GSUI vs. MSBT

Last updated Jun 4, 2026

GSUI (Grayscale Sui Staking ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - GSUI tracks the CoinDesk SUI Reference Rate while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. GSUI charges 0.00%/yr vs 0.14%/yr for MSBT.

Performance

GSUI vs. MSBT - Performance Comparison

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

Returns By Period

GSUI

• 1D: -1.09%
• 1M: -12.82%
• YTD: -39.93%
• 6M: -46.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSUI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GSUI Grayscale Sui Staking ETF	-11.56%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between GSUI and MSBT is 0.71, 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	0.71

Return for Risk

GSUI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Sui Staking ETF (GSUI) 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

	GSUI	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	-1.33	+0.55

Drawdowns

GSUI vs. MSBT - Drawdown Comparison

The maximum GSUI drawdown since its inception was -60.73%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for GSUI and MSBT.

Drawdown Indicators

	GSUI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-60.73%	-20.25%	-40.48%
Current Drawdown Current decline from peak	-60.73%	-20.25%	-40.48%
Average Drawdown Average peak-to-trough decline	-43.81%	-3.91%	-39.90%

Volatility

Volatility by Period

	GSUI	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	107.79%	32.92%	+74.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.79%	32.92%	+74.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.79%	32.92%	+74.87%

GSUI vs. MSBT - Expense Ratio Comparison

GSUI has a 0.00% expense ratio, which is lower than MSBT's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSUI vs. MSBT - Dividend Comparison

Neither GSUI nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSUI and MSBT in my portfolio?

GSUI and MSBT have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSUI or MSBT?

On fees, GSUI is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSUI or MSBT?

GSUI is cheaper with a 0.00% expense ratio, compared with 0.14% for MSBT.

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

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

What is the main difference between GSUI and MSBT?

GSUI tracks CoinDesk SUI Reference Rate, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 0.00% for GSUI and 0.14% for MSBT.