ETHD vs. MSBT

Last updated Jun 4, 2026

ETHD (ProShares UltraShort Ether ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. ETHD is actively managed, while MSBT is passively managed. At a correlation of -0.91, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.14%/yr for MSBT.

Performance

ETHD vs. MSBT - Performance Comparison

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

Returns By Period

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 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)

ETHD vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETHD ProShares UltraShort Ether ETF	42.69%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between ETHD and MSBT is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	-0.91

Return for Risk

ETHD vs. MSBT — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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.

ETHD vs. MSBT - Risk-Adjusted Trends Comparison

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

	ETHD	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	—	—
Sortino ratio: Return per unit of downside risk	0.40	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	-0.51	—	—
Martin ratio: Return relative to average drawdown	-0.64	—	—
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

	ETHD	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-1.33	+0.98

Drawdowns

ETHD vs. MSBT - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for ETHD and MSBT.

Drawdown Indicators

	ETHD	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-20.25%	-75.34%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	—	—
Current Drawdown Current decline from peak	-87.20%	-20.25%	-66.95%
Average Drawdown Average peak-to-trough decline	-66.01%	-3.91%	-62.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.00%	—	—

Volatility

Volatility by Period

	ETHD	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	92.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	136.23%	32.92%	+103.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.19%	32.92%	+109.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.19%	32.92%	+109.27%

ETHD vs. MSBT - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

ETHD vs. MSBT - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.68%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHD and MSBT in my portfolio?

ETHD and MSBT have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETHD 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, ETHD or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 10.68%, compared with 0.00% for MSBT.

What is the main difference between ETHD and MSBT?

They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 1.01% for ETHD and 0.14% for MSBT.