MSTR vs. AXON

Last updated Jun 9, 2026

MSTR (Strategy Inc) and AXON (Axon Enterprise, Inc.) are both stocks. MSTR operates in Software - Application (Technology), while AXON operates in Aerospace & Defense (Industrials). Over the past 10 years, MSTR returned 21.08%/yr vs 35.39%/yr for AXON. At a 0.28 correlation, their price movements are largely independent.

Performance

MSTR vs. AXON - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTR having a -16.29% return and AXON slightly lower at -17.06%. Over the past 10 years, MSTR has underperformed AXON with an annualized return of 21.08%, while AXON has yielded a comparatively higher 35.39% 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%

AXON

• 1D: -3.10%
• 1M: 16.73%
• YTD: -17.06%
• 6M: -14.84%
• 1Y: -40.51%
• 3Y*: 34.22%
• 5Y*: 26.05%
• 10Y*: 35.39%

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

MSTR vs. AXON - 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%
AXON Axon Enterprise, Inc.	-17.06%	-4.44%	130.06%	55.69%	5.69%	28.13%	67.21%	67.50%	65.09%	9.32%

Correlation

The correlation between MSTR and AXON is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 8, 2001	0.28

The correlation between MSTR and AXON shifts across timeframes, from 0.25 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MSTR : $42.47B AXON : $38.85B
EPS MSTR : -$40.19 AXON : $2.41
PS Ratio MSTR : 79.74 AXON : 13.54
PB Ratio MSTR : 1.16 AXON : 10.99
Total Revenue (TTM) MSTR : $490.47M AXON : $2.98B
Gross Profit (TTM) MSTR : $334.08M AXON : $1.77B
EBITDA (TTM) MSTR : $466.93M AXON : $156.24M

Return for Risk

MSTR vs. AXON — 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

AXON

AXON Risk / Return Rank: 14
AXON Sharpe Ratio Rank: 11
AXON Sortino Ratio Rank: 13
AXON Omega Ratio Rank: 13
AXON Calmar Ratio Rank: 17
AXON Martin Ratio Rank: 16

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. AXON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and Axon Enterprise, Inc. (AXON). 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	AXON	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.73	-0.21
Sortino ratio: Return per unit of downside risk	-1.66	-0.93	-0.72
Omega ratio: Gain probability vs. loss probability	0.82	0.88	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.67	-0.19
Martin ratio: Return relative to average drawdown	-1.27	-1.17	-0.10
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. AXON - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.94, which is comparable to the AXON Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of MSTR and AXON, 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	AXON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.94	-0.73	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.55	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.72	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.51	-0.39

Drawdowns

MSTR vs. AXON - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than AXON's maximum drawdown of -91.78%. Use the drawdown chart below to compare losses from any high point for MSTR and AXON.

Drawdown Indicators

	MSTR	AXON	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-91.78%	-8.08%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-60.28%	-16.25%
Max Drawdown (3Y) Largest decline over 3 years	-77.42%	-60.28%	-17.14%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	-60.28%	-23.83%
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	-60.28%	-28.99%
Current Drawdown Current decline from peak	-73.15%	-45.92%	-27.23%
Average Drawdown Average peak-to-trough decline	-86.47%	-43.59%	-42.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.19%	34.81%	+17.38%

Volatility

MSTR vs. AXON - Volatility Comparison

Strategy Inc (MSTR) has a higher volatility of 21.43% compared to Axon Enterprise, Inc. (AXON) at 19.02%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than AXON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	AXON	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.43%	19.02%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	56.80%	44.22%	+12.58%
Volatility (1Y) Calculated over the trailing 1-year period	70.82%	55.73%	+15.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.87%	47.97%	+42.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.77%	49.19%	+24.58%

Dividends

MSTR vs. AXON - Dividend Comparison

Neither MSTR nor AXON has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both MSTR and AXON in my portfolio?

MSTR and AXON have a correlation of 0.25, 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 AXON?

MSTR has higher volatility (21.43%) compared to AXON (19.02%). In terms of maximum drawdown, MSTR dropped -99.86% vs AXON's -91.78%.

Which has better risk-adjusted returns?

AXON currently has the higher Sharpe Ratio (-0.73 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.