MSBT vs. BCDF

Last updated Jun 5, 2026

MSBT (Morgan Stanley Bitcoin Trust) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. MSBT is passively managed, while BCDF is actively managed. At a 0.39 correlation, their price movements are largely independent. MSBT charges 0.14%/yr vs 0.85%/yr for BCDF.

Performance

MSBT vs. BCDF - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.77%
• 1M: -22.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: 0.11%
• 1M: -4.77%
• YTD: 3.34%
• 6M: 2.87%
• 1Y: 6.42%
• 3Y*: 15.27%
• 5Y*: —
• 10Y*: —

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

MSBT vs. BCDF - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-10.94%
BCDF Horizon Kinetics Blockchain Development ETF	-1.57%

Correlation

The correlation between MSBT and BCDF is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.39

Return for Risk

MSBT vs. BCDF — Risk / Return Rank

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

BCDF

BCDF Risk / Return Rank: 17
BCDF Sharpe Ratio Rank: 16
BCDF Sortino Ratio Rank: 16
BCDF Omega Ratio Rank: 16
BCDF Calmar Ratio Rank: 20
BCDF Martin Ratio Rank: 18

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.

MSBT vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Horizon Kinetics Blockchain Development ETF (BCDF). 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

	MSBT	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.58	0.39	-1.98

Drawdowns

MSBT vs. BCDF - Drawdown Comparison

The maximum MSBT drawdown since its inception was -22.46%, smaller than the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for MSBT and BCDF.

Drawdown Indicators

	MSBT	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-22.46%	-27.70%	+5.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.46%	—
Current Drawdown Current decline from peak	-22.46%	-7.53%	-14.93%
Average Drawdown Average peak-to-trough decline	-4.38%	-9.83%	+5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.42%	—

Volatility

Volatility by Period

	MSBT	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	33.13%	14.75%	+18.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.13%	16.94%	+16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.13%	16.94%	+16.19%

MSBT vs. BCDF - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

MSBT vs. BCDF - Dividend Comparison

MSBT has not paid dividends to shareholders, while BCDF's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.44%	2.53%	1.63%	0.69%	0.38%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and BCDF in my portfolio?

MSBT and BCDF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSBT or BCDF?

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, MSBT or BCDF?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.85% for BCDF.

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

BCDF has the higher dividend yield at 2.44%, compared with 0.00% for MSBT.

What is the main difference between MSBT and BCDF?

They also come from different issuers: Morgan Stanley and Horizon. Their fees differ too: 0.14% for MSBT and 0.85% for BCDF.