NWBO vs. MSTR

Last updated Jun 25, 2026

NWBO (Northwest Biotherapeutics, Inc.) and MSTR (Strategy Inc) are both stocks. NWBO operates in Biotechnology (Healthcare), while MSTR operates in Software - Application (Technology). Over the past 10 years, NWBO returned -11.38%/yr vs 18.45%/yr for MSTR. At a 0.08 correlation, their price movements are largely independent.

Performance

NWBO vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, NWBO achieves a -17.33% return, which is significantly higher than MSTR's -38.05% return. Over the past 10 years, NWBO has underperformed MSTR with an annualized return of -11.38%, while MSTR has yielded a comparatively higher 18.45% annualized return.

NWBO

• 1D: -0.58%
• 1M: -18.98%
• YTD: -17.33%
• 6M: -21.54%
• 1Y: -26.82%
• 3Y*: -31.76%
• 5Y*: -34.68%
• 10Y*: -11.38%

MSTR

• 1D: -9.35%
• 1M: -41.13%
• YTD: -38.05%
• 6M: -40.69%
• 1Y: -75.03%
• 3Y*: 41.95%
• 5Y*: 11.34%
• 10Y*: 18.45%

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

NWBO vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWBO Northwest Biotherapeutics, Inc.	-17.33%	-16.74%	-60.81%	-10.64%	12.07%	-54.10%	626.19%	2.19%	-14.38%	-31.05%
MSTR Strategy Inc	-38.05%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Correlation

The correlation between NWBO and MSTR is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 14, 2001	0.08

Fundamentals

EPS NWBO : -$0.06 MSTR : -$40.19
PS Ratio NWBO : 295.69 MSTR : 59.01
Total Revenue (TTM) NWBO : $937.00K MSTR : $490.47M
Gross Profit (TTM) NWBO : $416.00K MSTR : $334.08M
EBITDA (TTM) NWBO : -$79.62M MSTR : $466.93M

Return for Risk

NWBO vs. MSTR — Risk / Return Rank

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

NWBO

NWBO Risk / Return Rank: 24
NWBO Sharpe Ratio Rank: 26
NWBO Sortino Ratio Rank: 27
NWBO Omega Ratio Rank: 28
NWBO Calmar Ratio Rank: 19
NWBO Martin Ratio Rank: 18

MSTR

MSTR Risk / Return Rank: 5
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 2
MSTR Omega Ratio Rank: 5
MSTR Calmar Ratio Rank: 4
MSTR Martin Ratio Rank: 10

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.

NWBO vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northwest Biotherapeutics, Inc. (NWBO) and Strategy Inc (MSTR). 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.

	NWBO	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	-1.04	+0.64
Sortino ratio: Return per unit of downside risk	-0.23	-2.13	+1.91
Omega ratio: Gain probability vs. loss probability	0.97	0.78	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.65	-0.95	+0.30
Martin ratio: Return relative to average drawdown	-1.13	-1.38	+0.24

NWBO vs. MSTR - Sharpe Ratio Comparison

The current NWBO Sharpe Ratio is -0.40, which is higher than the MSTR Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of NWBO and MSTR, 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

NWBO vs. MSTR - Drawdown Comparison

The maximum NWBO drawdown since its inception was -99.99%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for NWBO and MSTR.

Drawdown Indicators

	NWBO	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.86%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-41.54%	-79.35%	+37.81%
Max Drawdown (3Y) Largest decline over 3 years	-82.16%	-80.13%	-2.03%
Max Drawdown (5Y) Largest decline over 5 years	-90.29%	-84.11%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-91.93%	-89.27%	-2.66%
Current Drawdown Current decline from peak	-99.99%	-80.13%	-19.86%
Average Drawdown Average peak-to-trough decline	-97.15%	-86.44%	-10.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.70%	54.47%	-30.77%

Volatility

NWBO vs. MSTR - Volatility Comparison

The current volatility for Northwest Biotherapeutics, Inc. (NWBO) is 17.75%, while Strategy Inc (MSTR) has a volatility of 23.29%. This indicates that NWBO experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWBO	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.75%	23.29%	-5.54%
Volatility (6M) Calculated over the trailing 6-month period	47.15%	58.20%	-11.05%
Volatility (1Y) Calculated over the trailing 1-year period	67.36%	72.58%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.98%	90.65%	-8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.86%	73.95%	+18.91%

Dividends

NWBO vs. MSTR - Dividend Comparison

Neither NWBO nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NWBO and MSTR in my portfolio?

NWBO and MSTR have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWBO or MSTR?

MSTR has higher volatility (23.29%) compared to NWBO (17.75%). In terms of maximum drawdown, NWBO dropped -99.99% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

NWBO currently has the higher Sharpe Ratio (-0.40 vs -1.04), 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.