MSBT vs. BITI

Last updated Aug 1, 2026

MSBT (Morgan Stanley Bitcoin Trust) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Their -0.96 correlation means they have often moved in opposite directions in the past. MSBT charges 0.14%/yr vs 1.03%/yr for BITI.

Performance

MSBT vs. BITI - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.96%
• 1M: 2.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
MSBT Morgan Stanley Bitcoin Trust	$6.64M	$6.25M	$10.51M

MSBT vs. BITI - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-13.37%
BITI ProShares Short Bitcoin ETF	7.36%

Correlation

The correlation between MSBT and BITI is -0.96, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	-0.96

Return for Risk

MSBT vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSBT

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

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSBT vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and ProShares Short Bitcoin ETF (BITI). 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	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	2.02	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.53	—
Martin ratio: Return relative to average drawdown	—	6.17	—

Drawdowns

MSBT vs. BITI - Drawdown Comparison

The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MSBT and BITI.

Drawdown Indicators

	MSBT	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-28.33%	-92.16%	+63.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-23.35%	-86.12%	+62.77%
Average Drawdown Average peak-to-trough decline	-13.41%	-68.59%	+55.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.35%	—

Volatility

Volatility by Period

	MSBT	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.47%	44.23%	-8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	52.03%	-16.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.47%	52.03%	-16.56%

MSBT vs. BITI - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MSBT vs. BITI - Dividend Comparison

MSBT has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.30%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and BITI in my portfolio?

MSBT and BITI have a correlation of -0.96, 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 BITI?

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 BITI?

MSBT is cheaper with a 0.14% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.17%, compared with 0.00% for MSBT.

What is the main difference between MSBT and BITI?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Morgan Stanley and ProShares. Their fees differ too: 0.14% for MSBT and 1.03% for BITI.