MSBT vs. CBXO

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while CBXO is a Defined Outcome fund actively managed by Calamos. MSBT is passively managed, while CBXO is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. MSBT charges 0.14%/yr vs 0.69%/yr for CBXO.

Performance

MSBT vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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*: —

CBXO

• 1D: -0.03%
• 1M: -0.92%
• YTD: -3.67%
• 6M: -5.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. CBXO - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-0.32%

Correlation

The correlation between MSBT and CBXO is 0.86, 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 9, 2026	0.86

Return for Risk

MSBT vs. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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	CBXO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	-2.36	+1.02

Drawdowns

MSBT vs. CBXO - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, which is greater than CBXO's maximum drawdown of -11.40%. Use the drawdown chart below to compare losses from any high point for MSBT and CBXO.

Drawdown Indicators

	MSBT	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-11.40%	-8.85%
Current Drawdown Current decline from peak	-20.25%	-11.40%	-8.85%
Average Drawdown Average peak-to-trough decline	-3.91%	-8.46%	+4.55%

Volatility

Volatility by Period

	MSBT	CBXO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	7.23%	+25.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	7.23%	+25.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	7.23%	+25.69%

MSBT vs. CBXO - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than CBXO's 0.69% expense ratio.

Dividends

MSBT vs. CBXO - Dividend Comparison

MSBT has not paid dividends to shareholders, while CBXO's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSBT and CBXO in my portfolio?

MSBT and CBXO have a correlation of 0.86, 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 CBXO?

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 CBXO?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.69% for CBXO.

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

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for MSBT.

What is the main difference between MSBT and CBXO?

MSBT is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: Morgan Stanley and Calamos. Their fees differ too: 0.14% for MSBT and 0.69% for CBXO.