MSTR vs. GBTC
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 17.21%/yr vs 44.73%/yr for GBTC. At a 0.46 correlation, their price movements are largely independent.
Performance
MSTR vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -45.83% return, which is significantly lower than GBTC's -32.30% return. Over the past 10 years, MSTR has underperformed GBTC with an annualized return of 17.21%, while GBTC has yielded a comparatively higher 44.73% annualized return.
MSTR
- 1D
- -3.54%
- 1M
- -45.72%
- YTD
- -45.83%
- 6M
- -48.17%
- 1Y
- -78.56%
- 3Y*
- 36.33%
- 5Y*
- 8.40%
- 10Y*
- 17.21%
GBTC
- 1D
- 0.83%
- 1M
- -18.72%
- YTD
- -32.30%
- 6M
- -32.34%
- 1Y
- -45.01%
- 3Y*
- 33.46%
- 5Y*
- 10.83%
- 10Y*
- 44.73%
MSTR vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSTR Strategy Inc | -45.83% | -47.53% | 358.54% | 346.15% | -74.00% | 40.13% | 172.42% | 11.65% | -2.70% | -33.49% |
GBTC Grayscale Bitcoin Trust ETF | -32.30% | -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 | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.46 |
Over the past year, MSTR and GBTC have become more correlated (0.85) than their long-term average of 0.46, meaning their price movements have been converging.
Fundamentals
MSTR:
$490.47M
GBTC:
$0.00
MSTR:
$334.08M
GBTC:
$0.00
MSTR:
$466.93M
GBTC:
$4.58B
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Return for Risk
MSTR vs. GBTC — Risk / Return Rank
MSTR
GBTC
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.
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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.83 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.85 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.45 | +0.02 |
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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.
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Drawdown Indicators
| MSTR | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -89.91% | -9.95% |
Max Drawdown (1Y)Largest decline over 1 year | -81.95% | -53.37% | -28.58% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | -53.37% | -29.26% |
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 DrawdownCurrent decline from peak | -82.63% | -52.98% | -29.65% |
Average DrawdownAverage peak-to-trough decline | -86.44% | -43.46% | -42.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.96% | 31.33% | +23.63% |
Volatility
MSTR vs. GBTC - Volatility Comparison
Strategy Inc (MSTR) has a higher volatility of 24.22% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.42%. 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.
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Volatility by Period
| MSTR | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.22% | 13.42% | +10.80% |
Volatility (6M)Calculated over the trailing 6-month period | 58.93% | 34.53% | +24.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.03% | 44.27% | +28.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.69% | 62.00% | +28.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.00% | 81.44% | -7.44% |
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
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.
MSTR has higher volatility (24.22%) compared to GBTC (13.42%). In terms of maximum drawdown, MSTR dropped -99.86% vs GBTC's -89.91%.
GBTC currently has the higher Sharpe Ratio (-1.03 vs -1.08), 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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