BTF vs. MSBT

Last updated Jun 3, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTF is actively managed, while MSBT is passively managed. With a 0.96 correlation, they move nearly in lockstep. BTF charges 1.24%/yr vs 0.14%/yr for MSBT.

Performance

BTF vs. MSBT - Performance Comparison

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

Returns By Period

BTF

• 1D: -5.41%
• 1M: -16.05%
• YTD: -30.57%
• 6M: -32.41%
• 1Y: -32.30%
• 3Y*: 14.70%
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -6.05%
• 1M: -14.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTF vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTF Valkyrie Bitcoin and Ether Strategy ETF	-10.32%
MSBT Morgan Stanley Bitcoin Trust	-5.86%

Correlation

The correlation between BTF and MSBT is 0.96 - 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 9, 2026	0.96

Return for Risk

BTF vs. MSBT — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

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.

BTF vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.

	BTF	MSBT	Difference
Sharpe ratio Return per unit of total volatility	-0.60	—	—
Sortino ratio Return per unit of downside risk	-0.63	—	—
Omega ratio Gain probability vs. loss probability	0.93	—	—
Calmar ratio Return relative to maximum drawdown	-0.59	—	—
Martin ratio Return relative to average drawdown	-0.99	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTF	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	-1.02	+0.87

Drawdowns

BTF vs. MSBT - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than MSBT's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for BTF and MSBT.

Drawdown Indicators

	BTF	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-18.03%	-59.47%
Max Drawdown (1Y) Largest decline over 1 year	-55.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-55.75%	—	—
Current Drawdown Current decline from peak	-54.59%	-18.03%	-36.56%
Average Drawdown Average peak-to-trough decline	-39.64%	-3.48%	-36.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.13%	—	—

Volatility

Volatility by Period

	BTF	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	39.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.18%	32.70%	+21.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.42%	32.70%	+25.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	32.70%	+25.72%

BTF vs. MSBT - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BTF vs. MSBT - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 209.94%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	209.94%	146.05%	52.96%	15.98%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTF and MSBT in my portfolio?

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

MSBT is cheaper with a 0.14% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 209.94%, compared with 0.00% for MSBT.

What is the main difference between BTF and MSBT?

They also come from different issuers: Valkyrie and Morgan Stanley. Their fees differ too: 1.24% for BTF and 0.14% for MSBT.