BITU vs. MSBT

Last updated Aug 5, 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 0.96 correlation means they have historically moved very closely together. 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: 1.18%
• 1M: 7.02%
• 6M: -41.26%
• YTD: -56.85%
• 1Y: -77.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.51%

MSBT

• 1D: 1.61%
• 1M: 3.98%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$36.32M	$38.70M	$45.83M
MSBT Morgan Stanley Bitcoin Trust	$7.53M	$6.67M	$10.52M

BITU vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITU Proshares Ultra Bitcoin ETF	-20.82%
MSBT Morgan Stanley Bitcoin Trust	-11.97%

Correlation

The correlation between BITU and MSBT is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.96

Return for Risk

BITU vs. MSBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITU

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

MSBT

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.68	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—

Drawdowns

BITU vs. MSBT - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, which is greater than MSBT's maximum drawdown of -28.33%. 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	-83.45%	-28.33%	-55.12%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	—	—
Current Drawdown Current decline from peak	-80.70%	-22.12%	-58.58%
Average Drawdown Average peak-to-trough decline	-37.76%	-13.52%	-24.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.73%	—	—

Volatility

Volatility by Period

	BITU	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	66.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.24%	35.38%	+52.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.93%	35.38%	+60.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.93%	35.38%	+60.55%

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 79.54%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	79.54%	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 0.96, 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 79.54%, 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.