DFII vs. MSBT

Last updated Jun 24, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. DFII is actively managed, while MSBT is passively managed. Their correlation of 0.95 suggests significant overlap in exposure. DFII charges 0.85%/yr vs 0.14%/yr for MSBT.

Performance

DFII vs. MSBT - Performance Comparison

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

Returns By Period

DFII

• 1D: -2.94%
• 1M: -17.11%
• YTD: -28.19%
• 6M: -28.07%
• 1Y: -38.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFII vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
DFII FT Vest Bitcoin Strategy & Target Income ETF	-9.52%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between DFII and MSBT is 0.95, 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 8, 2026	0.95

Return for Risk

DFII vs. MSBT — Risk / Return Rank

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

DFII

DFII Risk / Return Rank: 2
DFII Sharpe Ratio Rank: 2
DFII Sortino Ratio Rank: 2
DFII Omega Ratio Rank: 2
DFII Calmar Ratio Rank: 2
DFII Martin Ratio Rank: 2

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DFII vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFII	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.29	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—

Drawdowns

DFII vs. MSBT - Drawdown Comparison

The maximum DFII drawdown since its inception was -50.13%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for DFII and MSBT.

Drawdown Indicators

	DFII	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-50.13%	-26.46%	-23.67%
Max Drawdown (1Y) Largest decline over 1 year	-50.13%	—	—
Current Drawdown Current decline from peak	-48.40%	-23.99%	-24.41%
Average Drawdown Average peak-to-trough decline	-20.16%	-8.48%	-11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.13%	—	—

Volatility

Volatility by Period

	DFII	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	41.94%	37.06%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.20%	37.06%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.20%	37.06%	+4.14%

DFII vs. MSBT - Expense Ratio Comparison

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

Dividends

DFII vs. MSBT - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 29.19%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	29.19%	15.51%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFII and MSBT in my portfolio?

With a correlation of 0.95, DFII 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, DFII 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, DFII or MSBT?

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

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

DFII has the higher dividend yield at 29.19%, compared with 0.00% for MSBT.

What is the main difference between DFII and MSBT?

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