HODL vs. MSBT

Last updated Jun 4, 2026

HODL (VanEck Bitcoin Trust) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - HODL tracks the CME CF Bitcoin Reference Rate - New York Variant while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. HODL charges 0.25%/yr vs 0.14%/yr for MSBT.

Performance

HODL vs. MSBT - Performance Comparison

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

Returns By Period

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -6.05%
• 1M: -14.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
HODL VanEck Bitcoin Trust	-8.42%
MSBT Morgan Stanley Bitcoin Trust	-5.86%

Correlation

The correlation between HODL and MSBT is 0.97 - 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	0.97

Return for Risk

HODL vs. MSBT — Risk / Return Rank

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

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 2
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL 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.

HODL vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) 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.

	HODL	MSBT	Difference
Sharpe ratio Return per unit of total volatility	-0.89	—	—
Sortino ratio Return per unit of downside risk	-1.23	—	—
Omega ratio Gain probability vs. loss probability	0.86	—	—
Calmar ratio Return relative to maximum drawdown	-0.79	—	—
Martin ratio Return relative to average drawdown	-1.36	—	—
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

	HODL	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-1.02	+1.33

Drawdowns

HODL vs. MSBT - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, which is greater than MSBT's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for HODL and MSBT.

Drawdown Indicators

	HODL	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-18.03%	-31.22%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	—	—
Current Drawdown Current decline from peak	-47.93%	-18.03%	-29.90%
Average Drawdown Average peak-to-trough decline	-15.97%	-3.48%	-12.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.35%	—	—

Volatility

Volatility by Period

	HODL	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.51%	32.70%	+10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	32.70%	+17.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	32.70%	+17.18%

HODL vs. MSBT - Expense Ratio Comparison

HODL has a 0.25% 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

HODL vs. MSBT - Dividend Comparison

Neither HODL nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HODL and MSBT in my portfolio?

With a correlation of 0.97, HODL 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, HODL 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, HODL or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.25% for HODL.

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

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

What is the main difference between HODL and MSBT?

HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: VanEck and Morgan Stanley. Their fees differ too: 0.25% for HODL and 0.14% for MSBT.