MSTR vs. BITO
MSTR (Strategy Inc) is a stock, while BITO (ProShares Bitcoin Strategy ETF) is Cryptocurrency fund actively managed by ProShares. Over the past 3 years, MSTR returned 39.72%/yr vs 17.42%/yr for BITO. A 0.79 correlation means they provide meaningful diversification when combined.
Performance
MSTR vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -38.54% return, which is significantly lower than BITO's -32.65% return.
MSTR
- 1D
- 7.43%
- 1M
- -37.65%
- 6M
- -38.54%
- YTD
- -38.54%
- 1Y
- -74.98%
- 3Y*
- 39.72%
- 5Y*
- 8.00%
- 10Y*
- 18.41%
BITO
- 1D
- 2.01%
- 1M
- -16.42%
- 6M
- -32.65%
- YTD
- -32.65%
- 1Y
- -45.32%
- 3Y*
- 17.42%
- 5Y*
- —
- 10Y*
- —
MSTR vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MSTR Strategy Inc | -38.54% | -47.53% | 358.54% | 346.15% | -74.00% | -26.38% |
BITO ProShares Bitcoin Strategy ETF | -32.65% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between MSTR and BITO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.79 |
The correlation between MSTR and BITO has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.
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Return for Risk
MSTR vs. BITO — Risk / Return Rank
MSTR
BITO
MSTR vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and ProShares Bitcoin Strategy ETF (BITO). 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 | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.83 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.83 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.40 | +0.05 |
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Drawdowns
MSTR vs. BITO - Drawdown Comparison
The maximum MSTR drawdown since its inception was -99.86%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MSTR and BITO.
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Drawdown Indicators
| MSTR | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -77.86% | -22.00% |
Max Drawdown (1Y)Largest decline over 1 year | -81.95% | -54.47% | -27.48% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | -54.47% | -28.16% |
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 | -80.29% | -53.55% | -26.74% |
Average DrawdownAverage peak-to-trough decline | -86.44% | -36.94% | -49.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.64% | 32.36% | +23.28% |
Volatility
MSTR vs. BITO - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 29.18% compared to ProShares Bitcoin Strategy ETF (BITO) at 13.48%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTR | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.18% | 13.48% | +15.70% |
Volatility (6M)Calculated over the trailing 6-month period | 60.96% | 34.50% | +26.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.62% | 44.24% | +30.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.75% | 54.93% | +35.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.17% | 54.93% | +19.24% |
Dividends
MSTR vs. BITO - Dividend Comparison
MSTR has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 64.62%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 64.62% | 78.29% | 61.59% | 15.14% |
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSTR and BITO 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 (29.18%) compared to BITO (13.48%). In terms of maximum drawdown, MSTR dropped -99.86% vs BITO's -77.86%.
MSTR currently has the higher Sharpe Ratio (-1.01 vs -1.03), 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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