MSBT vs. BCDF
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. Their 0.34 correlation means their historical movements had little consistent relationship. MSBT charges 0.14%/yr vs 0.85%/yr for BCDF.
Performance
MSBT vs. BCDF - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BCDF
- 1D
- 0.13%
- 1M
- 5.32%
- 6M
- 1.82%
- YTD
- 6.12%
- 1Y
- 5.66%
- 3Y*
- 14.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.32K | $19.89K | $48.05K | |
| $6.64M | $6.25M | $10.51M |
MSBT vs. BCDF - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
BCDF Horizon Kinetics Blockchain Development ETF | 1.72% |
Correlation
The correlation between MSBT and BCDF is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.34 |
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Return for Risk
MSBT vs. BCDF — Risk / Return Rank
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BCDF
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MSBT | BCDF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.07 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.39 | — |
| Martin ratioReturn relative to average drawdown | — | 1.24 | — |
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Drawdowns
MSBT vs. BCDF - Drawdown Comparison
The maximum MSBT drawdown since its inception was -28.33%, roughly equal to the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for MSBT and BCDF.
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Drawdown Indicators
| MSBT | BCDF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.33% | -27.70% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | — | -14.02% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.02% | — |
Current DrawdownCurrent decline from peak | -23.35% | -5.05% | -18.30% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -9.76% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.45% | — |
Volatility
MSBT vs. BCDF - Volatility Comparison
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Volatility by Period
| MSBT | BCDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.51% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 11.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 15.08% | +20.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 16.87% | +18.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 16.87% | +18.60% |
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 2.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.38% | 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
MSBT and BCDF have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
MSBT is cheaper with a 0.14% expense ratio, compared with 0.85% for BCDF.
BCDF has the higher dividend yield at 2.38%, compared with 0.00% for MSBT.
They also come from different issuers: Morgan Stanley and Horizon. Their fees differ too: 0.14% for MSBT and 0.85% for BCDF.
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