BETH vs. MSBT

Last updated Jun 24, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BETH is actively managed, while MSBT is passively managed. Their correlation of 0.95 suggests significant overlap in exposure. BETH charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

BETH vs. MSBT - Performance Comparison

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

Returns By Period

BETH

• 1D: -3.37%
• 1M: -18.22%
• YTD: -32.64%
• 6M: -32.87%
• 1Y: -40.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BETH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-12.20%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between BETH and MSBT is 0.95, 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	0.95

Return for Risk

BETH vs. MSBT — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 3
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 3
BETH Omega Ratio Rank: 3
BETH Calmar Ratio Rank: 3
BETH Martin Ratio Rank: 3

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.

BETH vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.

	BETH	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	—	—
Sortino ratio: Return per unit of downside risk	-1.18	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
Martin ratio: Return relative to average drawdown	-1.24	—	—

Drawdowns

BETH vs. MSBT - Drawdown Comparison

The maximum BETH drawdown since its inception was -56.03%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for BETH and MSBT.

Drawdown Indicators

	BETH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-26.46%	-29.57%
Max Drawdown (1Y) Largest decline over 1 year	-56.03%	—	—
Current Drawdown Current decline from peak	-54.48%	-23.99%	-30.49%
Average Drawdown Average peak-to-trough decline	-18.31%	-8.48%	-9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.01%	—	—

Volatility

Volatility by Period

	BETH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.49%	37.06%	+10.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.18%	37.06%	+14.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.18%	37.06%	+14.12%

BETH vs. MSBT - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BETH vs. MSBT - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 60.67%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	60.67%	57.68%	19.71%	0.36%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETH and MSBT in my portfolio?

With a correlation of 0.95, BETH 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, BETH 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, BETH or MSBT?

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

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

BETH has the higher dividend yield at 60.67%, compared with 0.00% for MSBT.

What is the main difference between BETH and MSBT?

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