ETHD vs. MSBT
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 -0.88, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.14%/yr for MSBT.
Performance
ETHD vs. MSBT - Performance Comparison
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Returns By Period
ETHD
- 1D
- -11.58%
- 1M
- -27.75%
- 6M
- 54.72%
- YTD
- 30.78%
- 1Y
- -31.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT
- 1D
- 3.81%
- 1M
- 1.59%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHD vs. MSBT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
ETHD ProShares UltraShort Ether ETF | 3.57% |
MSBT Morgan Stanley Bitcoin Trust | -10.96% |
Correlation
The correlation between ETHD and MSBT is -0.88, 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 8, 2026 | -0.88 |
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Return for Risk
ETHD vs. MSBT — Risk / Return Rank
ETHD
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| ETHD | MSBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.07 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | — | — |
| Martin ratioReturn relative to average drawdown | -0.70 | — | — |
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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 -28.33%. Use the drawdown chart below to compare losses from any high point for ETHD and MSBT.
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Drawdown Indicators
| ETHD | MSBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.59% | -28.33% | -67.26% |
Max Drawdown (1Y)Largest decline over 1 year | -69.78% | — | — |
Current DrawdownCurrent decline from peak | -89.78% | -21.23% | -68.55% |
Average DrawdownAverage peak-to-trough decline | -66.95% | -11.90% | -55.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.44% | — | — |
Volatility
ETHD vs. MSBT - Volatility Comparison
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Volatility by Period
| ETHD | MSBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.25% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 94.44% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 136.21% | 37.38% | +98.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 141.68% | 37.38% | +104.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 141.68% | 37.38% | +104.30% |
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 5.69%, while MSBT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 5.69% | 156.62% | 19.15% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHD and MSBT have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
MSBT is cheaper with a 0.14% expense ratio, compared with 1.01% for ETHD.
ETHD has the higher dividend yield at 5.69%, compared with 0.00% for MSBT.
They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 1.01% for ETHD and 0.14% for MSBT.
Find the right allocation for ETHD and MSBT
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