QBTC.TO vs. MSTR
QBTC.TO (The Bitcoin Fund) and MSTR (Strategy Inc) are both stocks. Over the past 5 years, QBTC.TO returned 10.25%/yr vs 8.91%/yr for MSTR. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
QBTC.TO vs. MSTR - Performance Comparison
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Different Trading Currencies
QBTC.TO is traded in CAD, while MSTR is traded in USD. To make them comparable, the MSTR values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, QBTC.TO achieves a -34.60% return, which is significantly higher than MSTR's -40.59% return.
QBTC.TO
- 1D
- -3.77%
- 1M
- -20.26%
- YTD
- -34.60%
- 6M
- -35.49%
- 1Y
- -44.97%
- 3Y*
- 23.08%
- 5Y*
- 10.25%
- 10Y*
- —
MSTR
- 1D
- -6.00%
- 1M
- -43.62%
- YTD
- -40.59%
- 6M
- -41.96%
- 1Y
- -77.65%
- 3Y*
- 39.67%
- 5Y*
- 8.91%
- 10Y*
- 18.66%
QBTC.TO vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QBTC.TO The Bitcoin Fund | -34.60% | -13.99% | 135.40% | 170.25% | -65.85% | 26.10% | 107.15% |
MSTR Strategy Inc | -40.64% | -49.93% | 397.36% | 335.54% | -72.35% | 40.06% | 108.56% |
Correlation
The correlation between QBTC.TO and MSTR 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 (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020 | 0.70 |
The correlation between QBTC.TO and MSTR has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
Fundamentals
QBTC.TO:
CA$204.56M
MSTR:
$490.47M
QBTC.TO:
CA$73.70M
MSTR:
$334.08M
QBTC.TO:
CA$610.43M
MSTR:
$466.93M
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Return for Risk
QBTC.TO vs. MSTR — Risk / Return Rank
QBTC.TO
MSTR
QBTC.TO vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Bitcoin Fund (QBTC.TO) 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.
| QBTC.TO | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.77 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.96 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.41 | 0.00 |
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Drawdowns
QBTC.TO vs. MSTR - Drawdown Comparison
The maximum QBTC.TO drawdown since its inception was -78.06%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for QBTC.TO and MSTR.
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Drawdown Indicators
| QBTC.TO | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.06% | -88.54% | +10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -81.31% | +25.80% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -82.32% | +26.81% |
Max Drawdown (5Y)Largest decline over 5 years | -78.06% | -82.65% | +4.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.54% | — |
Current DrawdownCurrent decline from peak | -55.51% | -81.30% | +25.79% |
Average DrawdownAverage peak-to-trough decline | -31.79% | -34.36% | +2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.01% | 55.14% | -23.13% |
Volatility
QBTC.TO vs. MSTR - Volatility Comparison
The current volatility for The Bitcoin Fund (QBTC.TO) is 13.19%, while Strategy Inc (MSTR) has a volatility of 27.47%. This indicates that QBTC.TO 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.
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Volatility by Period
| QBTC.TO | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.19% | 27.47% | -14.28% |
Volatility (6M)Calculated over the trailing 6-month period | 34.98% | 60.29% | -25.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 74.50% | -30.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.73% | 90.75% | -38.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.27% | 74.33% | -16.06% |
Dividends
QBTC.TO vs. MSTR - Dividend Comparison
Neither QBTC.TO nor MSTR has paid dividends to shareholders.
Financials
QBTC.TO vs. MSTR - Financials Comparison
This section allows you to compare key financial metrics between The Bitcoin Fund and Strategy Inc. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
QBTC.TO and MSTR 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.
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