BITW vs. MSBT

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. BITW charges 0.75%/yr vs 0.14%/yr for MSBT.

Performance

BITW vs. MSBT - Performance Comparison

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

Returns By Period

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 10Y*: —

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITW Bitwise 10 Crypto Index ETF	-9.07%
MSBT Morgan Stanley Bitcoin Trust	-11.15%

Correlation

The correlation between BITW and MSBT is 0.93, 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	0.93

Return for Risk

BITW vs. MSBT — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 4
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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.

BITW vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	—	—
Sortino ratio: Return per unit of downside risk	-0.80	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.61	—	—
Martin ratio: Return relative to average drawdown	-1.04	—	—

Drawdowns

BITW vs. MSBT - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for BITW and MSBT.

Drawdown Indicators

	BITW	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-26.46%	-70.00%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-21.40%	-49.05%
Average Drawdown Average peak-to-trough decline	-69.56%	-8.18%	-61.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	—	—

Volatility

Volatility by Period

	BITW	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	36.79%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	36.79%	+28.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	36.79%	+71.58%

BITW vs. MSBT - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BITW vs. MSBT - Dividend Comparison

Neither BITW nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITW and MSBT in my portfolio?

With a correlation of 0.93, BITW 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, BITW 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, BITW or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.75% for BITW.

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

BITW and MSBT have nearly identical dividend yields, around 0.00%.

What is the main difference between BITW and MSBT?

BITW tracks Bitwise 10 Large Cap Crypto Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.75% for BITW and 0.14% for MSBT.