MSTR vs. BTC-USD
MSTR (Strategy Inc) is a stock, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, MSTR returned 20.85%/yr vs 59.71%/yr for BTC-USD. At a 0.26 correlation, their price movements are largely independent.
Performance
MSTR vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -14.86% return, which is significantly higher than BTC-USD's -27.60% return. Over the past 10 years, MSTR has underperformed BTC-USD with an annualized return of 20.85%, while BTC-USD has yielded a comparatively higher 59.71% annualized return.
MSTR
- 1D
- 2.23%
- 1M
- -30.78%
- YTD
- -14.86%
- 6M
- -30.45%
- 1Y
- -65.78%
- 3Y*
- 67.28%
- 5Y*
- 21.70%
- 10Y*
- 20.85%
BTC-USD
- 1D
- -1.08%
- 1M
- -21.71%
- YTD
- -27.60%
- 6M
- -31.22%
- 1Y
- -39.53%
- 3Y*
- 35.01%
- 5Y*
- 12.25%
- 10Y*
- 59.71%
MSTR vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSTR Strategy Inc | -14.86% | -47.53% | 358.54% | 346.15% | -74.00% | 40.13% | 172.42% | 11.65% | -2.70% | -33.49% |
BTC-USD Bitcoin | -27.60% | -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 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | 0.26 |
Over the past year, MSTR and BTC-USD have become more correlated (0.63) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
MSTR vs. BTC-USD — Risk / Return Rank
MSTR
BTC-USD
MSTR vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (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 ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.87 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.80 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.39 | +0.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSTR | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.94 | -0.92 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.23 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.88 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 1.13 | -1.00 |
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.
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Drawdown Indicators
| MSTR | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -77.42% | -49.65% | -27.77% |
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 DrawdownCurrent decline from peak | -72.70% | -49.21% | -23.49% |
Average DrawdownAverage peak-to-trough decline | -86.48% | -42.28% | -44.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.79% | 33.87% | +17.92% |
Volatility
MSTR vs. BTC-USD - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 19.54% compared to Bitcoin (BTC-USD) at 10.14%. 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.
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Volatility by Period
| MSTR | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.54% | 10.14% | +9.40% |
Volatility (6M)Calculated over the trailing 6-month period | 56.24% | 34.17% | +22.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.20% | 35.51% | +34.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.80% | 44.98% | +45.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.69% | 56.69% | +17.00% |
Frequently Asked Questions
MSTR and BTC-USD have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (19.54%) compared to BTC-USD (10.14%). In terms of maximum drawdown, MSTR dropped -99.86% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-0.92 vs -0.94), 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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