BITS vs. MSBT

Last updated Jun 4, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BITS tracks the NONE while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. BITS charges 0.65%/yr vs 0.14%/yr for MSBT.

Performance

BITS vs. MSBT - Performance Comparison

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

Returns By Period

BITS

• 1D: -2.94%
• 1M: -1.76%
• YTD: 4.17%
• 6M: -6.53%
• 1Y: 19.33%
• 3Y*: 49.59%
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -6.05%
• 1M: -14.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITS vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITS Global X Blockchain & Bitcoin Strategy ETF	16.45%
MSBT Morgan Stanley Bitcoin Trust	-5.86%

Correlation

The correlation between BITS and MSBT is 0.81, 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 9, 2026	0.81

Return for Risk

BITS vs. MSBT — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 15
BITS Sharpe Ratio Rank: 14
BITS Sortino Ratio Rank: 17
BITS Omega Ratio Rank: 16
BITS Calmar Ratio Rank: 14
BITS Martin Ratio Rank: 12

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.

BITS vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) 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.

	BITS	MSBT	Difference
Sharpe ratio Return per unit of total volatility	0.37	—	—
Sortino ratio Return per unit of downside risk	0.86	—	—
Omega ratio Gain probability vs. loss probability	1.10	—	—
Calmar ratio Return relative to maximum drawdown	0.40	—	—
Martin ratio Return relative to average drawdown	0.75	—	—
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

	BITS	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-1.02	+1.04

Drawdowns

BITS vs. MSBT - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, which is greater than MSBT's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for BITS and MSBT.

Drawdown Indicators

	BITS	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-18.03%	-65.08%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	—	—
Current Drawdown Current decline from peak	-31.42%	-18.03%	-13.39%
Average Drawdown Average peak-to-trough decline	-42.76%	-3.48%	-39.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.68%	—	—

Volatility

Volatility by Period

	BITS	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	52.55%	32.70%	+19.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.91%	32.70%	+28.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.91%	32.70%	+28.21%

BITS vs. MSBT - Expense Ratio Comparison

BITS has a 0.65% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BITS vs. MSBT - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 21.88%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	21.88%	22.80%	29.49%	13.69%	0.48%	1.90%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITS and MSBT in my portfolio?

BITS and MSBT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BITS 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, BITS or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.65% for BITS.

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

BITS has the higher dividend yield at 21.88%, compared with 0.00% for MSBT.

What is the main difference between BITS and MSBT?

BITS tracks NONE, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Global X and Morgan Stanley. Their fees differ too: 0.65% for BITS and 0.14% for MSBT.