MSBT vs. BTRN

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while BTRN tracks the CoinDesk Bitcoin Trend Indicator Futures Index. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. MSBT charges 0.14%/yr vs 0.95%/yr for BTRN.

Performance

MSBT vs. BTRN - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTRN

• 1D: -1.35%
• 1M: -12.31%
• YTD: -9.29%
• 6M: -9.90%
• 1Y: -18.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. BTRN - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
BTRN Global X Bitcoin Trend Strategy ETF	-7.95%

Correlation

The correlation between MSBT and BTRN is 0.97 - 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	0.97

Return for Risk

MSBT vs. BTRN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTRN

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

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. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Global X Bitcoin Trend Strategy ETF (BTRN). 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.

Sharpe Ratios by Period

	MSBT	BTRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.00	-1.33

Drawdowns

MSBT vs. BTRN - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum BTRN drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for MSBT and BTRN.

Drawdown Indicators

	MSBT	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-36.97%	+16.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.29%	—
Current Drawdown Current decline from peak	-20.25%	-25.29%	+5.04%
Average Drawdown Average peak-to-trough decline	-3.91%	-14.41%	+10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	14.68%	—

Volatility

Volatility by Period

	MSBT	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	19.91%	+13.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	30.96%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	30.96%	+1.96%

MSBT vs. BTRN - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than BTRN's 0.95% expense ratio.

Dividends

MSBT vs. BTRN - Dividend Comparison

MSBT has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 30.60%.

Position	TTM	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	30.60%	27.76%	2.56%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and BTRN in my portfolio?

With a correlation of 0.97, MSBT and BTRN 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 BTRN?

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 BTRN?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for BTRN.

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

BTRN has the higher dividend yield at 30.60%, compared with 0.00% for MSBT.

What is the main difference between MSBT and BTRN?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while BTRN tracks CoinDesk Bitcoin Trend Indicator Futures Index. They also come from different issuers: Morgan Stanley and Global X. Their fees differ too: 0.14% for MSBT and 0.95% for BTRN.