MSTR vs. ETHA
MSTR (Strategy Inc) is a stock, while ETHA (iShares Ethereum Trust ETF) is Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant. Over the past year, MSTR returned -67.62% vs -34.33% for ETHA. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
MSTR vs. ETHA - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -18.41% return, which is significantly higher than ETHA's -43.96% return.
MSTR
- 1D
- 3.18%
- 1M
- -33.70%
- YTD
- -18.41%
- 6M
- -29.74%
- 1Y
- -67.62%
- 3Y*
- 63.46%
- 5Y*
- 19.14%
- 10Y*
- 20.92%
ETHA
- 1D
- -1.02%
- 1M
- -27.59%
- YTD
- -43.96%
- 6M
- -45.98%
- 1Y
- -34.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR vs. ETHA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTR Strategy Inc | -18.41% | -47.53% | 60.89% |
ETHA iShares Ethereum Trust ETF | -43.96% | -11.31% | -4.89% |
Correlation
The correlation between MSTR and ETHA is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.69 |
The correlation between MSTR and ETHA has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
MSTR vs. ETHA — Risk / Return Rank
MSTR
ETHA
MSTR vs. ETHA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and iShares Ethereum Trust ETF (ETHA). 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 | ETHA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.94 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.57 | -0.31 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.98 | -0.29 |
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Drawdowns
MSTR vs. ETHA - Drawdown Comparison
The maximum MSTR drawdown since its inception was -99.86%, which is greater than ETHA's maximum drawdown of -67.56%. Use the drawdown chart below to compare losses from any high point for MSTR and ETHA.
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Drawdown Indicators
| MSTR | ETHA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -67.56% | -32.30% |
Max Drawdown (1Y)Largest decline over 1 year | -76.53% | -67.56% | -8.97% |
Max Drawdown (3Y)Largest decline over 3 years | -77.42% | — | — |
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 | -73.84% | -65.65% | -8.19% |
Average DrawdownAverage peak-to-trough decline | -86.45% | -33.25% | -53.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.01% | 39.22% | +13.79% |
Volatility
MSTR vs. ETHA - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 21.60% compared to iShares Ethereum Trust ETF (ETHA) at 17.30%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than ETHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTR | ETHA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.60% | 17.30% | +4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 57.34% | 46.58% | +10.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.15% | 69.29% | +1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.79% | 72.65% | +18.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.80% | 72.65% | +1.15% |
Dividends
MSTR vs. ETHA - Dividend Comparison
Neither MSTR nor ETHA has paid dividends to shareholders.
Frequently Asked Questions
MSTR and ETHA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTR has higher volatility (21.60%) compared to ETHA (17.30%). In terms of maximum drawdown, MSTR dropped -99.86% vs ETHA's -67.56%.
ETHA currently has the higher Sharpe Ratio (-0.56 vs -0.95), 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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