BCDF vs. MSBT
BCDF (Horizon Kinetics Blockchain Development ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BCDF is actively managed, while MSBT is passively managed. Their 0.34 correlation means their historical movements had little consistent relationship. BCDF charges 0.85%/yr vs 0.14%/yr for MSBT.
Performance
BCDF vs. MSBT - Performance Comparison
Loading charts...
Returns By Period
BCDF
- 1D
- -0.10%
- 1M
- 5.12%
- 6M
- 6.61%
- YTD
- 7.22%
- 1Y
- 4.65%
- 3Y*
- 15.40%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.68%
MSBT
- 1D
- 0.92%
- 1M
- 1.81%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.50K | $19.51K | $41.48K | |
| $9.37M | $7.08M | $10.58M |
BCDF vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.78% |
MSBT Morgan Stanley Bitcoin Trust | -10.62% |
Correlation
The correlation between BCDF and MSBT is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.34 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BCDF vs. MSBT — Risk / Return Rank
BCDF
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BCDF vs. MSBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) 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.
| BCDF | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.06 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.33 | — | — |
| Martin ratioReturn relative to average drawdown | 1.05 | — | — |
Loading charts...
Drawdowns
BCDF vs. MSBT - Drawdown Comparison
The maximum BCDF drawdown since its inception was -27.70%, roughly equal to the maximum MSBT drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for BCDF and MSBT.
Loading charts...
Drawdown Indicators
| BCDF | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.70% | -28.33% | +0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -14.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.02% | — | — |
Current DrawdownCurrent decline from peak | -4.06% | -20.93% | +16.87% |
Average DrawdownAverage peak-to-trough decline | -9.74% | -13.71% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.45% | — | — |
Volatility
BCDF vs. MSBT - Volatility Comparison
Loading charts...
Volatility by Period
| BCDF | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.84% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.88% | 35.02% | -20.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 35.02% | -18.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.85% | 35.02% | -18.17% |
BCDF vs. MSBT - Expense Ratio Comparison
BCDF has a 0.85% expense ratio, which is higher than MSBT's 0.14% expense ratio.
Dividends
BCDF vs. MSBT - Dividend Comparison
BCDF's dividend yield for the trailing twelve months is around 2.36%, while MSBT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.36% | 2.53% | 1.63% | 0.69% | 0.38% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BCDF and MSBT have a correlation of 0.34, 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 0.85% for BCDF.
BCDF has the higher dividend yield at 2.36%, compared with 0.00% for MSBT.
They also come from different issuers: Horizon and Morgan Stanley. Their fees differ too: 0.85% for BCDF and 0.14% for MSBT.
Find the right allocation for BCDF and MSBT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer