MSTR vs. BITX

Last updated Apr 2, 2026

Compare and contrast key facts about MicroStrategy Incorporated (MSTR) and Volatility Shares 2x Bitcoin Strategy ETF (BITX).

BITX is an actively managed fund by Volatility Shares. It was launched on Jun 27, 2023.

Performance

MSTR vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroStrategy Incorporated (MSTR) and Volatility Shares 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

MSTR vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSTR MicroStrategy Incorporated	-19.20%	-47.53%	358.54%	94.42%
BITX Volatility Shares 2x Bitcoin Strategy ETF	-46.11%	-38.71%	163.41%	47.23%

Returns By Period

In the year-to-date period, MSTR achieves a -19.20% return, which is significantly higher than BITX's -46.11% return.

MSTR

• 1D: -1.62%
• 1M: -10.80%
• YTD: -19.20%
• 6M: -63.72%
• 1Y: -59.88%
• 3Y*: 61.35%
• 5Y*: 11.78%
• 10Y*: 20.98%

BITX

• 1D: 1.09%
• 1M: -5.43%
• YTD: -46.11%
• 6M: -72.82%
• 1Y: -55.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

MSTR vs. BITX — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 11
MSTR Sharpe Ratio Rank: 8
MSTR Sortino Ratio Rank: 7
MSTR Omega Ratio Rank: 10
MSTR Calmar Ratio Rank: 14
MSTR Martin Ratio Rank: 15

BITX

BITX Risk / Return Rank: 3
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 3
BITX Omega Ratio Rank: 4
BITX Calmar Ratio Rank: 2
BITX Martin Ratio Rank: 2

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. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroStrategy Incorporated (MSTR) and Volatility Shares 2x Bitcoin Strategy ETF (BITX). 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	BITX	Difference
Sharpe ratio Return per unit of total volatility	-0.81	-0.62	-0.20
Sortino ratio Return per unit of downside risk	-1.27	-0.61	-0.67
Omega ratio Gain probability vs. loss probability	0.86	0.93	-0.07
Calmar ratio Return relative to maximum drawdown	-0.75	-0.68	-0.07
Martin ratio Return relative to average drawdown	-1.30	-1.29	-0.01
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. BITX - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.81, which is lower than the BITX Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of MSTR and BITX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTR	BITX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	-0.62	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.09	+0.03

Correlation

The correlation between MSTR and BITX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSTR vs. BITX - Dividend Comparison

MSTR has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 36.26%.

	TTM	2025	2024
MSTR MicroStrategy Incorporated	0.00%	0.00%	0.00%
BITX Volatility Shares 2x Bitcoin Strategy ETF	36.26%	21.69%	10.70%

Drawdowns

MSTR vs. BITX - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than BITX's maximum drawdown of -77.88%. Use the drawdown chart below to compare losses from any high point for MSTR and BITX.

Drawdown Indicators

	MSTR	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-77.88%	-21.98%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-77.88%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	—	—
Current Drawdown Current decline from peak	-74.09%	-76.18%	+2.09%
Average Drawdown Average peak-to-trough decline	-86.60%	-29.26%	-57.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.22%	40.73%	+3.49%

Volatility

MSTR vs. BITX - Volatility Comparison

The current volatility for MicroStrategy Incorporated (MSTR) is 18.44%, while Volatility Shares 2x Bitcoin Strategy ETF (BITX) has a volatility of 25.94%. This indicates that MSTR experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.44%	25.94%	-7.50%
Volatility (6M) Calculated over the trailing 6-month period	55.57%	73.72%	-18.15%
Volatility (1Y) Calculated over the trailing 1-year period	74.11%	90.21%	-16.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.29%	99.82%	-8.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.15%	99.82%	-26.67%