BHYP vs. MSBT

Last updated Jul 1, 2026

BHYP (Bitwise Hyperliquid ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BHYP is actively managed, while MSBT is passively managed. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

BHYP vs. MSBT - Performance Comparison

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

Returns By Period

BHYP

• 1D: -2.62%
• 1M: -1.24%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.60%
• 1M: -19.99%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHYP vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BHYP Bitwise Hyperliquid ETF	51.42%
MSBT Morgan Stanley Bitcoin Trust	-27.87%

Correlation

The correlation between BHYP and MSBT is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 15, 2026	0.59

Return for Risk

BHYP vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Hyperliquid ETF (BHYP) 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.

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

Drawdowns

BHYP vs. MSBT - Drawdown Comparison

The maximum BHYP drawdown since its inception was -27.22%, roughly equal to the maximum MSBT drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for BHYP and MSBT.

Drawdown Indicators

	BHYP	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-28.33%	+1.11%
Current Drawdown Current decline from peak	-11.33%	-28.33%	+17.00%
Average Drawdown Average peak-to-trough decline	-8.09%	-10.11%	+2.02%

Volatility

Volatility by Period

	BHYP	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	105.30%	36.80%	+68.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.30%	36.80%	+68.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.30%	36.80%	+68.50%

Dividends

BHYP vs. MSBT - Dividend Comparison

Neither BHYP nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BHYP and MSBT in my portfolio?

BHYP and MSBT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

BHYP and MSBT have nearly identical dividend yields, around 0.00%.

What is the main difference between BHYP and MSBT?

They also come from different issuers: Bitwise and Morgan Stanley.