MSBT vs. BTC
MSBT (Morgan Stanley Bitcoin Trust) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. MSBT is passively managed, while BTC is actively managed. With a 1.00 correlation, they move nearly in lockstep. MSBT charges 0.14%/yr vs 0.15%/yr for BTC.
Performance
MSBT vs. BTC - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.70%
- 1M
- -18.41%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -8.40% |
BTC Grayscale Bitcoin Mini Trust ETF | -8.37% |
Correlation
The correlation between MSBT and BTC is 1.00 - 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 | 1.00 |
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Return for Risk
MSBT vs. BTC — Risk / Return Rank
MSBT
BTC
MSBT vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 | BTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.33 | -0.00 | -1.33 |
Drawdowns
MSBT vs. BTC - Drawdown Comparison
The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum BTC drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for MSBT and BTC.
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Drawdown Indicators
| MSBT | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.25% | -49.34% | +29.09% |
Max Drawdown (1Y)Largest decline over 1 year | — | -49.34% | — |
Current DrawdownCurrent decline from peak | -20.25% | -47.98% | +27.73% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -16.61% | +12.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 28.38% | — |
Volatility
MSBT vs. BTC - Volatility Comparison
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Volatility by Period
| MSBT | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.40% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.45% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.92% | 43.69% | -10.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.92% | 48.30% | -15.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.92% | 48.30% | -15.38% |
MSBT vs. BTC - Expense Ratio Comparison
MSBT has a 0.14% expense ratio, which is lower than BTC's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MSBT vs. BTC - Dividend Comparison
Neither MSBT nor BTC has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, MSBT and BTC 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 0.15% for BTC.
MSBT and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Morgan Stanley and Grayscale. Their fees differ too: 0.14% for MSBT and 0.15% for BTC.
Find the right allocation for MSBT and BTC
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