GBTC vs. MSBT

Last updated Jun 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. With a 1.00 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.14%/yr for MSBT.

Performance

GBTC vs. MSBT - Performance Comparison

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

Returns By Period

GBTC

• 1D: -2.74%
• 1M: -22.25%
• YTD: -27.82%
• 6M: -31.83%
• 1Y: -40.35%
• 3Y*: 53.36%
• 5Y*: 9.81%
• 10Y*: 49.21%

MSBT

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

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

GBTC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GBTC Grayscale Bitcoin Trust ETF	-11.13%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between GBTC and MSBT is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	1.00

Return for Risk

GBTC vs. MSBT — Risk / Return Rank

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

GBTC

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

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.

GBTC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.

	GBTC	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	—	—
Sortino ratio: Return per unit of downside risk	-1.31	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.81	—	—
Martin ratio: Return relative to average drawdown	-1.40	—	—
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

	GBTC	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-1.58	+2.24

Drawdowns

GBTC vs. MSBT - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for GBTC and MSBT.

Drawdown Indicators

	GBTC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-22.46%	-67.45%
Max Drawdown (1Y) Largest decline over 1 year	-49.87%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-49.87%	-22.46%	-27.41%
Average Drawdown Average peak-to-trough decline	-43.43%	-4.38%	-39.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.81%	—	—

Volatility

Volatility by Period

	GBTC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.69%	33.13%	+10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.44%	33.13%	+29.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.20%	33.13%	+49.07%

GBTC vs. MSBT - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

GBTC vs. MSBT - Dividend Comparison

Neither GBTC nor MSBT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and MSBT in my portfolio?

With a correlation of 1.00, GBTC 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, GBTC 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, GBTC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and MSBT?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 1.50% for GBTC and 0.14% for MSBT.