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Relative Intelligence · Bitcoin Treasury

How Strategy (MSTR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MSTR alone. It places MSTR (Strategy Inc) against 16 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MSTR stands in the market, and of the alternatives worth a closer look.

Period covered: MSTR's full trading record, from June 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against MSTR →Chart MSTR vs. 16 alternatives →
On this page12 sections

Key findings

How much would $10,000 in MSTR have grown?

This chart tracks a hypothetical $10,000 investment in MSTR over the past 10 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MSTR over the same span and MSTR's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 10 years rather than MSTR's full 28 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2016 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 154 of the 2,697 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSTR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000$1M201620182020202220242026$100$1,000$10,000$100,000$1M2016201920222025
  • NVDA$1M+13,576% total · +63.5% a year
  • TSM$174,923+1,649% total · +33.1% a year
  • LLY$168,620+1,586% total · +32.6% a year
  • MPC$131,286+1,213% total · +29.4% a year
  • AAPL$128,826+1,188% total · +29.1% a year
  • MSTR$91,451+815% total · +24.8% a year
  • RIOT$74,629+646% total · +22.3% a year
  • SPY (S&P 500)$41,286+313% total · +15.2% a year
  • WULF$16,157+61.6% total · +4.9% a year
  • MARA$2,520−74.8% total · −12.9% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 443 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSTR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000202120222023202420252026$1,000$10,000$100,000202120222023202420252026
  • BE$147,957+1,380% total · +71.4% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • MPC$71,516+615% total · +48.2% a year
  • LLY$52,411+424% total · +39.3% a year
  • HOOD$26,734+167% total · +21.7% a year
  • MSTR$26,468+165% total · +21.5% a year
  • HUT$20,500+105% total · +15.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • GLXY$13,934+39.3% total · +6.9% a year
  • WULF$6,113−38.9% total · −9.4% a year
Change the dates or add tickers to this chart in EasyCompare

MSTR at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$57B
Industry
Software - Application
Price history from
June 1998

Returns

Past 1 year
−51.9%total return
Past 3 years
+310%+60.1% a year
Past 5 years
+88.2%+13.5% a year
Past 10 years
+748%+23.8% a year
Best calendar year
+566%1999
Worst calendar year
−81.9%2000
Losing years
11 of 27full calendar years

Risk

Volatility
91.1%typical yearly swing, 5 years
Sharpe ratio
0.59return per unit of risk, 5 years
Worst decline ever
−99.7%Mar 2000 to Jul 2002
From its all-time high
−69.9%below the peak

MSTR against the whole market

Where MSTR ranks among every stock and fund, and what across the market has done better.

How does MSTR rank among all stocks?

This section ranks MSTR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MSTR stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureMSTRRankStanding
1-year return−51.9%3,127 of 3,287bottom 6%
3-year return+310%208 of 3,017top 7%
5-year return+88.2%753 of 2,893top 26%
10-year return+748%173 of 2,202top 8%
Volatility, 5 years91.1%2,730 of 2,893bottom 7%
Sharpe ratio, 5 years0.59690 of 2,893top 24%
Worst decline, past 10 years−89.3%1,918 of 2,187bottom 13%

