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. Their 0.97 correlation means they have historically moved very closely together. 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
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BTC
- 1D
- -2.86%
- 1M
- 2.32%
- 6M
- -25.00%
- YTD
- -28.20%
- 1Y
- -44.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.40M | $40.42M | $55.08M | |
| $6.64M | $6.25M | $10.51M |
MSBT vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
BTC Grayscale Bitcoin Mini Trust ETF | -8.88% |
Correlation
The correlation between MSBT and BTC is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.97 |
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Return for Risk
MSBT vs. BTC — Risk / Return Rank
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.83 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.87 | — |
| Martin ratioReturn relative to average drawdown | — | -1.34 | — |
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Drawdowns
MSBT vs. BTC - Drawdown Comparison
The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum BTC drawdown of -53.30%. 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 | -28.33% | -53.30% | +24.97% |
Max Drawdown (1Y)Largest decline over 1 year | — | -53.30% | — |
Current DrawdownCurrent decline from peak | -23.35% | -49.96% | +26.61% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -19.39% | +5.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 34.60% | — |
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 | — | 9.08% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 33.72% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 44.38% | -8.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 47.53% | -12.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 47.53% | -12.06% |
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 0.97, 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.
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