BTC vs. MSBT
BTC (Grayscale Bitcoin Mini Trust ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTC is actively managed, while MSBT is passively managed. With a 0.95 correlation, they move nearly in lockstep. BTC charges 0.15%/yr vs 0.14%/yr for MSBT.
Performance
BTC vs. MSBT - Performance Comparison
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Returns By Period
BTC
- 1D
- -3.96%
- 1M
- -21.06%
- YTD
- -31.66%
- 6M
- -31.44%
- 1Y
- -43.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT
- 1D
- -3.97%
- 1M
- -21.03%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -13.27% |
MSBT Morgan Stanley Bitcoin Trust | -17.50% |
Correlation
The correlation between BTC and MSBT is 0.95 - 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 8, 2026 | 0.95 |
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Return for Risk
BTC vs. MSBT — Risk / Return Rank
BTC
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC vs. MSBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.
| BTC | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | — | — |
| Martin ratioReturn relative to average drawdown | -1.42 | — | — |
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Drawdowns
BTC vs. MSBT - Drawdown Comparison
The maximum BTC drawdown since its inception was -52.37%, which is greater than MSBT's maximum drawdown of -27.01%. Use the drawdown chart below to compare losses from any high point for BTC and MSBT.
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Drawdown Indicators
| BTC | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.37% | -27.01% | -25.36% |
Max Drawdown (1Y)Largest decline over 1 year | -52.37% | — | — |
Current DrawdownCurrent decline from peak | -52.37% | -27.01% | -25.36% |
Average DrawdownAverage peak-to-trough decline | -17.73% | -8.82% | -8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.70% | — | — |
Volatility
BTC vs. MSBT - Volatility Comparison
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Volatility by Period
| BTC | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.39% | 37.57% | +6.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.29% | 37.57% | +10.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.29% | 37.57% | +10.72% |
BTC vs. MSBT - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is higher than MSBT's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BTC vs. MSBT - Dividend Comparison
Neither BTC nor MSBT has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, BTC 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.
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.
MSBT is cheaper with a 0.14% expense ratio, compared with 0.15% for BTC.
BTC and MSBT have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 0.15% for BTC and 0.14% for MSBT.
Find the right allocation for BTC and MSBT
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