BETE vs. MSBT
BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BETE is actively managed, while MSBT is passively managed. Their correlation of 0.93 means they have usually moved in the same direction. BETE charges 0.95%/yr vs 0.14%/yr for MSBT.
Performance
BETE vs. MSBT - Performance Comparison
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Returns By Period
BETE
- 1D
- -3.01%
- 1M
- 5.60%
- 6M
- -28.81%
- YTD
- -34.37%
- 1Y
- -46.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.68%
MSBT
- 1D
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.88K | $90.06K | $96.80K | |
| $6.64M | $6.25M | $10.51M |
BETE vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | -11.20% |
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
Correlation
The correlation between BETE and MSBT is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.93 |
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Return for Risk
BETE vs. MSBT — Risk / Return Rank
BETE
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BETE vs. MSBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) 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.
| BETE | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.86 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | — | — |
| Martin ratioReturn relative to average drawdown | -1.21 | — | — |
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Drawdowns
BETE vs. MSBT - Drawdown Comparison
The maximum BETE drawdown since its inception was -61.75%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for BETE and MSBT.
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Drawdown Indicators
| BETE | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.75% | -28.33% | -33.42% |
Max Drawdown (1Y)Largest decline over 1 year | -61.75% | — | — |
Current DrawdownCurrent decline from peak | -56.97% | -23.35% | -33.62% |
Average DrawdownAverage peak-to-trough decline | -23.44% | -13.41% | -10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.62% | — | — |
Volatility
BETE vs. MSBT - Volatility Comparison
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Volatility by Period
| BETE | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 55.28% | 35.47% | +19.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.01% | 35.47% | +20.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.01% | 35.47% | +20.54% |
BETE vs. MSBT - Expense Ratio Comparison
BETE has a 0.95% expense ratio, which is higher than MSBT's 0.14% expense ratio.
Dividends
BETE vs. MSBT - Dividend Comparison
BETE's dividend yield for the trailing twelve months is around 79.50%, while MSBT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF | 64.54% | 68.22% | 15.22% | 0.78% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, BETE and MSBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.95% for BETE.
BETE has the higher dividend yield at 64.54%, compared with 0.00% for MSBT.
They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.95% for BETE and 0.14% for MSBT.
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