What has beaten MSTR on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MSTR sits where the dashed lines cross. Anything in the green box above and to the left earned more than MSTR with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MSTR; faint dots are 93 more of the 741 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MSTRTSM: +31.5% a year, volatility 38.5%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%AMD: +35.7% a year, volatility 57.6%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%LRCX: +37.4% a year, volatility 49.9%ANET: +49.0% a year, volatility 49.0%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%KLAC: +38.7% a year, volatility 46.7%VLO: +44.2% a year, volatility 36.9%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%CRWD: +26.3% a year, volatility 52.7%SCCO: +32.0% a year, volatility 40.7%MRVL: +29.5% a year, volatility 65.2%PH: +27.4% a year, volatility 28.8%ASX: +48.8% a year, volatility 43.0%PGR: +21.3% a year, volatility 25.6%PWR: +39.3% a year, volatility 37.2%TT: +22.7% a year, volatility 27.7%LITE: +57.3% a year, volatility 64.5%VST: +53.4% a year, volatility 48.6%SMH: +33.4% a year, volatility 36.9%CTAS: +16.5% a year, volatility 23.1%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%AU: +40.4% a year, volatility 49.9%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%P: +37.3% a year, volatility 55.0%STLD: +32.2% a year, volatility 38.0%HEI: +17.3% a year, volatility 27.8%CIB: +32.9% a year, volatility 32.9%STRL: +78.4% a year, volatility 60.0%WSM: +24.5% a year, volatility 44.4%THC: +32.9% a year, volatility 45.1%COKE: +41.2% a year, volatility 38.0%MLI: +38.9% a year, volatility 33.4%FRO: +52.6% a year, volatility 49.7%IESC: +58.5% a year, volatility 58.0%TKO: +26.3% a year, volatility 32.7%MEDP: +27.0% a year, volatility 52.0%HALO: +26.6% a year, volatility 40.4%IDCC: +39.0% a year, volatility 36.9%CORT: +43.0% a year, volatility 75.9%CDNS: +14.8% a year, volatility 37.2%ENSG: +19.8% a year, volatility 26.8%KNSA: +50.2% a year, volatility 53.7%AXSM: +30.7% a year, volatility 65.1%FSS: +23.3% a year, volatility 31.7%BWLP: +60.3% a year, volatility 50.9%LNTH: +34.0% a year, volatility 56.6%ANF: +33.7% a year, volatility 62.9%LGND: +30.2% a year, volatility 44.2%SIMO: +28.0% a year, volatility 55.1%CVI: +32.2% a year, volatility 52.3%ENVA: +37.8% a year, volatility 41.9%SEI: +55.4% a year, volatility 69.4%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%DXPE: +39.0% a year, volatility 46.1%UFPT: +35.8% a year, volatility 46.0%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%PSI: +24.3% a year, volatility 41.6%CIEN: +45.2% a year, volatility 52.6%ESLT: +39.8% a year, volatility 34.6%PLPC: +40.5% a year, volatility 48.3%ETON: +55.6% a year, volatility 66.1%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%NBN: +28.8% a year, volatility 33.3%FIX: +77.0% a year, volatility 46.7%FEIM: +52.0% a year, volatility 65.4%MPLX: +23.5% a year, volatility 18.8%PLTR: +51.4% a year, volatility 67.0%CLMB: +37.8% a year, volatility 45.5%AVGO: +48.3% a year, volatility 44.5%CSW: +17.1% a year, volatility 34.4%ASML: +17.4% a year, volatility 43.4%FN: +29.2% a year, volatility 57.1%WMT: +20.8% a year, volatility 22.6%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TRGP: +41.8% a year, volatility 31.7%MSTR: +13.5% a year, volatility 91.1%SPY (S&P 500): +12.7% a year, volatility 17.1%HOOD: +18.6% a year, volatility 68.6%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%NVDA: +58.0% a year, volatility 51.9%AAPL: +18.5% a year, volatility 28.0%VGT: +18.4% a year, volatility 26.0%GOOG: +19.0% a year, volatility 32.0%VOO: +12.8% a year, volatility 16.9%BE: +60.5% a year, volatility 89.6%CLS: +101% a year, volatility 59.7%MSTRSPY (S&P 500)HOODLLYMPCNVDAAAPLVGTVOOBECLS0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MSTRTSM: +31.5% a year, volatility 38.5%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%AMD: +35.7% a year, volatility 57.6%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%LRCX: +37.4% a year, volatility 49.9%ANET: +49.0% a year, volatility 49.0%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%KLAC: +38.7% a year, volatility 46.7%VLO: +44.2% a year, volatility 36.9%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%CRWD: +26.3% a year, volatility 52.7%SCCO: +32.0% a year, volatility 40.7%MRVL: +29.5% a year, volatility 65.2%PH: +27.4% a year, volatility 28.8%ASX: +48.8% a year, volatility 43.0%PGR: +21.3% a year, volatility 25.6%PWR: +39.3% a year, volatility 37.2%TT: +22.7% a year, volatility 27.7%LITE: +57.3% a year, volatility 64.5%VST: +53.4% a year, volatility 48.6%SMH: +33.4% a year, volatility 36.9%CTAS: +16.5% a year, volatility 23.1%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%AU: +40.4% a year, volatility 49.9%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%P: +37.3% a year, volatility 55.0%STLD: +32.2% a year, volatility 38.0%HEI: +17.3% a year, volatility 27.8%CIB: +32.9% a year, volatility 32.9%STRL: +78.4% a year, volatility 60.0%WSM: +24.5% a year, volatility 44.4%THC: +32.9% a year, volatility 45.1%COKE: +41.2% a year, volatility 38.0%MLI: +38.9% a year, volatility 33.4%FRO: +52.6% a year, volatility 49.7%IESC: +58.5% a year, volatility 58.0%TKO: +26.3% a year, volatility 32.7%MEDP: +27.0% a year, volatility 52.0%HALO: +26.6% a year, volatility 40.4%IDCC: +39.0% a year, volatility 36.9%CORT: +43.0% a year, volatility 75.9%CDNS: +14.8% a year, volatility 37.2%ENSG: +19.8% a year, volatility 26.8%KNSA: +50.2% a year, volatility 53.7%AXSM: +30.7% a year, volatility 65.1%FSS: +23.3% a year, volatility 31.7%BWLP: +60.3% a year, volatility 50.9%LNTH: +34.0% a year, volatility 56.6%ANF: +33.7% a year, volatility 62.9%LGND: +30.2% a year, volatility 44.2%SIMO: +28.0% a year, volatility 55.1%CVI: +32.2% a year, volatility 52.3%ENVA: +37.8% a year, volatility 41.9%SEI: +55.4% a year, volatility 69.4%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%DXPE: +39.0% a year, volatility 46.1%UFPT: +35.8% a year, volatility 46.0%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%PSI: +24.3% a year, volatility 41.6%CIEN: +45.2% a year, volatility 52.6%ESLT: +39.8% a year, volatility 34.6%PLPC: +40.5% a year, volatility 48.3%ETON: +55.6% a year, volatility 66.1%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%NBN: +28.8% a year, volatility 33.3%FIX: +77.0% a year, volatility 46.7%FEIM: +52.0% a year, volatility 65.4%MPLX: +23.5% a year, volatility 18.8%PLTR: +51.4% a year, volatility 67.0%CLMB: +37.8% a year, volatility 45.5%AVGO: +48.3% a year, volatility 44.5%CSW: +17.1% a year, volatility 34.4%ASML: +17.4% a year, volatility 43.4%FN: +29.2% a year, volatility 57.1%WMT: +20.8% a year, volatility 22.6%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TRGP: +41.8% a year, volatility 31.7%MSTR: +13.5% a year, volatility 91.1%SPY (S&P 500): +12.7% a year, volatility 17.1%HOOD: +18.6% a year, volatility 68.6%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%NVDA: +58.0% a year, volatility 51.9%AAPL: +18.5% a year, volatility 28.0%VGT: +18.4% a year, volatility 26.0%GOOG: +19.0% a year, volatility 32.0%VOO: +12.8% a year, volatility 16.9%BE: +60.5% a year, volatility 89.6%CLS: +101% a year, volatility 59.7%MSTRSPY (S&P 500)HOODLLYMPCNVDAAAPLVGTVOOBECLS
  • Popular alternatives
  • The whole market
  • Others in the green region

