BCDF vs. MSBT

Last updated Jun 4, 2026

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. At a 0.40 correlation, their price movements are largely independent. BCDF charges 0.85%/yr vs 0.14%/yr for MSBT.

Performance

BCDF vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BCDF

• 1D: -0.16%
• 1M: -4.70%
• YTD: 3.23%
• 6M: 4.02%
• 1Y: 6.26%
• 3Y*: 14.97%
• 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)

BCDF vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BCDF Horizon Kinetics Blockchain Development ETF	-1.68%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BCDF and MSBT is 0.40, 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	0.40

Return for Risk

BCDF vs. MSBT — Risk / Return Rank

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

BCDF

BCDF Risk / Return Rank: 16
BCDF Sharpe Ratio Rank: 15
BCDF Sortino Ratio Rank: 15
BCDF Omega Ratio Rank: 15
BCDF Calmar Ratio Rank: 20
BCDF Martin Ratio Rank: 18

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.

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.

	BCDF	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	0.43	—	—
Sortino ratio: Return per unit of downside risk	0.69	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.82	—	—
Martin ratio: Return relative to average drawdown	1.85	—	—
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

	BCDF	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-1.33	+1.72

Drawdowns

BCDF vs. MSBT - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BCDF and MSBT.

Drawdown Indicators

	BCDF	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-20.25%	-7.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	—	—
Current Drawdown Current decline from peak	-7.63%	-20.25%	+12.62%
Average Drawdown Average peak-to-trough decline	-9.83%	-3.91%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	—	—

Volatility

Volatility by Period

	BCDF	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	32.92%	-18.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	32.92%	-15.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	32.92%	-15.98%

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 2.45%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	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

Can I hold both BCDF and MSBT in my portfolio?

BCDF and MSBT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCDF 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, BCDF or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.85% for BCDF.

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

BCDF has the higher dividend yield at 2.45%, compared with 0.00% for MSBT.

What is the main difference between BCDF and MSBT?

They also come from different issuers: Horizon and Morgan Stanley. Their fees differ too: 0.85% for BCDF and 0.14% for MSBT.