ETH vs. MSBT

Last updated Jun 4, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. ETH is actively managed, while MSBT is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. ETH charges 0.15%/yr vs 0.14%/yr for MSBT.

Performance

ETH vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 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)

ETH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETH Grayscale Ethereum Staking Mini ETF	-18.27%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between ETH and MSBT is 0.91, 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	0.91

Return for Risk

ETH vs. MSBT — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH 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.

ETH vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	—	—
Sortino ratio: Return per unit of downside risk	-0.29	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.50	—	—
Martin ratio: Return relative to average drawdown	-0.82	—	—
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

	ETH	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	-1.33	+0.92

Drawdowns

ETH vs. MSBT - Drawdown Comparison

The maximum ETH drawdown since its inception was -64.01%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for ETH and MSBT.

Drawdown Indicators

	ETH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-64.01%	-20.25%	-43.76%
Max Drawdown (1Y) Largest decline over 1 year	-62.40%	—	—
Current Drawdown Current decline from peak	-62.40%	-20.25%	-42.15%
Average Drawdown Average peak-to-trough decline	-32.58%	-3.91%	-28.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.50%	—	—

Volatility

Volatility by Period

	ETH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.34%	32.92%	+35.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.26%	32.92%	+39.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.26%	32.92%	+39.34%

ETH vs. MSBT - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is higher than MSBT's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ETH vs. MSBT - Dividend Comparison

Neither ETH nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETH and MSBT in my portfolio?

With a correlation of 0.91, ETH 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, ETH 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, ETH or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.15% for ETH.

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

ETH and MSBT have nearly identical dividend yields, around 0.00%.

What is the main difference between ETH and MSBT?

They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 0.15% for ETH and 0.14% for MSBT.