ETHV vs. MSBT

Last updated Jun 5, 2026

ETHV (VanEck Ethereum ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - ETHV tracks the MarketVector Ethereum Benchmark Rate while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. ETHV charges 0.20%/yr vs 0.14%/yr for MSBT.

Performance

ETHV vs. MSBT - Performance Comparison

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

Returns By Period

ETHV

• 1D: -1.33%
• 1M: -25.17%
• YTD: -40.24%
• 6M: -43.60%
• 1Y: -32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.77%
• 1M: -22.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHV vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETHV VanEck Ethereum ETF	-19.74%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between ETHV 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

ETHV vs. MSBT — Risk / Return Rank

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

ETHV

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

ETHV vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	—	—
Sortino ratio: Return per unit of downside risk	-0.34	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.52	—	—
Martin ratio: Return relative to average drawdown	-0.86	—	—
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

	ETHV	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-1.58	+1.16

Drawdowns

ETHV vs. MSBT - Drawdown Comparison

The maximum ETHV drawdown since its inception was -64.02%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for ETHV and MSBT.

Drawdown Indicators

	ETHV	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-22.46%	-41.56%
Max Drawdown (1Y) Largest decline over 1 year	-63.36%	—	—
Current Drawdown Current decline from peak	-63.36%	-22.46%	-40.90%
Average Drawdown Average peak-to-trough decline	-32.71%	-4.38%	-28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.95%	—	—

Volatility

Volatility by Period

	ETHV	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.34%	33.13%	+35.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.23%	33.13%	+39.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.23%	33.13%	+39.10%

ETHV vs. MSBT - Expense Ratio Comparison

ETHV has a 0.20% 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

ETHV vs. MSBT - Dividend Comparison

Neither ETHV nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHV and MSBT in my portfolio?

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

MSBT is cheaper with a 0.14% expense ratio, compared with 0.20% for ETHV.

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

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

What is the main difference between ETHV and MSBT?

ETHV tracks MarketVector Ethereum Benchmark Rate, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: VanEck and Morgan Stanley. Their fees differ too: 0.20% for ETHV and 0.14% for MSBT.