BLOX vs. MSBT

Last updated Jun 4, 2026

BLOX (Nicholas Crypto Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BLOX is actively managed, while MSBT is passively managed. A 0.68 correlation means they provide meaningful diversification when combined. BLOX charges 1.03%/yr vs 0.14%/yr for MSBT.

Performance

BLOX vs. MSBT - Performance Comparison

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

Returns By Period

BLOX

• 1D: -2.56%
• 1M: 10.59%
• YTD: 16.52%
• 6M: 5.53%
• 1Y: —
• 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)

BLOX vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BLOX Nicholas Crypto Income ETF	30.46%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BLOX and MSBT is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.68

Return for Risk

BLOX vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

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

Sharpe Ratios by Period

	BLOX	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	-1.33	+1.87

Drawdowns

BLOX vs. MSBT - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BLOX and MSBT.

Drawdown Indicators

	BLOX	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-20.25%	-26.84%
Current Drawdown Current decline from peak	-19.45%	-20.25%	+0.80%
Average Drawdown Average peak-to-trough decline	-18.53%	-3.91%	-14.62%

Volatility

Volatility by Period

	BLOX	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	53.44%	32.92%	+20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.44%	32.92%	+20.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.44%	32.92%	+20.52%

BLOX vs. MSBT - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BLOX vs. MSBT - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 36.81%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	36.81%	22.69%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLOX and MSBT in my portfolio?

BLOX and MSBT have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BLOX 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, BLOX or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 36.81%, compared with 0.00% for MSBT.

What is the main difference between BLOX and MSBT?

They also come from different issuers: Nicholas and Morgan Stanley. Their fees differ too: 1.03% for BLOX and 0.14% for MSBT.