Preferred Stock Comparison
STRD vs STRC: Two Preferreds from the Same Issuer
A head-to-head of Strategy Variable Rate Stretch Preferred and Perpetual Stride Preferred covering structure, not a one-date yield.
Data updated September 18, 2026
Best for
- STRCInvestors who want the steadier, bond-like income of a preferred security.
- STRDInvestors who want higher current income (14.16% vs 13.39% for STRC).
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.
STRC has outpaced STRD over the trailing twelve months, posting a 13.84% total return against 7.76%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus 3.82% for STRD. STRC has been the steadier holding, though — annualized volatility of 22.1% against 32.4% for STRD. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | Since Jul 2025 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| STRC | 8.16% | 13.84% | 16.67% | 22.1% | 0.38 | 0.57 | -24.3% |
| STRD | 8.62% | 7.76% | 3.82% | 32.4% | 0.09 | 0.12 | -34.4% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jul 2025” measures every fund from July 30, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  STRC | STRD |
|---|---|---|
| Full name | Strategy Variable Rate Series A Perpetual Stretch Preferred Stock | Perpetual Stride Preferred Stock |
| Issuer | Strategy Inc. | Strategy Inc. |
| Last Close | $98.51 as of September 18, 2026 | $74.19 as of September 18, 2026 |
| Distribution rate | 13.39% | 14.16% |
| Distribution Safety Score™ | 79 | 50 |
| Safety-Adjusted Yield | 10.58% | — |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Semi-Monthly | Quarterly |
| Underlying index | Preferred equity security issued by MicroStrategy Incorporated. | Preferred equity security issued by MicroStrategy Incorporated. |
| Objective | Stretch (STRC) is Strategy’s perpetual preferred stock that pays a variable cash dividend twice a month (semi-monthly) — most recently $0.50 per share per payment, an annualized rate of about 12% on its $100 par value. STRC’s dividend rate is reset each month to encourage trading around STRC’s $100 par value and to help strip away price volatility. | Provide investors with a 10% non-cumulative fixed dividend through MicroStrategy's junior preferred equity structure. |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Last dividend | $0.50 declared, pays 10/15/2026 | $2.50 declared, pays 09/30/2026 |
| Ex-dividend date | 09/30/2026 upcoming | 09/15/2026 |
Bottom lineChoose STRC if you want the steadier, bond-like income of a preferred security. Choose STRD if you want higher current income (14.16% vs 13.39% for STRC).
STRD vs STRC: two Strategy preferreds
Same issuer, different preferred terms. Coupon design and seniority matter more than a one-date yield.
| STRC | STRD | |
|---|---|---|
| Security | Strategy Variable Rate Series A Perpetual Stretch Preferred Stock | Perpetual Stride Preferred Stock |
| Distribution rate | 13.39% | 14.16% |
| Fund type | Preferred stock | Preferred stock |
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Quick verdict
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) and STRD (Perpetual Stride Preferred Stock) are both dividend-paying preferred stocks, but they take different approaches.
STRD offers the higher yield at 14.16% vs 13.39% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, STRC would generate roughly $111.58/month, while STRD would produce $118.00/month, at current distribution rates.
Strategy & risk
Both STRC and STRD wrap Preferred equity security issued by MicroStrategy Incorporated. with similar strategies (bitcoin and bitcoin). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.
Security details
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock. STRD (Perpetual Stride Preferred Stock) is a preferred stock.
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Frequently asked questions
What is the difference between STRD and STRC?
Both are preferred stocks issued by Strategy Inc. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is the Stretch Series A variable-rate preferred. STRD (Perpetual Stride Preferred Stock) is Stride preferred. Coupons, seniority, and call features differ; they are not two share classes of one ETF. Distributions are 13.39% and 14.16% as of September 2026.
What is the current distribution rate for STRC and STRD?
STRC currently distributes 13.39% and STRD 14.16%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is STRC or STRD better for dividend income?
It depends on your goals. STRD currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between STRC and STRD?
Both STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) and STRD (Perpetual Stride Preferred Stock) track Preferred equity security issued by MicroStrategy Incorporated. with similar approaches — the labels "bitcoin" and "bitcoin" describe closely related mechanics. The real differences show up in yield target (13.39% vs 14.16%), expense ratio (— vs —), and issuer (Strategy Inc. vs Strategy Inc.).
Can I hold both STRC and STRD?
You can, but expect significant overlap. Both funds use similar strategies on Preferred equity security issued by MicroStrategy Incorporated., so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Is STRC or STRD safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — STRC scores 79, STRD scores 50, so STRC's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in STRC vs STRD generate?
At current rates, $10,000 in STRC would generate roughly $111.58 per month ($1,339.00 annually). The same in STRD would produce about $118.00 per month ($1,416.00 annually).
Which has performed better historically, STRC or STRD?
STRC has outpaced STRD over the trailing twelve months, posting a 13.84% total return against 7.76%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus 3.82% for STRD. STRC has been the steadier holding, though — annualized volatility of 22.1% against 32.4% for STRD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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STRC vs STRD — at a glance
Generated September 19, 2026.
Overview
STRC and STRD are both perpetual preferred stocks issued by Strategy Inc., backed by MicroStrategy's equity. Both offer high nominal yields tied to MicroStrategy's bitcoin holdings and corporate performance, but they target different investor preferences for predictability and payment frequency.
How they differ
The core distinction is dividend structure. STRC's variable rate resets monthly to encourage par-value trading and reduce price volatility; it currently yields 13.39% annualized. Third, current pricing reflects these mechanics: STRC trades at $98.51, close to its {{$100}} par target, while STRD sits at $74.19, a steeper discount that incorporates its fixed-rate structure and subordination risk.
Who each is best for
- STRC: Fits investors who prioritize steady, frequent cash distributions and prefer a dividend rate that adjusts to market conditions, reducing the risk of paying a significant premium to par if rates fall or credit conditions tighten.
Key risks to know
- Subordination and credit risk. Both securities are perpetual preferred stocks junior to MicroStrategy's debt and common equity, meaning they rank below bondholders in any distress or liquidation. MicroStrategy's leverage, bitcoin holdings volatility, and operating cash flow determine whether dividends continue uncut.
- Variable-rate reset risk (STRC). Monthly resets mean STRC's dividend can move down if market conditions deteriorate or MicroStrategy's credit spread widens. Investors seeking predictable income may face repeated rate cuts that compress yield.
- Duration risk (STRD). STRD's fixed rate exposes holders to rising-rate risk; if preferred-market yields rise, STRD's price could fall further below par, locking in a loss if sold before maturity (perpetuals have no maturity, so this is structural).
- Non-cumulative dividend treatment. If MicroStrategy suspends or cuts STRD's dividend, missed payments do not accumulate or compound — they are permanently foregone. This distinguishes preferreds from bonds and increases recovery risk in distress.
- Bitcoin concentration and valuation volatility. MicroStrategy's balance sheet is heavily weighted to bitcoin holdings. Sharp moves in bitcoin price directly affect the company's asset coverage, leverage ratios, and ability to service preferred dividends, creating an indirect but material crypto exposure for holders of both securities.
Bottom line
If you prefer frequent, adjusting-rate income and believe market conditions will keep STRC near par, STRC's semi-monthly payments and monthly reset offer transparency and reduced price risk. If you want a locked-in 10% rate and can tolerate wider price swings, STRD's fixed structure and current discount may appeal. Both carry meaningful subordination and bitcoin-linked volatility; neither is a substitute for due diligence on MicroStrategy's financial health and dividend sustainability. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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