MSBT vs. BHDG

Last updated Jun 23, 2026

MSBT (Morgan Stanley Bitcoin Trust) and BHDG (Nicholas Bitcoin Tail ETF) are both Cryptocurrency funds. MSBT is passively managed, while BHDG is actively managed. At a correlation of -0.88, they often move in opposite directions. MSBT charges 0.14%/yr vs 0.97%/yr for BHDG.

Performance

MSBT vs. BHDG - Performance Comparison

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

Returns By Period

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BHDG

• 1D: -1.40%
• 1M: 5.60%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-11.15%
BHDG Nicholas Bitcoin Tail ETF	-4.69%

Correlation

The correlation between MSBT and BHDG is -0.88, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	-0.88

Return for Risk

MSBT vs. BHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Nicholas Bitcoin Tail ETF (BHDG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

MSBT vs. BHDG - Drawdown Comparison

The maximum MSBT drawdown since its inception was -26.46%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for MSBT and BHDG.

Drawdown Indicators

	MSBT	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-26.46%	-15.06%	-11.40%
Current Drawdown Current decline from peak	-21.40%	-7.71%	-13.69%
Average Drawdown Average peak-to-trough decline	-8.18%	-8.74%	+0.56%

Volatility

Volatility by Period

	MSBT	BHDG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	36.79%	27.61%	+9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	27.61%	+9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	27.61%	+9.18%

MSBT vs. BHDG - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than BHDG's 0.97% expense ratio.

Dividends

MSBT vs. BHDG - Dividend Comparison

Neither MSBT nor BHDG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSBT and BHDG in my portfolio?

MSBT and BHDG have a correlation of -0.88, 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 BHDG?

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 BHDG?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.97% for BHDG.

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

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

What is the main difference between MSBT and BHDG?

They also come from different issuers: Morgan Stanley and Nicholas. Their fees differ too: 0.14% for MSBT and 0.97% for BHDG.