MSTR vs. BTC-USD

Last updated Apr 4, 2026

Compare and contrast key facts about MicroStrategy Incorporated (MSTR) and Bitcoin (BTC-USD).

Performance

MSTR vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroStrategy Incorporated (MSTR) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTR achieves a -21.14% return, which is significantly higher than BTC-USD's -23.20% return. Over the past 10 years, MSTR has underperformed BTC-USD with an annualized return of 20.56%, while BTC-USD has yielded a comparatively higher 66.06% annualized return.

MSTR

• 1D: -2.40%
• 1M: -14.29%
• YTD: -21.14%
• 6M: -65.92%
• 1Y: -59.19%
• 3Y*: 59.13%
• 5Y*: 11.24%
• 10Y*: 20.56%

BTC-USD

• 1D: 0.36%
• 1M: -5.20%
• YTD: -23.20%
• 6M: -45.12%
• 1Y: -19.87%
• 3Y*: 33.61%
• 5Y*: 2.59%
• 10Y*: 66.06%

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

MSTR vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTR MicroStrategy Incorporated	-21.14%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%
BTC-USD Bitcoin	-23.20%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Correlation

The correlation between MSTR and BTC-USD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.

Return for Risk

MSTR vs. BTC-USD — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 9
MSTR Sharpe Ratio Rank: 7
MSTR Sortino Ratio Rank: 6
MSTR Omega Ratio Rank: 9
MSTR Calmar Ratio Rank: 11
MSTR Martin Ratio Rank: 11

BTC-USD

BTC-USD Risk / Return Rank: 37
BTC-USD Sharpe Ratio Rank: 60
BTC-USD Sortino Ratio Rank: 54
BTC-USD Omega Ratio Rank: 49
BTC-USD Calmar Ratio Rank: 23
BTC-USD Martin Ratio Rank: 1

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroStrategy Incorporated (MSTR) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-0.45	-0.39
Sortino ratio Return per unit of downside risk	-1.36	-0.40	-0.97
Omega ratio Gain probability vs. loss probability	0.85	0.96	-0.11
Calmar ratio Return relative to maximum drawdown	-0.80	-1.12	+0.33
Martin ratio Return relative to average drawdown	-1.37	-1.99	+0.62
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. BTC-USD - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.84, which is lower than the BTC-USD Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of MSTR and BTC-USD, 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	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.45	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.05	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.97	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	1.19	-1.07

Drawdowns

MSTR vs. BTC-USD - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for MSTR and BTC-USD.

Drawdown Indicators

	MSTR	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-85.30%	-14.56%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-49.65%	-26.88%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	-76.67%	-7.44%
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	-83.80%	-5.47%
Current Drawdown Current decline from peak	-74.71%	-46.12%	-28.59%
Average Drawdown Average peak-to-trough decline	-86.60%	-42.01%	-44.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.47%	28.06%	+16.41%

Volatility

MSTR vs. BTC-USD - Volatility Comparison

MicroStrategy Incorporated (MSTR) has a higher volatility of 15.06% compared to Bitcoin (BTC-USD) at 11.85%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.06%	11.85%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	55.30%	35.92%	+19.38%
Volatility (1Y) Calculated over the trailing 1-year period	73.86%	36.59%	+37.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.26%	46.89%	+44.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.14%	56.70%	+16.44%