GXRP vs. MSBT

Last updated Jun 5, 2026

GXRP (Grayscale XRP Trust ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - GXRP tracks the CoinDesk XRP Reference Rate Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. GXRP charges 0.35%/yr vs 0.14%/yr for MSBT.

Performance

GXRP vs. MSBT - Performance Comparison

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

Returns By Period

GXRP

• 1D: -2.33%
• 1M: -17.12%
• YTD: -35.87%
• 6M: -44.38%
• 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)

GXRP vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GXRP Grayscale XRP Trust ETF	-13.20%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between GXRP and MSBT is 0.85, 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 9, 2026	0.85

Return for Risk

GXRP vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale XRP Trust ETF (GXRP) 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

	GXRP	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.00	-1.58	+0.58

Drawdowns

GXRP vs. MSBT - Drawdown Comparison

The maximum GXRP drawdown since its inception was -49.34%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for GXRP and MSBT.

Drawdown Indicators

	GXRP	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-49.34%	-22.46%	-26.88%
Current Drawdown Current decline from peak	-49.34%	-22.46%	-26.88%
Average Drawdown Average peak-to-trough decline	-30.29%	-4.38%	-25.91%

Volatility

Volatility by Period

	GXRP	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	71.66%	33.13%	+38.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.66%	33.13%	+38.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	33.13%	+38.53%

GXRP vs. MSBT - Expense Ratio Comparison

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

Dividends

GXRP vs. MSBT - Dividend Comparison

Neither GXRP nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GXRP and MSBT in my portfolio?

GXRP and MSBT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXRP 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, GXRP or MSBT?

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

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

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

What is the main difference between GXRP and MSBT?

GXRP tracks CoinDesk XRP 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 GXRP and 0.14% for MSBT.