BITU vs. MSBT

Last updated Jun 24, 2026

BITU (Proshares Ultra Bitcoin ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.95 suggests significant overlap in exposure. BITU charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

BITU vs. MSBT - Performance Comparison

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

Returns By Period

BITU

• 1D: -6.41%
• 1M: -34.27%
• YTD: -58.07%
• 6M: -58.34%
• 1Y: -74.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITU Proshares Ultra Bitcoin ETF	-23.05%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between BITU and MSBT is 0.95, 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 8, 2026	0.95

Return for Risk

BITU vs. MSBT — Risk / Return Rank

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

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 1

MSBT

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

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.

BITU vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) 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.

	BITU	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.46	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.90	—	—
Martin ratio: Return relative to average drawdown	-1.40	—	—

Drawdowns

BITU vs. MSBT - Drawdown Comparison

The maximum BITU drawdown since its inception was -82.21%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for BITU and MSBT.

Drawdown Indicators

	BITU	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-82.21%	-26.46%	-55.75%
Max Drawdown (1Y) Largest decline over 1 year	-82.21%	—	—
Current Drawdown Current decline from peak	-81.25%	-23.99%	-57.26%
Average Drawdown Average peak-to-trough decline	-35.50%	-8.48%	-27.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.05%	—	—

Volatility

Volatility by Period

	BITU	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	37.06%	+51.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	37.06%	+60.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	37.06%	+60.31%

BITU vs. MSBT - Expense Ratio Comparison

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

Dividends

BITU vs. MSBT - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 93.59%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and MSBT in my portfolio?

With a correlation of 0.95, BITU 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, BITU 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, BITU or MSBT?

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

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

BITU has the higher dividend yield at 93.59%, compared with 0.00% for MSBT.

What is the main difference between BITU and MSBT?

BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.95% for BITU and 0.14% for MSBT.