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 62.95%/yr vs 26.36%/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 -20.93% return, which is significantly higher than BITO's -28.52% return.
MSTR
- 1D
- 4.16%
- 1M
- -34.85%
- YTD
- -20.93%
- 6M
- -34.45%
- 1Y
- -68.96%
- 3Y*
- 62.95%
- 5Y*
- 18.40%
- 10Y*
- 20.49%
BITO
- 1D
- 2.49%
- 1M
- -21.63%
- YTD
- -28.52%
- 6M
- -31.94%
- 1Y
- -44.02%
- 3Y*
- 26.36%
- 5Y*
- —
- 10Y*
- —
MSTR vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MSTR Strategy Inc | -20.93% | -47.53% | 358.54% | 346.15% | -74.00% | -26.38% |
BITO ProShares Bitcoin Strategy ETF | -28.52% | -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 | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.83 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.31 | -1.46 | +0.16 |
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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 | -76.53% | -53.10% | -23.43% |
Max Drawdown (3Y)Largest decline over 3 years | -77.42% | -53.10% | -24.32% |
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 | -74.64% | -50.70% | -23.94% |
Average DrawdownAverage peak-to-trough decline | -86.46% | -36.78% | -49.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.81% | 30.15% | +22.66% |
Volatility
MSTR vs. BITO - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 21.05% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.67%. 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 | 21.05% | 11.67% | +9.38% |
Volatility (6M)Calculated over the trailing 6-month period | 57.27% | 34.20% | +23.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.06% | 43.88% | +27.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.81% | 55.09% | +35.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.79% | 55.09% | +18.70% |
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 69.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.67% | 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 (21.05%) compared to BITO (11.67%). In terms of maximum drawdown, MSTR dropped -99.86% vs BITO's -77.86%.
MSTR currently has the higher Sharpe Ratio (-0.97 vs -1.01), 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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