BTCE.DE vs. MSBT
BTCE.DE (ETC Group Physical Bitcoin) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTCE.DE is actively managed, while MSBT is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. BTCE.DE charges 2.00%/yr vs 0.14%/yr for MSBT.
Performance
BTCE.DE vs. MSBT - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while MSBT is traded in USD. To make them comparable, the MSBT values have been converted to EUR using the latest available exchange rates.
Returns By Period
BTCE.DE
- 1D
- -3.79%
- 1M
- -21.28%
- YTD
- -27.02%
- 6M
- -31.67%
- 1Y
- -41.65%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
MSBT
- 1D
- -2.91%
- 1M
- -21.64%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTCE.DE vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BTCE.DE ETC Group Physical Bitcoin | -9.99% |
MSBT Morgan Stanley Bitcoin Trust | -10.55% |
Correlation
The correlation between BTCE.DE and MSBT is 0.83, 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 9, 2026 | 0.83 |
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Return for Risk
BTCE.DE vs. MSBT — Risk / Return Rank
BTCE.DE
MSBT
BTCE.DE vs. MSBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) 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.
| BTCE.DE | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | — | — |
| Martin ratioReturn relative to average drawdown | -1.46 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTCE.DE | MSBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | -1.55 | +2.13 |
Drawdowns
BTCE.DE vs. MSBT - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than MSBT's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and MSBT.
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Drawdown Indicators
| BTCE.DE | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -21.64% | -52.98% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.27% | -21.64% | -27.63% |
Average DrawdownAverage peak-to-trough decline | -30.28% | -4.12% | -26.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | — | — |
Volatility
BTCE.DE vs. MSBT - Volatility Comparison
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Volatility by Period
| BTCE.DE | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 33.04% | +6.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 33.04% | +19.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.85% | 33.04% | +24.81% |
BTCE.DE vs. MSBT - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than MSBT's 0.14% expense ratio.
Dividends
BTCE.DE vs. MSBT - Dividend Comparison
Neither BTCE.DE nor MSBT has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and MSBT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 2.00% for BTCE.DE.
They also come from different issuers: ETC Issuance and Morgan Stanley. Their fees differ too: 2.00% for BTCE.DE and 0.14% for MSBT.
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