EBON vs MSTR: Correlation
How closely do Ebang International Holdings Inc. - Class A (EBON) and Strategy Inc (MSTR) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBON and MSTR?
Across a 3-year window, the weekly returns of EBON and MSTR correlate at 0.42, moderate. The past 12 months show a tighter link (0.53) than the 3-year average (0.42). Stretching to 5 years gives 0.49, with an annualized covariance of 3231.7 %².
Among the 14 assets we track against EBON, MSTR ranks #8 by 3-year correlation. The last year tells two different stories: EBON led by 16.3 percentage points, -43.5% for EBON against -59.8% for MSTR.
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.
EBON vs MSTR: side by side
| EBON (Ebang International Holdings Inc. - Class A) | MSTR (Strategy Inc) | |
|---|---|---|
| 1-year return | -43.5% | -59.8% |
| 5-year return | -97.1% | +95.5% |
| Volatility (ann.) | 87.4% | 87.2% |
| Beta vs S&P 500 | 1.50 | 1.49 |
| Max drawdown (3Y) | -90.4% | -82.6% |
| Market cap | – | $54.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBON | MSTR |
|---|---|---|
| 2022 | -90.6% | -74.0% |
| 2023 | +425.8% | +346.2% |
| 2024 | -62.6% | +358.5% |
| 2025 | -46.5% | -47.5% |
| 2026 | -27.4% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBON and MSTR good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EBON and MSTR?
The EBON/MSTR correlation stands at 0.42 on a 3-year window (1 year: 0.53, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is MSTR a good diversifier for EBON?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ebon-vs-mstr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ebon-vs-mstr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EBON correlations · MSTR correlations
