STRC
Generally safe
High confidence
Preferred Stock Comparison
STRC vs STRD: 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.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- STRCInvestors who want the steadier, bond-like income of a preferred security.
- STRDInvestors who want higher current income (14.22% vs 0.96% for STRC).
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
STRD
Unproven
Limited data
Score snapshot as of . Method 1.11.
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 | $99.84 as of November 6, 2026 | $70.33 as of November 6, 2026 |
| Distribution rate | 0.96% | 14.22% |
| Trailing 12-month yield | 12.16% | 14.22% |
| Distribution Safety Score™ | 79 | 38 |
| Safety-Adjusted Yield | 0.76% | — |
| 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 | $0.04 declared, pays 11/10/2026 | $2.50 |
| Ex-dividend date | 11/09/2026 upcoming | 09/15/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
STRC has outpaced STRD over the trailing twelve months, posting a 12.15% total return against 3.91%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.80% a year versus -1.17% for STRD. STRC has been the steadier holding, though — annualized volatility of 22.2% against 32.5% for STRD. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Jul 2025 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| STRC | 11.51% | 12.15% | 16.80% | 22.2% | 0.33 | 0.49 | -24.3% |
| STRD | 2.57% | 3.91% | -1.17% | 32.5% | -0.01 | -0.01 | -33.6% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose STRC if you want the steadier, bond-like income of a preferred security. Choose STRD if you want higher current income (14.22% vs 0.96% 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 | 0.96% | 14.22% |
| Fund type | Preferred stock | Preferred stock |
Income calculator
See how much monthly income a hypothetical investment would generate in each preferred stock at current yields.
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 14.22% vs 0.96% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, STRC would pay about $96.00 a year (about $4.00 per semi-monthly distribution), while STRD would pay about $1,422.00 a year (about $355.50 per quarterly distribution).
STRC yield0.96%
STRD yield14.22%
Annual cash diff on $10K$1,326.00
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.
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 0.96% and 14.22% as of November 2026.
What is the current distribution rate for STRC and STRD?
STRC currently distributes 0.96% and STRD 14.22%, based on fund data updated November 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 (0.96% vs 14.22%), 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 38, 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 distribution rates, $10,000 in STRC would pay about $96.00 a year (about $4.00 per semi-monthly distribution). $10,000 in STRD would pay about $1,422.00 a year (about $355.50 per quarterly distribution).
Which has performed better historically, STRC or STRD?
STRC has outpaced STRD over the trailing twelve months, posting a 12.15% total return against 3.91%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.80% a year versus -1.17% for STRD. STRC has been the steadier holding, though — annualized volatility of 22.2% against 32.5% 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 October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
STRC and STRD are both preferred stocks issued by Strategy Inc., backed by MicroStrategy's equity. The key distinction: STRC targets price stability around $100 par through its reset mechanism, while STRD offers a higher stated yield but trades at a discount to par, reflecting its junior position in the capital structure. This creates a fundamental tradeoff: STRC's 0.96% distribution rate is lower and adjusts with market conditions, while STRD's 14.22% distribution rate is fixed but STRD trades at $70.33, a significant discount to its $100 par value—suggesting the market prices in credit or structural risk. STRC's recent price of $99.84 sits closer to par, implying the reset mechanism is functioning to stabilize valuation, while STRD's discount suggests investors demand a higher yield to compensate for junior standing or perceived risk.
Who each is best for
- STRC: Fits investors seeking predictable principal stability and a reset mechanism designed to limit price volatility, accepting a lower current yield in exchange for par-targeting discipline and semi-monthly cash flow.
- STRD: Fits investors comfortable with a lower current price and fixed, higher yield, typically those with higher risk tolerance or those seeking to capture the yield premium embedded in the junior preferred structure.
Key risks to know
- Preferred stock call risk. Both securities are perpetual preferreds issued by MicroStrategy and may be called by the issuer if rates fall or the company's financial condition improves, capping upside and forcing reinvestment at potentially lower rates.
- MicroStrategy credit and volatility risk. Both are backed solely by MicroStrategy's equity and creditworthiness. MicroStrategy carries significant business concentration (Bitcoin holdings and leverage) and equity-price volatility; any deterioration in the parent company's financial condition or asset values cascades directly to both preferreds.
- STRD junior subordination and discount-to-par risk. STRD's junior position in the capital structure and current $70.33 price leave room for further NAV erosion if credit stress emerges or if the reset/call dynamics shift market perception of its value.
- STRC reset mechanism dependency. STRC's price stability relies on monthly resets functioning as intended. If resets lag market conditions or if the issuer suspends distributions, the reset mechanism may fail to anchor price and volatility could spike.
- Limited liquidity and single-issuer concentration. Both are backed by a single company with potentially limited secondary-market trading volume, creating execution risk for large buyers or sellers.
Bottom line
If you prioritize price stability and frequent income with moderate yield, STRC's reset structure and $99.84 valuation near par stand out. If you accept price discount and junior status in exchange for a 14.22% fixed yield, STRD may offer a yield premium—but verify that MicroStrategy's credit profile and your risk tolerance align with holding a junior preferred at $70.33. Past performance does not predict future results, and both securities carry single-issuer and preferred-subordination risks that warrant careful due diligence.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.