AETH vs. MSBT

Last updated Jun 4, 2026

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 0.49 correlation, their price movements are largely independent. AETH charges 0.90%/yr vs 0.14%/yr for MSBT.

Performance

AETH vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AETH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
AETH Bitwise Ethereum Strategy ETF	-4.59%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between AETH and MSBT is 0.49, 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 9, 2026	0.49

Return for Risk

AETH vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	AETH	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	—	—
Sortino ratio: Return per unit of downside risk	-0.26	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.52	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AETH	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-1.33	+1.70

Drawdowns

AETH vs. MSBT - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for AETH and MSBT.

Drawdown Indicators

	AETH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-20.25%	-27.53%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	—	—
Current Drawdown Current decline from peak	-43.85%	-20.25%	-23.60%
Average Drawdown Average peak-to-trough decline	-24.65%	-3.91%	-20.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	—	—

Volatility

Volatility by Period

	AETH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	45.03%	32.92%	+12.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.68%	32.92%	+21.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.68%	32.92%	+21.76%

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 2.67%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and MSBT in my portfolio?

AETH and MSBT have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AETH or MSBT?

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.

Which ETF is cheaper, AETH or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, AETH or MSBT?

AETH has the higher dividend yield at 2.67%, compared with 0.00% for MSBT.

What is the main difference between AETH and MSBT?

They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.90% for AETH and 0.14% for MSBT.