BITU vs. MSBT

Last updated Jun 4, 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. With a 1.00 correlation, they move nearly in lockstep. 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: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 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)

BITU vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITU Proshares Ultra Bitcoin ETF	-19.01%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BITU and MSBT is 1.00 - 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	1.00

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

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.

	BITU	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.44	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.47	—	—
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

	BITU	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-1.33	+0.98

Drawdowns

BITU vs. MSBT - Drawdown Comparison

The maximum BITU drawdown since its inception was -78.94%, which is greater than MSBT's maximum drawdown of -20.25%. 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	-78.94%	-20.25%	-58.69%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	—	—
Current Drawdown Current decline from peak	-78.94%	-20.25%	-58.69%
Average Drawdown Average peak-to-trough decline	-34.49%	-3.91%	-30.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.84%	—	—

Volatility

Volatility by Period

	BITU	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	69.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	87.00%	32.92%	+54.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	32.92%	+64.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	32.92%	+64.53%

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 83.36%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	83.36%	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 1.00, 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 83.36%, 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.