EZBC vs. MSBT

Last updated Aug 2, 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 0.96 correlation means they have historically moved very closely together. 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: -2.86%
• 1M: 2.28%
• 6M: -25.05%
• YTD: -28.20%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.49%

MSBT

• 1D: -2.96%
• 1M: 2.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZBC Franklin Bitcoin ETF	$3.11M	$3.63M	$7.00M
MSBT Morgan Stanley Bitcoin Trust	$6.64M	$6.25M	$10.51M

EZBC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
EZBC Franklin Bitcoin ETF	-8.92%
MSBT Morgan Stanley Bitcoin Trust	-13.37%

Correlation

The correlation between EZBC and MSBT is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.96

Return for Risk

EZBC vs. MSBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZBC

EZBC Risk / Return Rank: 1
EZBC Sharpe Ratio Rank: 1
EZBC Sortino Ratio Rank: 1
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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-1.05	—	—
Sortino ratio: Return per unit of downside risk	-1.58	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—

Drawdowns

EZBC vs. MSBT - Drawdown Comparison

The maximum EZBC drawdown since its inception was -53.35%, which is greater than MSBT's maximum drawdown of -28.33%. 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	-53.35%	-28.33%	-25.02%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	—	—
Current Drawdown Current decline from peak	-50.02%	-23.35%	-26.67%
Average Drawdown Average peak-to-trough decline	-18.28%	-13.41%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.65%	—	—

Volatility

Volatility by Period

	EZBC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	35.47%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.52%	35.47%	+14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.52%	35.47%	+14.05%

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 0.96, 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.