BITO vs. MSBT

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BITO is actively managed, while MSBT is passively managed. With a 0.97 correlation, they move nearly in lockstep. BITO charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

BITO vs. MSBT - Performance Comparison

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

Returns By Period

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 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)

BITO vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITO ProShares Bitcoin Strategy ETF	-11.48%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BITO and MSBT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.97

Return for Risk

BITO vs. MSBT — Risk / Return Rank

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

BITO

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

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.

BITO vs. MSBT - Risk-Adjusted Trends Comparison

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

	BITO	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	—	—
Sortino ratio: Return per unit of downside risk	-1.39	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.83	—	—
Martin ratio: Return relative to average drawdown	-1.44	—	—
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

	BITO	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-1.33	+1.23

Drawdowns

BITO vs. MSBT - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BITO and MSBT.

Drawdown Indicators

	BITO	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-20.25%	-57.61%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	—	—
Current Drawdown Current decline from peak	-50.64%	-20.25%	-30.39%
Average Drawdown Average peak-to-trough decline	-36.75%	-3.91%	-32.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	—	—

Volatility

Volatility by Period

	BITO	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	32.92%	+10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	32.92%	+22.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	32.92%	+22.18%

BITO vs. MSBT - Expense Ratio Comparison

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

Dividends

BITO vs. MSBT - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and MSBT in my portfolio?

With a correlation of 0.97, BITO 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, BITO 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, BITO or MSBT?

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

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

BITO has the higher dividend yield at 69.59%, compared with 0.00% for MSBT.

What is the main difference between BITO and MSBT?

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