COIN vs MSTR: Correlation
Coinbase (COIN) and Strategy Inc (MSTR) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and MSTR?
Across a 3-year window, the weekly returns of COIN and MSTR correlate at 0.60, strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.60 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 4216.7 %².
Within COIN's tracked universe of 34 assets, MSTR comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with COIN ahead by 21.5 points (-38.3% versus -59.8%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
COIN vs MSTR: side by side
| COIN (Coinbase) | MSTR (Strategy Inc) | |
|---|---|---|
| 1-year return | -38.3% | -59.8% |
| 5-year return | -27.4% | +95.5% |
| Volatility (ann.) | 80.0% | 87.2% |
| Beta vs S&P 500 | 2.66 | 1.49 |
| Max drawdown (3Y) | -66.4% | -82.6% |
| Market cap | $50.3B | $54.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | COIN | MSTR |
|---|---|---|
| 2022 | -86.0% | -74.0% |
| 2023 | +391.4% | +346.2% |
| 2024 | +42.8% | +358.5% |
| 2025 | -8.9% | -47.5% |
| 2026 | -15.7% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COIN and MSTR good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between COIN and MSTR?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.79 over the last year and 0.69 over 5 years.
Is MSTR a good diversifier for COIN?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/coin-vs-mstr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coin-vs-mstr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COIN correlations · MSTR correlations
