ETHT vs. MSBT

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - ETHT tracks the Bloomberg Ethereum Index (200%) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. ETHT charges 0.94%/yr vs 0.14%/yr for MSBT.

Performance

ETHT vs. MSBT - Performance Comparison

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

Returns By Period

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 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)

ETHT vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETHT ProShares Ultra Ether ETF	-44.51%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between ETHT and MSBT is 0.86, 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	0.86

Return for Risk

ETHT vs. MSBT — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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.

ETHT vs. MSBT - Risk-Adjusted Trends Comparison

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

	ETHT	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	—	—
Sortino ratio: Return per unit of downside risk	-0.43	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.80	—	—
Martin ratio: Return relative to average drawdown	-1.14	—	—

Drawdowns

ETHT vs. MSBT - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for ETHT and MSBT.

Drawdown Indicators

	ETHT	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-26.46%	-69.56%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	—	—
Current Drawdown Current decline from peak	-95.71%	-23.99%	-71.72%
Average Drawdown Average peak-to-trough decline	-67.69%	-8.48%	-59.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	—	—

Volatility

Volatility by Period

	ETHT	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	—	—
Volatility (6M) Calculated over the trailing 6-month period	94.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	37.06%	+100.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	37.06%	+106.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	37.06%	+106.14%

ETHT vs. MSBT - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

ETHT vs. MSBT - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and MSBT in my portfolio?

ETHT and MSBT have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETHT 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, ETHT or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.94% for ETHT.

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

ETHT has the higher dividend yield at 21.23%, compared with 0.00% for MSBT.

What is the main difference between ETHT and MSBT?

ETHT tracks Bloomberg Ethereum Index (200%), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.94% for ETHT and 0.14% for MSBT.