WULF vs. MSTR

Last updated Aug 1, 2026

WULF (TeraWulf Inc.) and MSTR (Strategy Inc) are both stocks. Both are in the Technology sector — WULF in Information Technology Services, MSTR in Software - Application. Over the past 3 years, WULF returned 85.20%/yr vs 28.96%/yr for MSTR. Their 0.47 correlation means their historical movements had little consistent relationship.

Performance

WULF vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, WULF achieves a 53.70% return, which is significantly higher than MSTR's -38.61% return.

WULF

• 1D: -0.90%
• 1M: -16.62%
• 6M: 32.09%
• YTD: 53.70%
• 1Y: 271.01%
• 3Y*: 85.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.93%

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
WULF TeraWulf Inc.	$594.29M	$753.10M	$725.98M

WULF vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WULF TeraWulf Inc.	53.70%	103.00%	135.83%	260.58%	-95.58%	-52.66%
MSTR Strategy Inc	-38.61%	-47.53%	358.54%	346.15%	-74.00%	-4.75%

Correlation

The correlation between WULF and MSTR is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.47

Fundamentals

Market Cap WULF : $8.75B MSTR : $30.86B
EPS WULF : -$2.52 MSTR : -$97.96
PS Ratio WULF : 42.81 MSTR : 59.67
Total Revenue (TTM) WULF : $168.06M MSTR : $498.35M
Gross Profit (TTM) WULF : $107.59M MSTR : $336.89M
EBITDA (TTM) WULF : -$132.10M MSTR : -$36.86B

Return for Risk

WULF vs. MSTR — Risk / Return Rank

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

WULF

WULF Risk / Return Rank: 94
WULF Sharpe Ratio Rank: 94
WULF Sortino Ratio Rank: 93
WULF Omega Ratio Rank: 90
WULF Calmar Ratio Rank: 95
WULF Martin Ratio Rank: 96

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.

WULF vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TeraWulf Inc. (WULF) 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.

	WULF	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-1.02	+3.28
Sortino ratio: Return per unit of downside risk	3.08	-2.18	+5.26
Omega ratio: Gain probability vs. loss probability	1.36	0.78	+0.58
Calmar ratio: Return relative to maximum drawdown	5.09	-0.97	+6.06
Martin ratio: Return relative to average drawdown	16.02	-1.38	+17.40

WULF vs. MSTR - Sharpe Ratio Comparison

The current WULF Sharpe Ratio is 2.26, which is higher than the MSTR Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of WULF 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

WULF vs. MSTR - Drawdown Comparison

The maximum WULF drawdown since its inception was -98.30%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for WULF and MSTR.

Drawdown Indicators

	WULF	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-98.30%	-99.86%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-47.93%	-79.53%	+31.60%
Max Drawdown (3Y) Largest decline over 3 years	-74.60%	-82.63%	+8.03%
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	-44.45%	-80.31%	+35.86%
Average Drawdown Average peak-to-trough decline	-80.45%	-86.42%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.21%	55.64%	-40.43%

Volatility

WULF vs. MSTR - Volatility Comparison

TeraWulf Inc. (WULF) has a higher volatility of 33.74% compared to Strategy Inc (MSTR) at 18.58%. This indicates that WULF'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

	WULF	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.74%	18.58%	+15.16%
Volatility (6M) Calculated over the trailing 6-month period	67.95%	60.57%	+7.38%
Volatility (1Y) Calculated over the trailing 1-year period	107.86%	75.24%	+32.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.23%	89.94%	+37.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.23%	74.33%	+52.90%

Dividends

WULF vs. MSTR - Dividend Comparison

Neither WULF nor MSTR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WULF TeraWulf Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	33.22%

Financials

Frequently Asked Questions

Can I hold both WULF and MSTR in my portfolio?

WULF and MSTR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WULF or MSTR?

WULF has higher volatility (33.74%) compared to MSTR (18.58%). In terms of maximum drawdown, WULF dropped -98.30% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (2.26 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.