EZET vs. MSBT

Last updated Jun 26, 2026

EZET (Franklin Ethereum ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - EZET tracks the CME CF Ether-Dollar Reference Rate - New York Variant while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.87 suggests significant overlap in exposure. EZET charges 0.19%/yr vs 0.14%/yr for MSBT.

Performance

EZET vs. MSBT - Performance Comparison

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

Returns By Period

EZET

• 1D: -1.69%
• 1M: -24.76%
• YTD: -47.61%
• 6M: -46.98%
• 1Y: -36.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -1.17%
• 1M: -22.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZET vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
EZET Franklin Ethereum ETF	-26.36%
MSBT Morgan Stanley Bitcoin Trust	-18.46%

Correlation

The correlation between EZET and MSBT is 0.87, 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	0.87

Return for Risk

EZET vs. MSBT — Risk / Return Rank

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

EZET

EZET Risk / Return Rank: 5
EZET Sharpe Ratio Rank: 5
EZET Sortino Ratio Rank: 6
EZET Omega Ratio Rank: 6
EZET Calmar Ratio Rank: 5
EZET Martin Ratio Rank: 6

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.

EZET vs. MSBT - Risk-Adjusted Trends Comparison

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

	EZET	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	—	—
Sortino ratio: Return per unit of downside risk	-0.44	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.53	—	—
Martin ratio: Return relative to average drawdown	-0.89	—	—

Drawdowns

EZET vs. MSBT - Drawdown Comparison

The maximum EZET drawdown since its inception was -67.89%, which is greater than MSBT's maximum drawdown of -27.86%. Use the drawdown chart below to compare losses from any high point for EZET and MSBT.

Drawdown Indicators

	EZET	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-27.86%	-40.03%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	—	—
Current Drawdown Current decline from peak	-67.89%	-27.86%	-40.03%
Average Drawdown Average peak-to-trough decline	-33.78%	-9.17%	-24.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.85%	—	—

Volatility

Volatility by Period

	EZET	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.96%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.96%	37.27%	+31.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.42%	37.27%	+35.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.42%	37.27%	+35.15%

EZET vs. MSBT - Expense Ratio Comparison

EZET 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

EZET vs. MSBT - Dividend Comparison

Neither EZET nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZET and MSBT in my portfolio?

EZET and MSBT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EZET 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, EZET or MSBT?

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

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

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

What is the main difference between EZET and MSBT?

EZET tracks CME CF Ether-Dollar 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 EZET and 0.14% for MSBT.