MSBT vs. BFAP
MSBT (Morgan Stanley Bitcoin Trust) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both Cryptocurrency funds. MSBT is passively managed, while BFAP is actively managed. With a 0.98 correlation, they move nearly in lockstep. MSBT charges 0.14%/yr vs 0.90%/yr for BFAP.
Performance
MSBT vs. BFAP - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.70%
- 1M
- -18.41%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BFAP
- 1D
- -1.05%
- 1M
- -7.01%
- YTD
- -20.89%
- 6M
- -23.66%
- 1Y
- -24.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT vs. BFAP - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -8.40% |
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April | -2.78% |
Correlation
The correlation between MSBT and BFAP is 0.98 - 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 | 0.98 |
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Return for Risk
MSBT vs. BFAP — Risk / Return Rank
MSBT
BFAP
MSBT vs. BFAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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.
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Sharpe Ratios by Period
| MSBT | BFAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.33 | -0.59 | -0.74 |
Drawdowns
MSBT vs. BFAP - Drawdown Comparison
The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum BFAP drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for MSBT and BFAP.
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Drawdown Indicators
| MSBT | BFAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.25% | -31.25% | +11.00% |
Max Drawdown (1Y)Largest decline over 1 year | — | -31.25% | — |
Current DrawdownCurrent decline from peak | -20.25% | -31.25% | +11.00% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -10.77% | +6.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 16.89% | — |
Volatility
MSBT vs. BFAP - Volatility Comparison
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Volatility by Period
| MSBT | BFAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.59% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 17.66% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.92% | 21.26% | +11.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.92% | 20.57% | +12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.92% | 20.57% | +12.35% |
MSBT vs. BFAP - Expense Ratio Comparison
MSBT has a 0.14% expense ratio, which is lower than BFAP's 0.90% expense ratio.
Dividends
MSBT vs. BFAP - Dividend Comparison
MSBT has not paid dividends to shareholders, while BFAP's dividend yield for the trailing twelve months is around 23.98%.
| Position | TTM | 2025 |
|---|---|---|
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April | 23.98% | 18.97% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, MSBT and BFAP 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.
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 0.90% for BFAP.
BFAP has the higher dividend yield at 23.98%, compared with 0.00% for MSBT.
They also come from different issuers: Morgan Stanley and First Trust. Their fees differ too: 0.14% for MSBT and 0.90% for BFAP.
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