GDOG vs. MSBT

Last updated Jun 5, 2026

GDOG (Grayscale Dogecoin Trust ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - GDOG tracks the CoinDesk Dogecoin Blended Reference Rate Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.72 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.14%/yr for MSBT.

Performance

GDOG vs. MSBT - Performance Comparison

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

Returns By Period

GDOG

• 1D: -2.70%
• 1M: -21.69%
• YTD: -23.98%
• 6M: -39.98%
• 1Y: —
• 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)

GDOG vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GDOG Grayscale Dogecoin Trust ETF	-4.47%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between GDOG and MSBT is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.72

Return for Risk

GDOG vs. MSBT - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GDOG	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	-1.58	+0.70

Drawdowns

GDOG vs. MSBT - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for GDOG and MSBT.

Drawdown Indicators

	GDOG	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-22.46%	-20.45%
Current Drawdown Current decline from peak	-42.75%	-22.46%	-20.29%
Average Drawdown Average peak-to-trough decline	-28.59%	-4.38%	-24.21%

Volatility

Volatility by Period

	GDOG	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	73.77%	33.13%	+40.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.77%	33.13%	+40.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.77%	33.13%	+40.64%

GDOG vs. MSBT - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

GDOG vs. MSBT - Dividend Comparison

Neither GDOG nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDOG and MSBT in my portfolio?

GDOG and MSBT have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG 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, GDOG or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.35% for GDOG.

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

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

What is the main difference between GDOG and MSBT?

GDOG tracks CoinDesk Dogecoin Blended Reference 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: 0.35% for GDOG and 0.14% for MSBT.