BITX vs. MSBT

Last updated Aug 4, 2026

BITX (2x Bitcoin Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) 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. BITX charges 2.38%/yr vs 0.14%/yr for MSBT.

Performance

BITX vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BITX

• 1D: 2.83%
• 1M: 6.13%
• 6M: -43.47%
• YTD: -56.44%
• 1Y: -77.31%
• 3Y*: 6.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.89%

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)
BITX 2x Bitcoin Strategy ETF	$88.24M	$96.85M	$117.71M
MSBT Morgan Stanley Bitcoin Trust	$7.53M	$6.67M	$10.52M

BITX vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BITX 2x Bitcoin Strategy ETF	-20.87%
MSBT Morgan Stanley Bitcoin Trust	-11.97%

Correlation

The correlation between BITX 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

BITX vs. MSBT — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX 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.

BITX vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	—	—
Sortino ratio: Return per unit of downside risk	-1.65	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—

Drawdowns

BITX vs. MSBT - Drawdown Comparison

The maximum BITX 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 BITX and MSBT.

Drawdown Indicators

	BITX	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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-80.75%	-22.12%	-58.63%
Average Drawdown Average peak-to-trough decline	-34.25%	-13.52%	-20.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.65%	—	—

Volatility

Volatility by Period

	BITX	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	67.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.21%	35.38%	+52.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.14%	35.38%	+61.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.14%	35.38%	+61.76%

BITX vs. MSBT - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BITX vs. MSBT - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.12%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	27.12%	21.69%	10.70%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and MSBT in my portfolio?

With a correlation of 0.96, BITX 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, BITX 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, BITX or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 27.12%, compared with 0.00% for MSBT.

What is the main difference between BITX and MSBT?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Volatility Shares and Morgan Stanley. Their fees differ too: 2.38% for BITX and 0.14% for MSBT.