ETHU vs. MSBT

Last updated Jun 4, 2026

ETHU (Volatility Shares 2x Ether ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. ETHU is actively managed, while MSBT is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. ETHU charges 0.94%/yr vs 0.14%/yr for MSBT.

Performance

ETHU vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ETHU

• 1D: -11.44%
• 1M: -43.11%
• YTD: -71.31%
• 6M: -75.18%
• 1Y: -75.44%
• 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)

ETHU vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETHU Volatility Shares 2x Ether ETF	-36.61%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between ETHU 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

ETHU vs. MSBT — Risk / Return Rank

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

ETHU

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

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.

ETHU vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.

	ETHU	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.48	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.83	—	—
Martin ratio: Return relative to average drawdown	-1.21	—	—
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

	ETHU	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-1.33	+0.79

Drawdowns

ETHU vs. MSBT - Drawdown Comparison

The maximum ETHU drawdown since its inception was -95.03%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for ETHU and MSBT.

Drawdown Indicators

	ETHU	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-95.03%	-20.25%	-74.78%
Max Drawdown (1Y) Largest decline over 1 year	-91.56%	—	—
Current Drawdown Current decline from peak	-95.03%	-20.25%	-74.78%
Average Drawdown Average peak-to-trough decline	-69.40%	-3.91%	-65.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.34%	—	—

Volatility

Volatility by Period

	ETHU	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	93.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	137.60%	32.92%	+104.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.09%	32.92%	+110.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.09%	32.92%	+110.17%

ETHU vs. MSBT - Expense Ratio Comparison

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

Dividends

ETHU vs. MSBT - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 5.01%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	5.01%	2.31%	0.41%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHU and MSBT in my portfolio?

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

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

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

ETHU has the higher dividend yield at 5.01%, compared with 0.00% for MSBT.

What is the main difference between ETHU and MSBT?

They also come from different issuers: Volatility Shares and Morgan Stanley. Their fees differ too: 0.94% for ETHU and 0.14% for MSBT.