Is there a better investment than MSTR?

Investments that beat MSTR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat MSTR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MSTR's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MSTR follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MSTR's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MSTR's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than MSTR's.

Screen the whole market against MSTR for any period in BetterThanSPYOpen these 10 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with MSTR?lower diversifies moreExpenseper year
MSTRStrategy Inc · this page
+13.5%91.1%0.59−89.3%+748%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.520.09%
Popular alternativesbest 1 shownThe investments people most often weigh against MSTR. 1 of 11 passed at least one test.
HOODRobinhood Markets, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher return in most periods+18.6%68.6%0.59−90.2%—0.59—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,009 of 3,622 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.10—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.19—
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+58.0%51.9%1.14−66.3%+13,019%0.49—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.31—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.0%0.78−35.1%+779%0.460.09%
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.22—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+12.8%16.9%0.80−34.0%+324%0.510.03%
BEBloom Energy Corporation · Electrical Equipment
Higher return, similar volatilityHigher return in most periods+60.5%89.6%0.96−92.5%—0.32—
What these numbers mean for MSTR
Annual return
MSTR returned 13.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MSTR's volatility over the past 5 years was 91.1%, 5.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSTR's return lands within 91.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
MSTR's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so MSTR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
MSTR's worst fall from a peak to a low over the past 10 years was 89.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 89.3% fall takes a 832% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MSTR's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MSTR instead: the lower it is, the more that option would diversify a MSTR holding. Guide: Correlation and diversification →
Show all 741 stocks and funds worth at least $500 million that earned more than MSTR with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MSTRExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.10—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.19—
3
NVDANVIDIA Corporation · Semiconductors
Whole market+58.0%51.9%1.14−66.3%+13,019%0.49—
4
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.31—
5
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+1,505%0.19—
6
MUMicron Technology, Inc. · Semiconductors
Whole market+68.1%57.1%1.20−57.6%+5,243%0.17—
7
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.15—
8
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+35.7%57.6%0.82−65.5%+7,583%0.22—
9
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.23—
10
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+3,701%0.11—
11
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+37.4%49.9%0.89−56.4%+2,989%0.16—
12
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+3,439%0.33—
13
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+1,274%0.06—
14
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.32—
15
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+2,698%0.19—
16
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+25.8%47.4%0.72−55.1%+1,488%0.11—
17
KLACKLA Corporation · Semiconductor Equipment
Whole market+38.7%46.7%0.94−46.3%+2,534%0.05—
18
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.12—
19
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.46—
20
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+911%0.16—
21
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Whole market+26.3%52.7%0.71−67.7%—0.24—
22
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.25—
23
MRVLMarvell Technology, Inc. · Semiconductors
Whole market+29.5%65.2%0.72−61.9%+1,874%0.18—
24
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.460.09%
25
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.36—
26
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+967%0.12—
27
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.01—
28
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.45—
29
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.22—
30
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.36—
31
LITELumentum Holdings Inc. · Communications Equipment
Whole market+57.3%64.5%1.03−66.9%+1,904%0.03—
32
VSTVistra Corp. · Independent Power Producers
Whole market+53.4%48.6%1.13−53.3%+1,195%0.49—
33
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.350.35%
34
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.41—
35
URIUnited Rentals, Inc. · Equipment Rental
Whole market+24.3%39.1%0.75−63.3%+1,270%0.46—
36
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.51—
37
