MSTR and ^GSPC.

Drawdown Indicators

	MSTR	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-56.78%	-43.08%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-9.10%	-67.43%
Max Drawdown (3Y) Largest decline over 3 years	-77.42%	-18.90%	-58.52%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	-25.43%	-58.68%
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	-33.92%	-55.35%
Current Drawdown Current decline from peak	-73.15%	-2.68%	-70.47%
Average Drawdown Average peak-to-trough decline	-86.47%	-10.72%	-75.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.19%	1.98%	+50.21%

Volatility

MSTR vs. ^GSPC - Volatility Comparison

Strategy Inc (MSTR) has a higher volatility of 21.43% compared to S&P 500 Index (^GSPC) at 3.80%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.43%	3.80%	+17.63%
Volatility (6M) Calculated over the trailing 6-month period	56.80%	9.41%	+47.39%
Volatility (1Y) Calculated over the trailing 1-year period	70.82%	12.17%	+58.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.87%	16.94%	+73.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.77%	18.09%	+55.68%

Frequently Asked Questions

Can I hold both MSTR and ^GSPC in my portfolio?

MSTR and ^GSPC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTR or ^GSPC?

MSTR has higher volatility (21.43%) compared to ^GSPC (3.80%). In terms of maximum drawdown, MSTR dropped -99.86% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.94 vs -0.94), 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.