BTCW vs. MSBT

Last updated Aug 2, 2026

BTCW (Wisdom Tree Bitcoin Fund) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BTCW tracks the No Index (Physical Bitcoin) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their 0.96 correlation means they have historically moved very closely together. BTCW charges 0.25%/yr vs 0.14%/yr for MSBT.

Performance

BTCW vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTCW

• 1D: -2.95%
• 1M: 2.34%
• 6M: -25.06%
• YTD: -28.33%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.76%

MSBT

• 1D: -2.96%
• 1M: 2.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCW Wisdom Tree Bitcoin Fund	$1.20M	$1.71M	$1.37M
MSBT Morgan Stanley Bitcoin Trust	$6.64M	$6.25M	$10.51M

BTCW vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTCW Wisdom Tree Bitcoin Fund	-9.03%
MSBT Morgan Stanley Bitcoin Trust	-13.37%

Correlation

The correlation between BTCW and MSBT is 0.96 - 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	0.96

Return for Risk

BTCW vs. MSBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCW

BTCW Risk / Return Rank: 1
BTCW Sharpe Ratio Rank: 1
BTCW Sortino Ratio Rank: 1
BTCW Omega Ratio Rank: 2
BTCW Calmar Ratio Rank: 2
BTCW Martin Ratio Rank: 2

MSBT

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCW vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	—	—
Sortino ratio: Return per unit of downside risk	-1.59	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—

Drawdowns

BTCW vs. MSBT - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for BTCW and MSBT.

Drawdown Indicators

	BTCW	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-28.33%	-25.04%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	—	—
Current Drawdown Current decline from peak	-50.05%	-23.35%	-26.70%
Average Drawdown Average peak-to-trough decline	-18.19%	-13.41%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	—	—

Volatility

Volatility by Period

	BTCW	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.25%	35.47%	+8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.47%	35.47%	+14.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	35.47%	+14.00%

BTCW vs. MSBT - Expense Ratio Comparison

BTCW has a 0.25% 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

BTCW vs. MSBT - Dividend Comparison

Neither BTCW nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCW and MSBT in my portfolio?

With a correlation of 0.96, BTCW 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, BTCW 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, BTCW or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.25% for BTCW.

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

BTCW and MSBT have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCW and MSBT?

BTCW tracks No Index (Physical Bitcoin), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: WisdomTree and Morgan Stanley. Their fees differ too: 0.25% for BTCW and 0.14% for MSBT.