AUAngloGold Ashanti Plc · Gold Mining
Whole market+40.4%49.9%0.93−66.3%+681%0.18—
38
RVMDRevolution Medicines, Inc. · Biotechnology
Whole market+48.8%62.1%0.95−73.3%—0.16—
39
NTRANatera, Inc. · Medical Diagnostics
Whole market+29.3%57.6%0.74−77.7%+3,841%0.31—
40
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+899%0.34—
41
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+1,018%0.48—
42
HEIHEICO Corporation · Aerospace & Defense
Whole market+17.3%27.8%0.71−57.7%+809%0.30—
43
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.09—
44
STRLSterling Infrastructure, Inc. · Engineering & Construction
Whole market+78.4%60.0%1.26−59.6%+5,213%0.33—
45
WSMWilliams-Sonoma, Inc. · Specialty Retail
Whole market+24.5%44.4%0.71−59.7%+1,268%0.55—
46
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+1,058%0.26—
47
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.08—
48
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.36—
49
FROFrontline Plc · Oil & Gas
Whole market+52.6%49.7%1.10−52.0%+1,194%0.09—
50
IESCIES Holdings, Inc. · Engineering & Construction
Whole market+58.5%58.0%1.09−54.3%+2,943%0.36—
51
TKOTKO Group Holdings, Inc. · Entertainment
Whole market+26.3%32.7%0.88−69.1%+941%0.29—
52
MEDPMedpace Holdings, Inc. · Contract Research
Whole market+27.0%52.0%0.70−42.9%+1,914%0.30—
53
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.6%40.4%0.79−49.1%+1,196%0.06—
54
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+395%0.28—
55
CORTCorcept Therapeutics Incorporated · Biotechnology
Whole market+43.0%75.9%0.81−71.9%+1,593%0.27—
56
CDNSCadence Design Systems, Inc. · Software
Whole market+14.8%37.2%0.56−34.2%+1,139%0.44—
57
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%0.21—
58
KNSAKiniksa Pharmaceuticals International, plc · Biotechnology
Whole market+50.2%53.7%1.02−83.1%—-0.07—
59
AXSMAxsome Therapeutics, Inc. · Biotechnology
Whole market+30.7%65.1%0.72−81.3%+2,083%-0.14—
60
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.34—
61
BWLPBW LPG Limited · Marine Shipping
Whole market+60.3%50.9%1.19−68.8%+2,672%0.14—
62
LNTHLantheus Holdings, Inc. · Pharmaceuticals
Whole market+34.0%56.6%0.80−68.5%+985%0.22—
63
ANFAbercrombie & Fitch Co. · Specialty Retail
Whole market+33.7%62.9%0.77−72.4%+1,117%0.17—
64
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+30.2%44.2%0.82−76.9%+414%0.10—
65
SIMOSilicon Motion Technology Corporation · Semiconductors
Whole market+28.0%55.1%0.71−56.5%+494%0.02—
66
CVICVR Energy, Inc. · Oil & Gas
Whole market+32.2%52.3%0.80−79.9%+1,424%0.10—
67
ENVAEnova International, Inc. · Consumer Finance
Whole market+37.8%41.9%0.98−77.6%+1,819%0.20—
68
SEISolaris Energy Infrastructure, Inc. · Energy Infrastructure
Whole market+55.4%69.4%0.98−79.5%—0.21—
69
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+1,050%0.05—
70
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%0.13—
71
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.36—
72
CGAUCenterra Gold Inc. · Gold Mining
Whole market+26.3%47.6%0.73−72.2%+421%0.21—
73
DXPEDXP Enterprises, Inc. · Industrial - Distribution
Whole market+39.0%46.1%0.95−77.3%+610%0.36—
74
UFPTUFP Technologies, Inc. · Medical - Devices
Whole market+35.8%46.0%0.90−48.3%+1,006%0.23—
75
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.19—
76
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.05—
77
PSIInvesco Semiconductors ETF · Technology
Whole market+24.3%41.6%0.73−44.9%+1,134%0.250.55%
78
CIENCiena Corporation · Communications Equipment
Whole market+45.2%52.6%0.97−49.5%+1,600%0.02—
79
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.13—
80
PLPCPreformed Line Products Company · Electrical Equipment & Parts
Whole market+40.5%48.3%0.94−59.5%+827%0.14—
81
ETONEton Pharmaceuticals, Inc. · Drug Manufacturers - Specialty & Generic
Whole market+55.6%66.1%0.99−79.9%—0.19—
82
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.33—
83
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%-0.02—
84
NBNNortheast Bank · Banks - Regional
Whole market+28.8%33.3%0.93−70.2%+1,064%0.25—
85
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.46—
86
FEIMFrequency Electronics, Inc. · Communication Equipment
Whole market+52.0%65.4%0.95−62.4%+719%0.02—
87
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.30—
88
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+2,771%0.34—
89
PLTRPalantir Technologies Inc. · Enterprise Software
Whole market+51.4%67.0%0.95−84.6%—0.47—
90
CLMBClimb Global Solutions, Inc. · Technology Distributors
Whole market+37.8%45.5%0.94−53.4%+847%0.27—
91
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+2,380%0.13—
92
CSWCSW Industrials, Inc. · Industrial Products
Whole market+17.1%34.4%0.63−46.2%+867%0.45—
93
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+17.4%43.4%0.59−56.9%+1,628%0.21—
94
FNFabrinet · Electronics Manufacturing
Whole market+29.2%57.1%0.74−52.4%+732%0.09—
95
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.32—
96
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.26—
97
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.10—
98
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.36—
99
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.14—
100
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.37—

