IBIT vs. MSBT

Last updated Jun 4, 2026

IBIT (iShares Bitcoin Trust ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - IBIT 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 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 0.14%/yr for MSBT.

Performance

IBIT vs. MSBT - Performance Comparison

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

Returns By Period

IBIT

• 1D: -2.76%
• 1M: -18.50%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.74%
• 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)

IBIT vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
IBIT iShares Bitcoin Trust ETF	-8.46%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between IBIT 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

IBIT vs. MSBT — Risk / Return Rank

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

IBIT

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

IBIT vs. MSBT - Risk-Adjusted Trends Comparison

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

	IBIT	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

	IBIT	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	-1.33	+1.63

Drawdowns

IBIT vs. MSBT - Drawdown Comparison

The maximum IBIT drawdown since its inception was -49.36%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for IBIT and MSBT.

Drawdown Indicators

	IBIT	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-20.25%	-29.11%
Max Drawdown (1Y) Largest decline over 1 year	-49.36%	—	—
Current Drawdown Current decline from peak	-48.10%	-20.25%	-27.85%
Average Drawdown Average peak-to-trough decline	-16.02%	-3.91%	-12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.44%	—	—

Volatility

Volatility by Period

	IBIT	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.73%	32.92%	+10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.19%	32.92%	+17.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.19%	32.92%	+17.27%

IBIT vs. MSBT - Expense Ratio Comparison

IBIT 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

IBIT vs. MSBT - Dividend Comparison

Neither IBIT nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IBIT and MSBT in my portfolio?

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

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

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

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

What is the main difference between IBIT and MSBT?

IBIT 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: iShares and Morgan Stanley. Their fees differ too: 0.25% for IBIT and 0.14% for MSBT.