BTGD vs. MSBT

Last updated Jun 4, 2026

BTGD (STKD Bitcoin & Gold ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTGD is actively managed, while MSBT is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. BTGD charges 1.00%/yr vs 0.14%/yr for MSBT.

Performance

BTGD vs. MSBT - Performance Comparison

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

Returns By Period

BTGD

• 1D: -4.01%
• 1M: -20.36%
• YTD: -28.65%
• 6M: -31.64%
• 1Y: -30.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTGD vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTGD STKD Bitcoin & Gold ETF	-15.52%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BTGD and MSBT is 0.89, 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	0.89

Return for Risk

BTGD vs. MSBT — Risk / Return Rank

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

BTGD

BTGD Risk / Return Rank: 4
BTGD Sharpe Ratio Rank: 4
BTGD Sortino Ratio Rank: 4
BTGD Omega Ratio Rank: 4
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 3

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.

BTGD vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.

	BTGD	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.51	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.63	—	—
Martin ratio: Return relative to average drawdown	-1.25	—	—
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

	BTGD	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-1.33	+1.60

Drawdowns

BTGD vs. MSBT - Drawdown Comparison

The maximum BTGD drawdown since its inception was -47.73%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BTGD and MSBT.

Drawdown Indicators

	BTGD	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-47.73%	-20.25%	-27.48%
Max Drawdown (1Y) Largest decline over 1 year	-47.73%	—	—
Current Drawdown Current decline from peak	-47.73%	-20.25%	-27.48%
Average Drawdown Average peak-to-trough decline	-14.58%	-3.91%	-10.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.09%	—	—

Volatility

Volatility by Period

	BTGD	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	32.92%	+22.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.51%	32.92%	+22.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.51%	32.92%	+22.59%

BTGD vs. MSBT - Expense Ratio Comparison

BTGD has a 1.00% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BTGD vs. MSBT - Dividend Comparison

BTGD's dividend yield for the trailing twelve months is around 4.71%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	4.71%	3.36%	0.19%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTGD and MSBT in my portfolio?

BTGD and MSBT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTGD 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, BTGD or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.00% for BTGD.

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

BTGD has the higher dividend yield at 4.71%, compared with 0.00% for MSBT.

What is the main difference between BTGD and MSBT?

They also come from different issuers: Quantify Funds and Morgan Stanley. Their fees differ too: 1.00% for BTGD and 0.14% for MSBT.