MSTR against its popular alternatives

The investments people most often weigh against MSTR, compared period by period and year by year.

How do MSTR's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MSTR, which divides the map into what did better or worse on each measure.

Green points earned more than MSTR with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%140%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMSTR: 13.5% a year, volatility 91.1%SPY (S&P 500): 12.7% a year, volatility 17.1%HOOD: 18.6% a year, volatility 68.6%GLXY: −3.3% a year, volatility 93.9%HUT: 2.3% a year, volatility 105%WULF: −14.4% a year, volatility 124%RIOT: −15.2% a year, volatility 94.5%MARA: −32.4% a year, volatility 106%CLSK: −13.8% a year, volatility 101%BTBT: −40.3% a year, volatility 102%BTDR: −4.6% a year, volatility 103%CIFR: 0.3% a year, volatility 121%COIN: −11.5% a year, volatility 86.9%MSTRSPY (S&P 500)HOODGLXYHUTWULFRIOTMARACLSKBTBTBTDRCIFRCOIN0.0%50.0%100%150%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMSTR: 13.5% a year, volatility 91.1%SPY (S&P 500): 12.7% a year, volatility 17.1%HOOD: 18.6% a year, volatility 68.6%GLXY: −3.3% a year, volatility 93.9%HUT: 2.3% a year, volatility 105%WULF: −14.4% a year, volatility 124%RIOT: −15.2% a year, volatility 94.5%MARA: −32.4% a year, volatility 106%CLSK: −13.8% a year, volatility 101%BTBT: −40.3% a year, volatility 102%BTDR: −4.6% a year, volatility 103%CIFR: 0.3% a year, volatility 121%COIN: −11.5% a year, volatility 86.9%MSTRSPY (S&P 500)HOODGLXYHUTWULFRIOTMARACLSKBTBTCIFRCOIN
All figures
InvestmentAnnual returnVolatility
HOOD Robinhood Markets, Inc.+18.6%68.6%
MSTR This pageStrategy Inc+13.5%91.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
HUT Hut 8 Corp.+2.3%105%
CIFR Cipher Mining Inc.+0.3%121%
GLXY Galaxy Digital−3.3%93.9%
BTDR Bitdeer Technologies Group−4.6%103%
COIN Coinbase Global, Inc.−11.5%86.9%
CLSK CleanSpark, Inc.−13.8%101%
WULF TeraWulf Inc.−14.4%124%
RIOT Riot Platforms, Inc.−15.2%94.5%
MARA Marathon Digital Holdings, Inc.−32.4%106%
BTBT Bit Digital, Inc.−40.3%102%
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Has MSTR consistently beaten its popular alternatives?

