EZBC vs. MSBT

Last updated Jun 24, 2026

EZBC (Franklin Bitcoin ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - EZBC tracks the CME CF Bitcoin Reference Rate - New York Variant while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.95 suggests significant overlap in exposure. EZBC charges 0.19%/yr vs 0.14%/yr for MSBT.

Performance

EZBC vs. MSBT - Performance Comparison

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

Returns By Period

EZBC

• 1D: -3.22%
• 1M: -17.79%
• YTD: -28.83%
• 6M: -28.96%
• 1Y: -39.76%
• 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)

EZBC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
EZBC Franklin Bitcoin ETF	-9.73%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between EZBC and MSBT is 0.95, 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	0.95

Return for Risk

EZBC vs. MSBT — Risk / Return Rank

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

EZBC

EZBC Risk / Return Rank: 2
EZBC Sharpe Ratio Rank: 2
EZBC Sortino Ratio Rank: 2
EZBC Omega Ratio Rank: 2
EZBC Calmar Ratio Rank: 2
EZBC Martin Ratio Rank: 2

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.

EZBC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Bitcoin ETF (EZBC) 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.

	EZBC	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	—	—
Sortino ratio: Return per unit of downside risk	-1.26	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.30	—	—

Drawdowns

EZBC vs. MSBT - Drawdown Comparison

The maximum EZBC drawdown since its inception was -52.07%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for EZBC and MSBT.

Drawdown Indicators

	EZBC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-26.46%	-25.61%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	—	—
Current Drawdown Current decline from peak	-50.46%	-23.99%	-26.47%
Average Drawdown Average peak-to-trough decline	-16.89%	-8.48%	-8.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.56%	—	—

Volatility

Volatility by Period

	EZBC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.23%	37.06%	+7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.15%	37.06%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.15%	37.06%	+13.09%

EZBC vs. MSBT - Expense Ratio Comparison

EZBC has a 0.19% 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

EZBC vs. MSBT - Dividend Comparison

Neither EZBC nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZBC and MSBT in my portfolio?

With a correlation of 0.95, EZBC 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, EZBC 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, EZBC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.19% for EZBC.

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

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

What is the main difference between EZBC and MSBT?

EZBC tracks CME CF Bitcoin Reference Rate - New York Variant, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Franklin Templeton and Morgan Stanley. Their fees differ too: 0.19% for EZBC and 0.14% for MSBT.