MSTR vs. GBTC

Last updated Jun 6, 2026

MSTR (Strategy Inc) is a stock, while GBTC (Grayscale Bitcoin Trust ETF) is Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, MSTR returned 20.04%/yr vs 48.34%/yr for GBTC. At a 0.45 correlation, their price movements are largely independent.

Performance

MSTR vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Inc (MSTR) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTR achieves a -20.74% return, which is significantly higher than GBTC's -31.54% return. Over the past 10 years, MSTR has underperformed GBTC with an annualized return of 20.04%, while GBTC has yielded a comparatively higher 48.34% annualized return.

MSTR

• 1D: -6.90%
• 1M: -33.03%
• YTD: -20.74%
• 6M: -32.71%
• 1Y: -67.84%
• 3Y*: 59.14%
• 5Y*: 19.97%
• 10Y*: 20.04%

GBTC

• 1D: -5.15%
• 1M: -24.86%
• YTD: -31.54%
• 6M: -33.05%
• 1Y: -43.09%
• 3Y*: 47.89%
• 5Y*: 8.66%
• 10Y*: 48.34%

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

MSTR vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTR Strategy Inc	-20.74%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%
GBTC Grayscale Bitcoin Trust ETF	-31.54%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between MSTR and GBTC 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	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.45

Over the past year, MSTR and GBTC have become more correlated (0.85) than their long-term average of 0.45, meaning their price movements have been converging.

Fundamentals

Total Revenue (TTM) MSTR : $490.47M GBTC : $0.00
Gross Profit (TTM) MSTR : $334.08M GBTC : $0.00
EBITDA (TTM) MSTR : $466.93M GBTC : $4.58B

Return for Risk

MSTR vs. GBTC — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 7
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 12

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC 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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	-0.95	-0.01
Sortino ratio: Return per unit of downside risk	-1.74	-1.36	-0.38
Omega ratio: Gain probability vs. loss probability	0.81	0.85	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.80	-0.08
Martin ratio: Return relative to average drawdown	-1.30	-1.44	+0.14
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. GBTC - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.96, which is comparable to the GBTC Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of MSTR and GBTC, 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	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	-0.95	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.14	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.59	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.64	-0.52

Drawdowns

MSTR vs. GBTC - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for MSTR and GBTC.

Drawdown Indicators

	MSTR	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-89.91%	-9.95%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-52.45%	-24.08%
Max Drawdown (3Y) Largest decline over 3 years	-77.42%	-52.45%	-24.97%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	-85.42%	+1.31%
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	-89.91%	+0.64%
Current Drawdown Current decline from peak	-74.58%	-52.45%	-22.13%
Average Drawdown Average peak-to-trough decline	-86.47%	-43.44%	-43.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.99%	28.99%	+23.00%

Volatility

MSTR vs. GBTC - Volatility Comparison

Strategy Inc (MSTR) has a higher volatility of 20.17% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.88%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.17%	9.88%	+10.29%
Volatility (6M) Calculated over the trailing 6-month period	56.51%	34.14%	+22.37%
Volatility (1Y) Calculated over the trailing 1-year period	70.48%	43.96%	+26.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.82%	62.45%	+28.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.72%	82.20%	-8.48%

Dividends

MSTR vs. GBTC - Dividend Comparison

Neither MSTR nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTR and GBTC in my portfolio?

MSTR and GBTC 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.

Which is riskier, MSTR or GBTC?

MSTR has higher volatility (20.17%) compared to GBTC (9.88%). In terms of maximum drawdown, MSTR dropped -99.86% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

GBTC currently has the higher Sharpe Ratio (-0.95 vs -0.96), 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.