Preferred Stock Comparison
STRC vs STRK: Same Issuer, Two Preferred Series
A head-to-head of Strategy's variable-rate Series A stretch preferred and perpetual strike preferred covering cadence, structure, and cash.
Data updated September 18, 2026
Best for
- STRCInvestors who want higher current income (13.39% vs 11.65% for STRK).
- STRKInvestors who want the steadier, bond-like income of a preferred security.
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 STRK over the trailing twelve months, posting a 13.84% total return against -8.26%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus -16.23% for STRK. STRC has been the steadier holding, though — annualized volatility of 22.1% against 37.8% for STRK. 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% |
| STRK | -1.94% | -8.26% | -16.23% | 37.8% | -0.35 | -0.47 | -43.5% |
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 | STRK |
|---|---|---|
| Full name | Strategy Variable Rate Series A Perpetual Stretch Preferred Stock | Perpetual Strike Preferred Stock |
| Issuer | Strategy Inc. | Strategy Inc. |
| Last Close | $98.51 as of September 18, 2026 | $75.42 as of September 18, 2026 |
| Distribution rate | 13.39% | 11.65% |
| 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 an 8% fixed coupon through MicroStrategy's preferred equity structure. |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Last dividend | $0.50 declared, pays 10/15/2026 | $2.00 declared, pays 09/30/2026 |
| Ex-dividend date | 09/30/2026 upcoming | 09/15/2026 |
Bottom lineChoose STRC if you want higher current income (13.39% vs 11.65% for STRK). Choose STRK if you want the steadier, bond-like income of a preferred security.
STRC vs STRK: two Strategy preferred series
Same issuer, two preferred claims. Series terms and payout cadence are the decision, not a fund-versus-fund yield race.
| STRC | STRK | |
|---|---|---|
| What it is | Variable-rate stretch preferred | Perpetual strike preferred |
| Payout cadence | semi-monthly | quarterly |
| Distribution rate | 13.39% | 11.65% |
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Quick verdict
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) and STRK (Perpetual Strike Preferred Stock) are both dividend-paying preferred stocks, but they take different approaches.
STRC offers the higher yield at 13.39% vs 11.65% for STRK. 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 STRK would produce $97.08/month, at current distribution rates.
Strategy & risk
Both STRC and STRK 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. STRK (Perpetual Strike Preferred Stock) is a preferred stock.
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Frequently asked questions
What is the difference between STRC and STRK?
Both are Strategy preferred stocks, not funds. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a variable-rate stretch series that pays semi-monthly. STRK (Perpetual Strike Preferred Stock) is the perpetual strike series that pays quarterly. Distributions are 13.39% and 11.65% as of September 2026. Neither has a fund expense ratio. Series terms and payout cadence are the decision.
What is the current distribution rate for STRC and STRK?
STRC currently distributes 13.39% and STRK 11.65%, 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 STRK better for dividend income?
It depends on your goals. STRC 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.
Can I hold both STRC and STRK?
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 STRK 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, STRK 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 STRK generate?
At current rates, $10,000 in STRC would generate roughly $111.58 per month ($1,339.00 annually). The same in STRK would produce about $97.08 per month ($1,165.00 annually).
Which has performed better historically, STRC or STRK?
STRC has outpaced STRK over the trailing twelve months, posting a 13.84% total return against -8.26%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus -16.23% for STRK. STRC has been the steadier holding, though — annualized volatility of 22.1% against 37.8% for STRK. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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STRC vs STRK — at a glance
Generated September 19, 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 STRK are both perpetual preferred stocks issued by MicroStrategy Incorporated through Strategy Inc., giving investors fixed-income-like returns backed by the cryptocurrency-heavy technology company.
How they differ
STRC's variable-rate mechanism sets it apart structurally. The dividend is recalibrated monthly to encourage trading near $100 par value and reduce price swings—a feature designed to smooth volatility. By contrast, STRK offers a fixed coupon with no reset mechanism, meaning its price moves inversely with interest rates and credit spreads. STRC currently trades at $98.51, close to par, while STRK trades at $75.42, a roughly 25% discount reflecting the impact of rising rates on a fixed-coupon security. Both are younger securities—STRC was issued 1 year and STRK 1 year—so neither has weathered a full market cycle.
Who each is best for
- STRC: Fits investors seeking monthly income with minimal mark-to-market volatility on their preferred position—the variable reset mechanism prioritizes stability around par value over yield maximization.
- STRK: Fits investors comfortable with price fluctuation in exchange for a locked-in coupon and the potential for capital appreciation if interest rates fall or MicroStrategy's credit profile improves.
Key risks to know
- Single-issuer concentration. Both securities are unsecured perpetual preferreds backed entirely by MicroStrategy Incorporated, a company with direct exposure to Bitcoin holdings and crypto-sector volatility. Deterioration in MicroStrategy's financial position or Bitcoin's price would affect both equally.
- Interest-rate sensitivity on STRK. Fixed-coupon preferreds decline in value when rates rise; STRK's current $75.42 price reflects recent rate moves. A further rise in risk-free rates or MicroStrategy's cost of capital would pressure the price further.
- Variable-rate reset risk on STRC. While designed to stabilize price, STRC's monthly reset could compress its yield sharply if short-term funding rates fall, offsetting the income appeal if market conditions tighten.
- Perpetual structure with call optionality. Both are perpetual preferreds, meaning they have no maturity date and may be called by MicroStrategy at par if rates decline or the company's position strengthens—capping upside on STRK and potentially forcing reinvestment at lower yields on STRC.
- Nascent track record. Both securities are less than one year old and have no history through a full market cycle or stress event; their true behavior under adverse conditions remains untested. Both carry single-issuer and perpetual-structure risks inherent to MicroStrategy's preferreds; diversification across this issuer or cryptocurrency-linked exposure is a structural question independent of which preferred you choose. 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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