BTOP vs. MSBT

Last updated Jun 4, 2026

BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. BTOP is actively managed, while MSBT is passively managed. A 0.77 correlation means they provide meaningful diversification when combined. BTOP charges 0.90%/yr vs 0.14%/yr for MSBT.

Performance

BTOP vs. MSBT - Performance Comparison

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

Returns By Period

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 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)

BTOP vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	1.29%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BTOP and MSBT is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.77

Return for Risk

BTOP vs. MSBT — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP Martin Ratio Rank: 6

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.

BTOP vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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.

	BTOP	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	—	—
Sortino ratio: Return per unit of downside risk	-0.41	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.44	—	—
Martin ratio: Return relative to average drawdown	-0.63	—	—
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

	BTOP	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-1.33	+1.94

Drawdowns

BTOP vs. MSBT - Drawdown Comparison

The maximum BTOP drawdown since its inception was -43.37%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BTOP and MSBT.

Drawdown Indicators

	BTOP	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-20.25%	-23.12%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	—	—
Current Drawdown Current decline from peak	-29.59%	-20.25%	-9.34%
Average Drawdown Average peak-to-trough decline	-19.28%	-3.91%	-15.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.91%	—	—

Volatility

Volatility by Period

	BTOP	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.72%	32.92%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.22%	32.92%	+13.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.22%	32.92%	+13.30%

BTOP vs. MSBT - Expense Ratio Comparison

BTOP has a 0.90% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BTOP vs. MSBT - Dividend Comparison

BTOP's dividend yield for the trailing twelve months is around 2.39%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTOP and MSBT in my portfolio?

BTOP and MSBT have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTOP 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, BTOP or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.90% for BTOP.

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

BTOP has the higher dividend yield at 2.39%, compared with 0.00% for MSBT.

What is the main difference between BTOP and MSBT?

They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.90% for BTOP and 0.14% for MSBT.