BTCI vs. MSBT

Last updated Jun 23, 2026

BTCI (NEOS Bitcoin High Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTCI is actively managed, while MSBT is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. BTCI charges 0.99%/yr vs 0.14%/yr for MSBT.

Performance

BTCI vs. MSBT - Performance Comparison

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

Returns By Period

BTCI

• 1D: 2.44%
• 1M: -14.38%
• YTD: -23.73%
• 6M: -24.54%
• 1Y: -33.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTCI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTCI NEOS Bitcoin High Income ETF	-5.76%
MSBT Morgan Stanley Bitcoin Trust	-11.15%

Correlation

The correlation between BTCI and MSBT is 0.93, 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 8, 2026	0.93

Return for Risk

BTCI vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTCI

BTCI Risk / Return Rank: 3
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 3
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 3

MSBT

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	—	—
Sortino ratio: Return per unit of downside risk	-1.10	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.70	—	—
Martin ratio: Return relative to average drawdown	-1.23	—	—

Drawdowns

BTCI vs. MSBT - Drawdown Comparison

The maximum BTCI drawdown since its inception was -47.16%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for BTCI and MSBT.

Drawdown Indicators

	BTCI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-47.16%	-26.46%	-20.70%
Max Drawdown (1Y) Largest decline over 1 year	-47.16%	—	—
Current Drawdown Current decline from peak	-43.60%	-21.40%	-22.20%
Average Drawdown Average peak-to-trough decline	-15.98%	-8.18%	-7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.85%	—	—

Volatility

Volatility by Period

	BTCI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.69%	36.79%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.30%	36.79%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.30%	36.79%	+3.51%

BTCI vs. MSBT - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BTCI vs. MSBT - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 46.88%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	46.88%	36.46%	6.76%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCI and MSBT in my portfolio?

With a correlation of 0.93, BTCI 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, BTCI 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, BTCI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 46.88%, compared with 0.00% for MSBT.

What is the main difference between BTCI and MSBT?

They also come from different issuers: Neos and Morgan Stanley. Their fees differ too: 0.99% for BTCI and 0.14% for MSBT.