SBET vs. MSTR

Last updated Aug 1, 2026

SBET (Sharplink, Inc.) and MSTR (Strategy Inc) are both stocks. SBET operates in Asset Management (Financial Services), while MSTR operates in Software - Application (Technology). Over the past year, SBET returned -64.29% vs -74.56% for MSTR. Their 0.35 correlation means their historical movements had little consistent relationship.

Performance

SBET vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, SBET achieves a -31.54% return, which is significantly higher than MSTR's -38.61% return.

SBET

• 1D: -4.52%
• 1M: 15.25%
• 6M: -31.08%
• YTD: -31.54%
• 1Y: -64.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.88%

MSTR

• 1D: -4.56%
• 1M: -7.43%
• 6M: -37.69%
• YTD: -38.61%
• 1Y: -74.56%
• 3Y*: 28.96%
• 5Y*: 8.30%
• 10Y*: 18.75%
• ALL TIME*: 9.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTR Strategy Inc	$1.53B	$1.65B	$2.43B
SBET Sharplink, Inc.	$53.27M	$53.90M	$52.48M

SBET vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBET Sharplink, Inc.	-31.54%	15.65%	-45.41%
MSTR Strategy Inc	-38.61%	-47.53%	303.64%

Correlation

The correlation between SBET and MSTR is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Feb 13, 2024	0.35

Over the past year, SBET and MSTR have become more correlated (0.76) than their long-term average of 0.35, meaning their price movements have been converging.

Fundamentals

Market Cap SBET : $1.21B MSTR : $30.86B
EPS SBET : -$11.70 MSTR : -$97.96
PS Ratio SBET : 18.85 MSTR : 59.67
Total Revenue (TTM) SBET : $39.37M MSTR : $498.35M
Gross Profit (TTM) SBET : $37.65M MSTR : $336.89M
EBITDA (TTM) SBET : -$504.51M MSTR : -$36.86B

Return for Risk

SBET vs. MSTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBET

SBET Risk / Return Rank: 12
SBET Sharpe Ratio Rank: 9
SBET Sortino Ratio Rank: 8
SBET Omega Ratio Rank: 11
SBET Calmar Ratio Rank: 11
SBET Martin Ratio Rank: 18

MSTR

MSTR Risk / Return Rank: 5
MSTR Sharpe Ratio Rank: 4
MSTR Sortino Ratio Rank: 2
MSTR Omega Ratio Rank: 5
MSTR Calmar Ratio Rank: 4
MSTR Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBET vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sharplink, Inc. (SBET) 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.

	SBET	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-1.02	+0.20
Sortino ratio: Return per unit of downside risk	-1.31	-2.18	+0.87
Omega ratio: Gain probability vs. loss probability	0.86	0.78	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.97	+0.13
Martin ratio: Return relative to average drawdown	-1.12	-1.38	+0.26

SBET vs. MSTR - Sharpe Ratio Comparison

The current SBET Sharpe Ratio is -0.82, which is comparable to the MSTR Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of SBET 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

SBET vs. MSTR - Drawdown Comparison

The maximum SBET drawdown since its inception was -94.24%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for SBET and MSTR.

Drawdown Indicators

	SBET	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-94.24%	-99.86%	+5.62%
Max Drawdown (1Y) Largest decline over 1 year	-80.94%	-79.53%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-82.63%	—
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	-92.27%	-80.31%	-11.96%
Average Drawdown Average peak-to-trough decline	-67.36%	-86.42%	+19.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.25%	55.64%	+4.61%

Volatility

SBET vs. MSTR - Volatility Comparison

Sharplink, Inc. (SBET) has a higher volatility of 21.90% compared to Strategy Inc (MSTR) at 18.58%. This indicates that SBET'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

	SBET	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.90%	18.58%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	56.64%	60.57%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	82.34%	75.24%	+7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	330.59%	89.94%	+240.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	330.59%	74.33%	+256.26%

Dividends

SBET vs. MSTR - Dividend Comparison

Neither SBET nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both SBET and MSTR in my portfolio?

SBET and MSTR have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBET or MSTR?

SBET has higher volatility (21.90%) compared to MSTR (18.58%). In terms of maximum drawdown, SBET dropped -94.24% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

SBET currently has the higher Sharpe Ratio (-0.82 vs -1.02), 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.