This section compares MSTR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MSTR helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than MSTR over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
MSTR Strategy Inc (this page)—−15.3%+45.9%−16.4%−9.2%−51.9%+310%+88.2%+748%91.1%0.59−89.3%—$57B—
HOOD Financial - Capital MarketsRobinhood Markets, Inc.2/5 short2/3 long−20.3%−1.1%+7.6%−14.8%−27.7%+976%+135%—68.6%0.59−90.2%—$78B—
GLXY Financial - Capital MarketsGalaxy Digital0/5 short2/3 long−39.5%−33.4%−41.2%−36.3%−60.3%+348%−15.6%+861%93.9%0.43−92.6%—$5.2B—
HUT Financial - Capital MarketsHut 8 Corp.3/5 short1/3 long−33.2%−31.6%−12.6%+34.7%+38.3%+642%+11.8%—105%0.54−95.0%—$8.5B—
WULF Financial - Capital MarketsTeraWulf Inc.2/5 short1/3 long−31.2%−36.3%−41.4%−5.7%−13.3%+992%−54.0%+31.0%124%0.48−98.5%—$6.0B—
IREN Software - ServicesIREN Limited0/5 short1/3 long−43.6%−33.8%−45.4%−37.7%−55.0%+748%————−95.7%—$10B—
ASST Asset ManagementStrive, Inc.5/5 short0/3 long−10.8%+119%+73.2%+56.4%+56.6%−17.0%————−98.0%—$2.7B—
CEPO Shell CompaniesCantor Equity Partners I, Inc. Class A Ordinary Shares4/5 short0/3 long−0.1%+1.1%+1.4%+3.5%+2.5%—————−42.1%—$221M—
FBTC CryptoFidelity Wise Origin Bitcoin Fund4/5 short0/3 long−4.8%+26.5%+7.9%−8.3%−25.8%—————−53.3%0.25%$15B—
IBIT CryptoiShares Bitcoin Trust ETF4/5 short0/3 long−4.7%+26.6%+8.0%−8.3%−25.8%—————−53.3%0.25%$65B—
RIOT Financial - Capital MarketsRiot Platforms, Inc.2/5 short0/3 long−43.1%−30.8%−24.0%−2.8%−37.4%+55.2%−56.2%+460%94.5%0.29−98.3%—$5.2B—
COIN Financial - Data & Stock ExchangesCoinbase Global, Inc.1/5 short0/3 long−15.0%+6.5%−19.3%−27.8%−50.3%+129%−45.7%—86.9%0.29−90.9%—$45B—
MARA Financial - Capital MarketsMarathon Digital Holdings, Inc.0/5 short0/3 long−43.7%−35.9%−35.7%−24.5%−63.9%−3.6%−85.9%−79.2%106%0.15−99.0%—$2.9B—
CLSK Financial - Capital MarketsCleanSpark, Inc.0/5 short0/3 long−42.9%−41.5%−30.0%−27.0%−58.7%+115%−52.3%−92.4%101%0.35−99.4%—$2.2B—
BTBT Financial - Capital MarketsBit Digital, Inc.0/5 short0/3 long−50.5%−41.6%−45.1%−55.9%−78.7%−56.5%−92.4%—102%-0.01−98.2%—$325M—
BTDR Software - ApplicationBitdeer Technologies Group0/5 short0/3 long−40.3%−31.0%−39.8%−32.1%−69.3%+145%−21.0%—103%0.46−79.5%—$1.8B—
CIFR Information Technology ServicesCipher Mining Inc.0/5 short0/3 long−53.0%−56.8%−54.0%−45.2%−55.4%+242%+1.7%—121%0.60−97.2%—$3.7B—
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How did MSTR do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where MSTR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MSTR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of MSTR; gray means the two finished within a fraction of a point. The rank row places MSTR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MSTR202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
MSTR This pageStrategy Inc—−47.5%+359%+346%−74.0%+40.2%+172%+11.6%−2.7%−33.5%+10.1%+10.4%+30.8%+33.0%−13.8%+26.7%−9.0%+153%−61.0%−16.6%+37.9%+37.1%+14.9%+248%−60.8%−59.5%−81.9%+566%
Rank among alternativesTop quarter in 4 of 914 of 151 of 148 of 133 of 135 of 96 of 82 of 82 of 54 of 5——————————————————
SPY S&P 500State Street SPDR S&P 500 ETF12 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
HOOD Robinhood Markets, Inc.2 of 4+204%+192%+56.5%−54.2%———————————————————————
GLXY Galaxy Digital3 of 9+28.9%+122%+175%−84.0%+107%+953%+11.6%—————————−27.5%−89.0%—————————
HUT Hut 8 Corp.3 of 7+124%+53.6%+214%−89.2%+185%+251%−25.1%————————————————————
WULF TeraWulf Inc.12 of 27+103%+136%+258%−95.5%+77.1%+86.4%−36.6%+12.2%−33.2%+0.5%−23.1%−1.3%+83.2%+19.5%+4.4%+15.1%+9.6%−38.1%+23.3%+18.5%−13.6%+74.9%+91.0%+9.9%−38.5%−32.7%+6.4%
IREN IREN Limited2 of 4+285%+37.3%+472%−92.3%———————————————————————
ASST Strive, Inc.1 of 2+50.3%−84.6%—————————————————————————
FBTC Fidelity Wise Origin Bitcoin Fund1 of 1−6.6%——————————————————————————
RIOT Riot Platforms, Inc.3 of 9+24.1%−34.0%+356%−84.8%+31.4%+1,417%−25.8%−94.7%+730%——————————————————
COIN Coinbase Global, Inc.2 of 4−8.9%+42.8%+391%−86.0%———————————————————————
MARA Marathon Digital Holdings, Inc.4 of 13−46.5%−28.6%+587%−89.6%+215%+1,086%−38.9%−91.2%−40.4%+7.5%−81.0%+167%−51.5%——————————————
CLSK CleanSpark, Inc.3 of 9+9.9%−16.5%+441%−78.6%−67.0%+80.9%−73.9%−16.0%−30.3%——————————————————
BTBT Bit Digital, Inc.3 of 7−35.5%−30.7%+605%−90.1%−72.3%+5,377%−93.8%————————————————————
BTDR Bitdeer Technologies Group1 of 4−48.3%+120%−5.4%+4.6%———————————————————————
CIFR Cipher Mining Inc.2 of 5+218%+12.3%+637%−87.9%−53.5%——————————————————————
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Risk and diversification

