QBTS vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about D-Wave Quantum Inc (QBTS) and MicroStrategy Incorporated (MSTR).

Performance

QBTS vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in D-Wave Quantum Inc (QBTS) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.

QBTS vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QBTS D-Wave Quantum Inc	-44.82%	211.31%	854.44%	-38.88%	-85.60%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	358.54%	346.15%	-57.10%

Fundamentals

Market Cap QBTS : $5.09B MSTR : $36.69B
EPS QBTS : -$1.08 MSTR : -$13.50
PS Ratio QBTS : 193.58 MSTR : 78.11
PB Ratio QBTS : 5.98 MSTR : 6.41
Total Revenue (TTM) QBTS : $24.59M MSTR : $477.23M
Gross Profit (TTM) QBTS : $20.31M MSTR : $327.82M
EBITDA (TTM) QBTS : -$345.51M MSTR : -$5.44B

Returns By Period

In the year-to-date period, QBTS achieves a -44.82% return, which is significantly lower than MSTR's -17.87% return.

QBTS

• 1D: 11.17%
• 1M: -23.16%
• YTD: -44.82%
• 6M: -41.60%
• 1Y: 89.87%
• 3Y*: 179.05%
• 5Y*: —
• 10Y*: —

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

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

Return for Risk

QBTS vs. MSTR — Risk / Return Rank

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

QBTS

QBTS Risk / Return Rank: 71
QBTS Sharpe Ratio Rank: 69
QBTS Sortino Ratio Rank: 80
QBTS Omega Ratio Rank: 71
QBTS Calmar Ratio Rank: 69
QBTS Martin Ratio Rank: 66

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

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.

QBTS vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for D-Wave Quantum Inc (QBTS) and MicroStrategy Incorporated (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.

	QBTS	MSTR	Difference
Sharpe ratio Return per unit of total volatility	0.77	-0.77	+1.54
Sortino ratio Return per unit of downside risk	2.04	-1.12	+3.16
Omega ratio Gain probability vs. loss probability	1.22	0.87	+0.34
Calmar ratio Return relative to maximum drawdown	1.27	-0.74	+2.02
Martin ratio Return relative to average drawdown	2.69	-1.29	+3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QBTS vs. MSTR - Sharpe Ratio Comparison

The current QBTS Sharpe Ratio is 0.77, which is higher than the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of QBTS and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QBTS	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.77	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.12	-0.05

Correlation

The correlation between QBTS and MSTR is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QBTS vs. MSTR - Dividend Comparison

Neither QBTS nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

QBTS vs. MSTR - Drawdown Comparison

The maximum QBTS drawdown since its inception was -96.67%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for QBTS and MSTR.

Drawdown Indicators

	QBTS	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-96.67%	-99.86%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	-71.01%	-76.53%	+5.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-67.78%	-73.66%	+5.88%
Average Drawdown Average peak-to-trough decline	-66.49%	-86.60%	+20.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.60%	43.98%	-10.38%

Volatility

QBTS vs. MSTR - Volatility Comparison

D-Wave Quantum Inc (QBTS) has a higher volatility of 20.29% compared to MicroStrategy Incorporated (MSTR) at 18.69%. This indicates that QBTS's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBTS	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	18.69%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	77.91%	55.56%	+22.35%
Volatility (1Y) Calculated over the trailing 1-year period	117.60%	74.10%	+43.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	152.02%	91.30%	+60.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	152.02%	73.16%	+78.86%

Financials