CEPI vs. MSBT

Last updated Jun 4, 2026

CEPI (REX Crypto Equity Premium Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. CEPI is actively managed, while MSBT is passively managed. A 0.67 correlation means they provide meaningful diversification when combined. CEPI charges 0.85%/yr vs 0.14%/yr for MSBT.

Performance

CEPI vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Crypto Equity Premium Income ETF (CEPI) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CEPI

• 1D: -1.35%
• 1M: 7.21%
• YTD: 20.71%
• 6M: 18.40%
• 1Y: 34.07%
• 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)

CEPI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
CEPI REX Crypto Equity Premium Income ETF	19.89%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between CEPI and MSBT is 0.67, 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	0.67

Return for Risk

CEPI vs. MSBT — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 36
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 26

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.

CEPI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) 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.

	CEPI	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.28	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.52	—	—
Martin ratio: Return relative to average drawdown	3.62	—	—
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

	CEPI	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-1.33	+1.78

Drawdowns

CEPI vs. MSBT - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for CEPI and MSBT.

Drawdown Indicators

	CEPI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-20.25%	-9.23%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	—	—
Current Drawdown Current decline from peak	-2.08%	-20.25%	+18.17%
Average Drawdown Average peak-to-trough decline	-8.65%	-3.91%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	—	—

Volatility

Volatility by Period

	CEPI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.94%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.79%	32.92%	-6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.57%	32.92%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.57%	32.92%	-1.35%

CEPI vs. MSBT - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

CEPI vs. MSBT - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 42.71%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	42.71%	50.78%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEPI and MSBT in my portfolio?

CEPI and MSBT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEPI 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, CEPI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.85% for CEPI.

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

CEPI has the higher dividend yield at 42.71%, compared with 0.00% for MSBT.

What is the main difference between CEPI and MSBT?

They also come from different issuers: REX and Morgan Stanley. Their fees differ too: 0.85% for CEPI and 0.14% for MSBT.