How MSTR has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were MSTR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MSTR's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means MSTR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMSTR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−99.7%−37.1%Mar 2000Jul 20022.3 yearsMar 202421.7 years
No named crash−82.6%+26.0%Nov 2024Jun 202619 monthsNot yet—
No named crash−65.1%+19.4%Aug 1998Apr 19998 monthsSep 19995 months
No named crash−46.4%−4.4%Mar 2024May 20242 monthsOct 20245 months
No named crash−29.1%+3.4%Dec 1999Dec 1999Under a monthJan 20001 month

How did MSTR do in stock market crashes?

This section measures how far MSTR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MSTR.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
MSTR This pageStrategy Inc—−17.5%−72.4%−38.5%−21.3%−3.8%−35.7%−39.3%−1.6%−70.9%−99.7%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HOOD Robinhood Markets, Inc.2 of 2−6.8%−60.4%————————
GLXY Galaxy Digital3 of 7−8.3%−82.3%−58.7%−61.9%—0.0%0.0%—−95.1%—
HUT Hut 8 Corp.1 of 4−14.9%−83.6%−62.1%−66.9%——————
WULF TeraWulf Inc.6 of 10−13.4%−93.2%−46.3%−32.3%−10.1%−22.4%−7.4%0.0%−61.9%−64.6%
IREN IREN Limited1 of 2−5.9%−82.8%————————
ASST Strive, Inc.1 of 1−7.9%—————————
RIOT Riot Platforms, Inc.1 of 5−15.9%−82.8%−56.7%−66.9%−12.0%—————
COIN Coinbase Global, Inc.1 of 2−15.2%−81.2%————————
MARA Marathon Digital Holdings, Inc.1 of 6−13.8%−84.4%−62.6%−55.2%−14.1%−54.3%————
CLSK CleanSpark, Inc.2 of 5−12.6%−78.3%−67.7%−80.3%0.0%—————
BTBT Bit Digital, Inc.2 of 4−15.3%−82.9%0.0%−56.7%——————
BTDR Bitdeer Technologies Group2 of 20.0%−0.6%————————
CIFR Cipher Mining Inc.1 of 2−12.0%−77.4%————————
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How closely does MSTR move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MSTR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MSTR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MSTR This pageStrategy Inc161%161%1.002.56
RIOT Riot Platforms, Inc.277%369%0.754.16
WULF TeraWulf Inc.188%316%0.602.46
MARA Marathon Digital Holdings, Inc.198%441%0.455.00
CLSK CleanSpark, Inc.153%413%0.373.31
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What diversifies MSTR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MSTR's. Because such investments tend not to fall at the same time, pairing MSTR with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MSTR lost money. The last two columns show a portfolio that is 80% MSTR and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2025202220182017201220102008200720022001200080/20 mix volatility80/20 mix annual return
MSTR Strategy Inc (this page)1.00+88.2%0.59−47.5%−74.0%−2.7%−33.5%−13.8%−9.0%−61.0%−16.6%−60.8%−59.5%−81.9%108%+21.5%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.18+119%1.48+27.1%+3.8%−5.2%+10.0%———————86.7%+29.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.34+32.8%+6.0%−19.8%+22.8%+19.6%−1.8%−20.8%−7.4%———86.7%+32.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+9.7%+10.4%−8.7%+1.1%———————87.4%+29.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.20+83.3%1.00+11.9%+7.1%−3.0%+13.5%+9.6%——————86.9%+28.6%
SMH TechnologyVanEck Semiconductor ETF0.35+323%0.97+49.2%−33.5%−9.1%+38.5%+8.6%+19.0%−44.7%+6.0%−47.0%−14.6%—88.9%+33.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.33+85.0%0.96+23.1%−5.1%−9.5%+16.7%+20.9%——————87.0%+28.8%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96+63.7%−0.8%−1.9%+12.8%+6.6%+29.3%+4.9%+30.4%———87.0%+29.9%
FFLC Broad MarketFidelity Fundamental Large Cap Core ETF0.48+107%0.95+17.7%0.0%—————————87.8%+28.9%

