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. Their 0.97 correlation means they have historically moved very closely together. BTC charges 0.15%/yr vs 0.14%/yr for MSBT.
Performance
BTC vs. MSBT - Performance Comparison
Loading charts...
Returns By Period
BTC
- 1D
- 1.51%
- 1M
- 3.86%
- 6M
- -18.15%
- YTD
- -27.11%
- 1Y
- -43.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.17%
MSBT
- 1D
- 1.61%
- 1M
- 3.98%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.45M | $40.65M | $54.59M | |
| $7.53M | $6.67M | $10.52M |
BTC vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -7.50% |
MSBT Morgan Stanley Bitcoin Trust | -11.97% |
Correlation
The correlation between BTC and MSBT is 0.97 - 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 | 0.97 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.82 | — | — |
| Martin ratioReturn relative to average drawdown | -1.26 | — | — |
Loading charts...
Drawdowns
BTC vs. MSBT - Drawdown Comparison
The maximum BTC drawdown since its inception was -53.30%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for BTC and MSBT.
Loading charts...
Drawdown Indicators
| BTC | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -28.33% | -24.97% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | — | — |
Current DrawdownCurrent decline from peak | -49.20% | -22.12% | -27.08% |
Average DrawdownAverage peak-to-trough decline | -19.45% | -13.52% | -5.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.74% | — | — |
Volatility
BTC vs. MSBT - Volatility Comparison
Loading charts...
Volatility by Period
| BTC | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 33.76% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 35.38% | +9.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.49% | 35.38% | +12.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.49% | 35.38% | +12.11% |
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 0.97, 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
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer