EETH vs. MSBT

Last updated Jun 4, 2026

EETH (ProShares Ether Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. EETH is actively managed, while MSBT is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. EETH charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

EETH vs. MSBT - Performance Comparison

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

Returns By Period

EETH

• 1D: -5.60%
• 1M: -23.79%
• YTD: -40.33%
• 6M: -43.77%
• 1Y: -34.99%
• 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)

EETH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
EETH ProShares Ether Strategy ETF	-19.01%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between EETH and MSBT is 0.90, 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	0.90

Return for Risk

EETH vs. MSBT — Risk / Return Rank

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

EETH

EETH Risk / Return Rank: 5
EETH Sharpe Ratio Rank: 4
EETH Sortino Ratio Rank: 5
EETH Omega Ratio Rank: 5
EETH Calmar Ratio Rank: 4
EETH Martin Ratio Rank: 5

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.

EETH vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ether Strategy ETF (EETH) 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.

	EETH	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	—	—
Sortino ratio: Return per unit of downside risk	-0.41	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.55	—	—
Martin ratio: Return relative to average drawdown	-0.90	—	—
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

	EETH	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	-1.33	+1.27

Drawdowns

EETH vs. MSBT - Drawdown Comparison

The maximum EETH drawdown since its inception was -66.86%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for EETH and MSBT.

Drawdown Indicators

	EETH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-20.25%	-46.61%
Max Drawdown (1Y) Largest decline over 1 year	-64.18%	—	—
Current Drawdown Current decline from peak	-64.18%	-20.25%	-43.93%
Average Drawdown Average peak-to-trough decline	-29.45%	-3.91%	-25.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.76%	—	—

Volatility

Volatility by Period

	EETH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.81%	32.92%	+35.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.93%	32.92%	+36.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.93%	32.92%	+36.01%

EETH vs. MSBT - Expense Ratio Comparison

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

Dividends

EETH vs. MSBT - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 89.04%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EETH ProShares Ether Strategy ETF	89.04%	56.98%	10.82%	0.52%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EETH and MSBT in my portfolio?

With a correlation of 0.90, EETH 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, EETH 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, EETH or MSBT?

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

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

EETH has the higher dividend yield at 89.04%, compared with 0.00% for MSBT.

What is the main difference between EETH and MSBT?

They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.95% for EETH and 0.14% for MSBT.