Stocks

InvestmentCorrelation5Y returnSharpe2025202220182017201220102008200720022001200080/20 mix volatility80/20 mix annual return
MSTR Strategy Inc (this page)1.00+88.2%0.59−47.5%−74.0%−2.7%−33.5%−13.8%−9.0%−61.0%−16.6%−60.8%−59.5%−81.9%108%+21.5%
CAH Medical - DistributionCardinal Health, Inc.-0.02+479%1.55+76.3%+54.1%−24.5%−12.7%+3.8%+21.4%−39.6%−9.8%−8.3%−2.5%+108%86.4%+35.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+220%+1.3%−16.3%−11.6%+11.2%+2.8%−20.5%−25.7%−65.1%−25.6%−2.3%91.0%+45.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.46+1,636%1.46+121%+17.0%+0.8%+32.1%+15.7%+8.7%−15.2%+2.1%−9.4%+73.7%−71.1%90.7%+41.4%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+44.5%+51.8%−28.4%+12.0%+25.6%+13.8%−40.4%+29.7%−27.2%+4.9%+61.2%87.0%+34.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.19+690%1.41+19.2%+86.6%−8.2%+34.8%+94.3%——————87.7%+36.3%
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Common questions

What was MSTR's worst drawdown?

MSTR's deepest decline since it began trading in 1998 was 99.7%, from March 2000 to July 2002. It took about 22 years from the low to climb back to its old high.

What were MSTR's best and worst years?

Over 27 full calendar years, MSTR's best year was 1999, when it returned 566%. Its worst was 2000, with a return of -81.9%.

Is there a better investment than MSTR?

Among MSTR's popular alternatives, HOOD earned more than MSTR with less volatility over the past 5 years: 18.6% a year at 68.6% volatility, against 13.5% a year at 91.1%. Across the whole market, 741 of the 3,633 stocks and funds worth at least $500 million earned more than MSTR with less volatility over the past 5 years, among them NVDA, AAPL and GOOG.

Is MSTR more volatile than the S&P 500?

Yes. MSTR's volatility over the past 5 years was 91.1%, 5.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSTR's return lands within 91.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MSTR's Sharpe ratio?

MSTR's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so MSTR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is MSTR with the S&P 500?

Over the past 5 years, MSTR's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MSTR instead: the lower it is, the more that option would diversify a MSTR holding.

What are the best alternatives to MSTR?

None of the 16 popular alternatives we compared outperformed MSTR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about MSTR's strength than about its alternatives.

Did MSTR outperform the S&P 500?

MSTR finished ahead of the S&P 500 (SPY) in 14 of 27 full calendar years. In 2025, it returned -47.5%, against +17.7% for the index.

How did MSTR do in stock market crashes?

MSTR fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when MSTR fell 99.7% and the S&P 500 fell 47.5%.

What diversifies MSTR?

These had a low correlation with MSTR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.18), DXJ (correlation 0.16) and EMLP (correlation 0.38); among large stocks, CAH (correlation -0.02), CLS (correlation 0.34) and FIX (correlation 0.46). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MSTR

Other stocks and ETFs