MSBT vs. BTCI

Last updated Jun 24, 2026

MSBT (Morgan Stanley Bitcoin Trust) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. MSBT is passively managed, while BTCI is actively managed. Their correlation of 0.93 suggests significant overlap in exposure. MSBT charges 0.14%/yr vs 0.99%/yr for BTCI.

Performance

MSBT vs. BTCI - Performance Comparison

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

Returns By Period

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCI

• 1D: -3.23%
• 1M: -17.15%
• YTD: -26.19%
• 6M: -26.22%
• 1Y: -35.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. BTCI - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-14.09%
BTCI NEOS Bitcoin High Income ETF	-8.81%

Correlation

The correlation between MSBT and BTCI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.93

Return for Risk

MSBT vs. BTCI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSBT vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.89	—
Sortino ratio: Return per unit of downside risk	—	-1.19	—
Omega ratio: Gain probability vs. loss probability	—	0.86	—
Calmar ratio: Return relative to maximum drawdown	—	-0.75	—
Martin ratio: Return relative to average drawdown	—	-1.30	—

Drawdowns

MSBT vs. BTCI - Drawdown Comparison

The maximum MSBT drawdown since its inception was -26.46%, smaller than the maximum BTCI drawdown of -47.16%. Use the drawdown chart below to compare losses from any high point for MSBT and BTCI.

Drawdown Indicators

	MSBT	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-26.46%	-47.16%	+20.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.16%	—
Current Drawdown Current decline from peak	-23.99%	-45.42%	+21.43%
Average Drawdown Average peak-to-trough decline	-8.48%	-16.05%	+7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	27.00%	—

Volatility

Volatility by Period

	MSBT	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.06%	39.73%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.06%	40.33%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.06%	40.33%	-3.27%

MSBT vs. BTCI - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

MSBT vs. BTCI - Dividend Comparison

MSBT has not paid dividends to shareholders, while BTCI's dividend yield for the trailing twelve months is around 48.44%.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	48.44%	36.46%	6.76%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and BTCI in my portfolio?

With a correlation of 0.93, MSBT and BTCI 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.

Which ETF is better, MSBT or BTCI?

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 BTCI?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 48.44%, compared with 0.00% for MSBT.

What is the main difference between MSBT and BTCI?

They also come from different issuers: Morgan Stanley and Neos. Their fees differ too: 0.14% for MSBT and 0.99% for BTCI.