BITC vs. MSBT

Last updated Jun 4, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BITC is actively managed, while MSBT is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. BITC charges 0.88%/yr vs 0.14%/yr for MSBT.

Performance

BITC vs. MSBT - Performance Comparison

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

Returns By Period

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 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)

BITC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	7.27%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BITC and MSBT is 0.78, 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 Apr 9, 2026	0.78

Return for Risk

BITC vs. MSBT — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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.

BITC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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.

	BITC	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	—	—
Sortino ratio: Return per unit of downside risk	-0.71	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.57	—	—
Martin ratio: Return relative to average drawdown	-0.82	—	—
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

	BITC	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	-1.33	+2.01

Drawdowns

BITC vs. MSBT - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BITC and MSBT.

Drawdown Indicators

	BITC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-20.25%	-18.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-26.48%	-20.25%	-6.23%
Average Drawdown Average peak-to-trough decline	-16.37%	-3.91%	-12.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	—	—

Volatility

Volatility by Period

	BITC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	32.92%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.65%	32.92%	+13.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.65%	32.92%	+13.73%

BITC vs. MSBT - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BITC vs. MSBT - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.14%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and MSBT in my portfolio?

BITC and MSBT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITC 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, BITC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.14%, compared with 0.00% for MSBT.

What is the main difference between BITC and MSBT?

They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.88% for BITC and 0.14% for MSBT.