MSTR vs. KCE

Last updated Jun 13, 2026

MSTR (Strategy Inc) is a stock, while KCE (SPDR S&P Capital Markets ETF) is Financials Equities fund tracking the S&P Capital Markets Select Industry Index. Over the past 10 years, MSTR returned 20.92%/yr vs 17.65%/yr for KCE. At a 0.49 correlation, their price movements are largely independent.

Performance

MSTR vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Inc (MSTR) and SPDR S&P Capital Markets ETF (KCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTR achieves a -18.41% return, which is significantly lower than KCE's 3.66% return. Over the past 10 years, MSTR has outperformed KCE with an annualized return of 20.92%, while KCE has yielded a comparatively lower 17.65% annualized return.

MSTR

• 1D: 3.18%
• 1M: -30.37%
• YTD: -18.41%
• 6M: -29.74%
• 1Y: -67.36%
• 3Y*: 63.46%
• 5Y*: 19.14%
• 10Y*: 20.92%

KCE

• 1D: 1.60%
• 1M: 1.26%
• YTD: 3.66%
• 6M: 2.73%
• 1Y: 14.27%
• 3Y*: 24.58%
• 5Y*: 12.87%
• 10Y*: 17.65%

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

MSTR vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTR Strategy Inc	-18.41%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%
KCE SPDR S&P Capital Markets ETF	3.66%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%

Correlation

The correlation between MSTR and KCE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.49

The correlation between MSTR and KCE has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

Return for Risk

MSTR vs. KCE — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 8
MSTR Sharpe Ratio Rank: 6
MSTR Sortino Ratio Rank: 4
MSTR Omega Ratio Rank: 7
MSTR Calmar Ratio Rank: 8
MSTR Martin Ratio Rank: 13

KCE

KCE Risk / Return Rank: 22
KCE Sharpe Ratio Rank: 23
KCE Sortino Ratio Rank: 22
KCE Omega Ratio Rank: 22
KCE Calmar Ratio Rank: 21
KCE Martin Ratio Rank: 20

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. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) and SPDR S&P Capital Markets ETF (KCE). 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	KCE	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	0.71	-1.66
Sortino ratio: Return per unit of downside risk	-1.71	1.08	-2.79
Omega ratio: Gain probability vs. loss probability	0.82	1.13	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.88	0.82	-1.70
Martin ratio: Return relative to average drawdown	-1.27	2.14	-3.41

MSTR vs. KCE - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.95, which is lower than the KCE Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of MSTR and KCE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSTR vs. KCE - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, which is greater than KCE's maximum drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for MSTR and KCE.

Drawdown Indicators

	MSTR	KCE	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-74.00%	-25.86%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-17.44%	-59.09%
Max Drawdown (3Y) Largest decline over 3 years	-77.42%	-26.31%	-51.11%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	-34.45%	-49.66%
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	-40.78%	-48.49%
Current Drawdown Current decline from peak	-73.84%	-3.75%	-70.09%
Average Drawdown Average peak-to-trough decline	-86.45%	-22.78%	-63.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.01%	6.70%	+46.31%

Volatility

MSTR vs. KCE - Volatility Comparison

Strategy Inc (MSTR) has a higher volatility of 21.60% compared to SPDR S&P Capital Markets ETF (KCE) at 6.04%. This indicates that MSTR's price experiences larger fluctuations and is considered to be riskier than KCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.60%	6.04%	+15.56%
Volatility (6M) Calculated over the trailing 6-month period	57.34%	15.31%	+42.03%
Volatility (1Y) Calculated over the trailing 1-year period	71.15%	20.12%	+51.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.79%	23.08%	+67.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.80%	23.10%	+50.70%

Dividends

MSTR vs. KCE - Dividend Comparison

MSTR has not paid dividends to shareholders, while KCE's dividend yield for the trailing twelve months is around 1.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.67%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
MSTR Strategy Inc	0.00%	0.00%	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 KCE in my portfolio?

MSTR and KCE have a correlation of 0.46, 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 KCE?

MSTR has higher volatility (21.60%) compared to KCE (6.04%). In terms of maximum drawdown, MSTR dropped -99.86% vs KCE's -74.00%.

Which has better risk-adjusted returns?

KCE currently has the higher Sharpe Ratio (0.71 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.