STCE vs. MSTR

Last updated Jun 4, 2026

STCE (Schwab Crypto Thematic ETF) is Blockchain fund tracking the Schwab Crypto Thematic Index, while MSTR (Strategy Inc) is a stock. Over the past 3 years, STCE returned 58.04%/yr vs 61.19%/yr for MSTR. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

STCE vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, STCE achieves a 32.00% return, which is significantly higher than MSTR's -16.72% return.

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

MSTR

• 1D: -7.01%
• 1M: -31.15%
• YTD: -16.72%
• 6M: -32.83%
• 1Y: -67.34%
• 3Y*: 61.19%
• 5Y*: 21.16%
• 10Y*: 20.96%

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

STCE vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
STCE Schwab Crypto Thematic ETF	32.00%	36.12%	41.76%	108.65%	-38.86%
MSTR Strategy Inc	-16.72%	-47.53%	358.54%	346.15%	-54.23%

Correlation

The correlation between STCE and MSTR is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 5, 2022	0.77

The correlation between STCE and MSTR has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

Return for Risk

STCE vs. MSTR — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
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.

STCE vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) 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.

	STCE	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	1.40	-0.96	+2.36
Sortino ratio: Return per unit of downside risk	1.99	-1.75	+3.74
Omega ratio: Gain probability vs. loss probability	1.24	0.81	+0.42
Calmar ratio: Return relative to maximum drawdown	1.58	-0.88	+2.46
Martin ratio: Return relative to average drawdown	2.85	-1.31	+4.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. MSTR - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.40, which is higher than the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of STCE 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.

Sharpe Ratios by Period

	STCE	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	-0.96	+2.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.12	+0.53

Drawdowns

STCE vs. MSTR - Drawdown Comparison

The maximum STCE drawdown since its inception was -54.11%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for STCE and MSTR.

Drawdown Indicators

	STCE	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-99.86%	+45.75%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-76.53%	+22.42%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	-77.42%	+23.31%
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	-25.63%	-73.29%	+47.66%
Average Drawdown Average peak-to-trough decline	-21.98%	-86.48%	+64.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	51.59%	-21.72%

Volatility

STCE vs. MSTR - Volatility Comparison

The current volatility for Schwab Crypto Thematic ETF (STCE) is 14.89%, while Strategy Inc (MSTR) has a volatility of 19.43%. This indicates that STCE 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

	STCE	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.89%	19.43%	-4.54%
Volatility (6M) Calculated over the trailing 6-month period	42.80%	56.49%	-13.69%
Volatility (1Y) Calculated over the trailing 1-year period	61.14%	70.30%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.86%	90.79%	-34.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.86%	73.70%	-17.84%

Dividends

STCE vs. MSTR - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.49%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both STCE and MSTR in my portfolio?

STCE and MSTR have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STCE or MSTR?

MSTR has higher volatility (19.43%) compared to STCE (14.89%). In terms of maximum drawdown, STCE dropped -54.11% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

STCE currently has the higher Sharpe Ratio (1.40 vs -0.96), 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.