MSTR vs. BITI
MSTR (Strategy Inc) is a stock, while BITI (ProShares Short Bitcoin ETF) is Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Over the past 3 years, MSTR returned 36.02%/yr vs -32.35%/yr for BITI. Their -0.79 correlation means they have often moved in opposite directions in the past.
Performance
MSTR vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -37.57% return, which is significantly lower than BITI's 25.22% return.
MSTR
- 1D
- 1.69%
- 1M
- -5.86%
- 6M
- -32.06%
- YTD
- -37.57%
- 1Y
- -74.13%
- 3Y*
- 36.02%
- 5Y*
- 7.17%
- 10Y*
- 19.02%
- ALL TIME*
- 9.18%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
MSTR Strategy Inc | $1.51B | $1.54B | $2.39B |
MSTR vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSTR Strategy Inc | -37.57% | -47.53% | 358.54% | 346.15% | -15.53% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between MSTR and BITI is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.85 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.79 |
The correlation between MSTR and BITI has been stable across timeframes, ranging from -0.85 to -0.79 - a consistent structural relationship.
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Return for Risk
MSTR vs. BITI — Risk / Return Rank
MSTR
BITI
MSTR vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and ProShares Short Bitcoin ETF (BITI). 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.
| MSTR | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.22 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.24 | -3.17 |
| Martin ratioReturn relative to average drawdown | -1.33 | 5.45 | -6.78 |
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Drawdowns
MSTR vs. BITI - Drawdown Comparison
The maximum MSTR drawdown since its inception was -99.86%, which is greater than BITI's maximum drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MSTR and BITI.
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Drawdown Indicators
| MSTR | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -92.16% | -7.70% |
Max Drawdown (1Y)Largest decline over 1 year | -79.53% | -25.28% | -54.25% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | -84.63% | +2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -84.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.27% | — | — |
Current DrawdownCurrent decline from peak | -79.98% | -86.33% | +6.35% |
Average DrawdownAverage peak-to-trough decline | -86.42% | -68.61% | -17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.84% | 10.37% | +45.47% |
Volatility
MSTR vs. BITI - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 16.90% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTR | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.90% | 8.93% | +7.97% |
Volatility (6M)Calculated over the trailing 6-month period | 60.42% | 33.35% | +27.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.93% | 44.25% | +30.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.97% | 52.01% | +37.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.36% | 52.01% | +22.35% |
Dividends
MSTR vs. BITI - Dividend Comparison
MSTR has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 21.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSTR and BITI have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (16.90%) compared to BITI (8.93%). In terms of maximum drawdown, MSTR dropped -99.86% vs BITI's -92.16%.
BITI currently has the higher Sharpe Ratio (1.28 vs -0.99), 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.
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