AETH vs. MSBT
AETH (Bitwise Ethereum Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. AETH is actively managed, while MSBT is passively managed. At a 0.39 correlation, their price movements are largely independent. AETH charges 0.90%/yr vs 0.14%/yr for MSBT.
Performance
AETH vs. MSBT - Performance Comparison
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Returns By Period
AETH
- 1D
- -4.82%
- 1M
- -8.81%
- YTD
- -17.82%
- 6M
- -17.79%
- 1Y
- -14.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT
- 1D
- -3.97%
- 1M
- -21.03%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AETH vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
AETH Bitwise Ethereum Strategy ETF | -13.05% |
MSBT Morgan Stanley Bitcoin Trust | -17.50% |
Correlation
The correlation between AETH and MSBT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.39 |
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Return for Risk
AETH vs. MSBT — Risk / Return Rank
AETH
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AETH vs. MSBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Morgan Stanley Bitcoin Trust (MSBT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AETH | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.97 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | — | — |
| Martin ratioReturn relative to average drawdown | -0.44 | — | — |
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Drawdowns
AETH vs. MSBT - Drawdown Comparison
The maximum AETH drawdown since its inception was -48.85%, which is greater than MSBT's maximum drawdown of -27.01%. Use the drawdown chart below to compare losses from any high point for AETH and MSBT.
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Drawdown Indicators
| AETH | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -27.01% | -21.84% |
Max Drawdown (1Y)Largest decline over 1 year | -48.85% | — | — |
Current DrawdownCurrent decline from peak | -48.85% | -27.01% | -21.84% |
Average DrawdownAverage peak-to-trough decline | -25.09% | -8.82% | -16.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.47% | — | — |
Volatility
AETH vs. MSBT - Volatility Comparison
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Volatility by Period
| AETH | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 25.54% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 43.78% | 37.57% | +6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.27% | 37.57% | +16.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.27% | 37.57% | +16.70% |
AETH vs. MSBT - Expense Ratio Comparison
AETH has a 0.90% expense ratio, which is higher than MSBT's 0.14% expense ratio.
Dividends
AETH vs. MSBT - Dividend Comparison
AETH's dividend yield for the trailing twelve months is around 2.93%, while MSBT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AETH Bitwise Ethereum Strategy ETF | 2.93% | 2.41% | 14.73% | 6.64% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AETH and MSBT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MSBT is cheaper with a 0.14% expense ratio, compared with 0.90% for AETH.
AETH has the higher dividend yield at 2.93%, compared with 0.00% for MSBT.
They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.90% for AETH and 0.14% for MSBT.
Find the right allocation for AETH and MSBT
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