BTRN vs. MSBT

Last updated Jun 4, 2026

BTRN (Global X Bitcoin Trend Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - BTRN tracks the CoinDesk Bitcoin Trend Indicator Futures Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. BTRN charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

BTRN vs. MSBT - Performance Comparison

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

Returns By Period

BTRN

• 1D: -1.35%
• 1M: -12.31%
• YTD: -9.29%
• 6M: -9.90%
• 1Y: -18.31%
• 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)

BTRN vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
BTRN Global X Bitcoin Trend Strategy ETF	-7.95%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between BTRN and MSBT is 0.97 - 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	0.97

Return for Risk

BTRN vs. MSBT — Risk / Return Rank

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

BTRN

BTRN Risk / Return Rank: 2
BTRN Sharpe Ratio Rank: 2
BTRN Sortino Ratio Rank: 2
BTRN Omega Ratio Rank: 2
BTRN Calmar Ratio Rank: 3
BTRN 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.

BTRN vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Bitcoin Trend Strategy ETF (BTRN) 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.

	BTRN	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.23	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
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

	BTRN	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	-1.33	+1.33

Drawdowns

BTRN vs. MSBT - Drawdown Comparison

The maximum BTRN drawdown since its inception was -36.97%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for BTRN and MSBT.

Drawdown Indicators

	BTRN	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-36.97%	-20.25%	-16.72%
Max Drawdown (1Y) Largest decline over 1 year	-25.29%	—	—
Current Drawdown Current decline from peak	-25.29%	-20.25%	-5.04%
Average Drawdown Average peak-to-trough decline	-14.41%	-3.91%	-10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.68%	—	—

Volatility

Volatility by Period

	BTRN	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	32.92%	-13.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.96%	32.92%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.96%	32.92%	-1.96%

BTRN vs. MSBT - Expense Ratio Comparison

BTRN has a 0.95% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

BTRN vs. MSBT - Dividend Comparison

BTRN's dividend yield for the trailing twelve months is around 30.60%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	30.60%	27.76%	2.56%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTRN and MSBT in my portfolio?

With a correlation of 0.97, BTRN 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, BTRN 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, BTRN or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for BTRN.

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

BTRN has the higher dividend yield at 30.60%, compared with 0.00% for MSBT.

What is the main difference between BTRN and MSBT?

BTRN tracks CoinDesk Bitcoin Trend Indicator Futures Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Global X and Morgan Stanley. Their fees differ too: 0.95% for BTRN and 0.14% for MSBT.