BITI vs. MSBT

Last updated Jun 4, 2026

BITI (ProShares Shrt Bitcoin ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BITI tracks the Bloomberg Bitcoin Index (-100%) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. At a correlation of -1.00, they often move in opposite directions. BITI charges 1.03%/yr vs 0.14%/yr for MSBT.

Performance

BITI vs. MSBT - Performance Comparison

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

Returns By Period

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 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)

BITI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITI ProShares Shrt Bitcoin ETF	8.43%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BITI and MSBT is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	-1.00

Return for Risk

BITI vs. MSBT — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

BITI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) 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.

	BITI	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.06	—	—
Sortino ratio: Return per unit of downside risk	1.62	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.82	—	—
Martin ratio: Return relative to average drawdown	3.89	—	—
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

	BITI	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-1.33	+0.61

Drawdowns

BITI vs. MSBT - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BITI and MSBT.

Drawdown Indicators

	BITI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-20.25%	-71.91%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.46%	-20.25%	-66.21%
Average Drawdown Average peak-to-trough decline	-67.95%	-3.91%	-64.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	—	—

Volatility

Volatility by Period

	BITI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	32.92%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	32.92%	+19.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	32.92%	+19.58%

BITI vs. MSBT - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BITI vs. MSBT - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.52%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and MSBT in my portfolio?

BITI and MSBT have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITI 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, BITI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.52%, compared with 0.00% for MSBT.

What is the main difference between BITI and MSBT?

BITI tracks Bloomberg Bitcoin Index (-100%), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 1.03% for BITI and 0.14% for MSBT.