BETE vs. MSBT

Last updated Jun 23, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. Their correlation of 0.91 suggests significant overlap in exposure. BETE charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

BETE vs. MSBT - Performance Comparison

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

Returns By Period

BETE

• 1D: 1.96%
• 1M: -15.61%
• YTD: -35.80%
• 6M: -36.16%
• 1Y: -33.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BETE vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-13.12%
MSBT Morgan Stanley Bitcoin Trust	-11.15%

Correlation

The correlation between BETE and MSBT is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.91

Return for Risk

BETE vs. MSBT — Risk / Return Rank

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

BETE

BETE Risk / Return Rank: 4
BETE Sharpe Ratio Rank: 4
BETE Sortino Ratio Rank: 4
BETE Omega Ratio Rank: 4
BETE Calmar Ratio Rank: 4
BETE Martin Ratio Rank: 4

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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 ratio: Return per unit of total volatility	-0.61	—	—
Sortino ratio: Return per unit of downside risk	-0.65	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.55	—	—
Martin ratio: Return relative to average drawdown	-0.95	—	—

Drawdowns

BETE vs. MSBT - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.15%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for BETE and MSBT.

Drawdown Indicators

	BETE	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-26.46%	-34.69%
Max Drawdown (1Y) Largest decline over 1 year	-61.15%	—	—
Current Drawdown Current decline from peak	-57.90%	-21.40%	-36.50%
Average Drawdown Average peak-to-trough decline	-22.04%	-8.18%	-13.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.77%	—	—

Volatility

Volatility by Period

	BETE	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.75%	36.79%	+18.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.57%	36.79%	+19.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.57%	36.79%	+19.78%

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 86.08%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	86.08%	68.22%	15.22%	0.78%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETE and MSBT in my portfolio?

With a correlation of 0.91, 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.

Which ETF is better, BETE 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, BETE or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for BETE.

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

BETE has the higher dividend yield at 86.08%, compared with 0.00% for MSBT.

What is the main difference between BETE and MSBT?

They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.95% for BETE and 0.14% for MSBT.