MSBT vs. CEPI
MSBT (Morgan Stanley Bitcoin Trust) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while CEPI is a Derivative Income fund actively managed by REX. MSBT is passively managed, while CEPI is actively managed. Their 0.56 correlation means they have sometimes moved together and sometimes differently. MSBT charges 0.14%/yr vs 0.85%/yr for CEPI.
Performance
MSBT vs. CEPI - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CEPI
- 1D
- -1.27%
- 1M
- -1.15%
- 6M
- 12.02%
- YTD
- 15.15%
- 1Y
- 20.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.21M | $1.33M | $1.59M | |
| $6.64M | $6.25M | $10.51M |
MSBT vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
CEPI REX Crypto Equity Premium Income ETF | 18.37% |
Correlation
The correlation between MSBT and CEPI is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.56 |
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Return for Risk
MSBT vs. CEPI — Risk / Return Rank
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CEPI
MSBT vs. CEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and REX Crypto Equity Premium Income ETF (CEPI). 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 | CEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.12 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.71 | — |
| Martin ratioReturn relative to average drawdown | — | 1.66 | — |
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Drawdowns
MSBT vs. CEPI - Drawdown Comparison
The maximum MSBT drawdown since its inception was -28.33%, roughly equal to the maximum CEPI drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for MSBT and CEPI.
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Drawdown Indicators
| MSBT | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.33% | -29.48% | +1.15% |
Max Drawdown (1Y)Largest decline over 1 year | — | -22.47% | — |
Current DrawdownCurrent decline from peak | -23.35% | -7.59% | -15.76% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -8.24% | -5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 9.65% | — |
Volatility
MSBT vs. CEPI - Volatility Comparison
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Volatility by Period
| MSBT | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 23.76% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 29.53% | +5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 31.91% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 31.91% | +3.56% |
MSBT vs. CEPI - Expense Ratio Comparison
MSBT has a 0.14% expense ratio, which is lower than CEPI's 0.85% expense ratio.
Dividends
MSBT vs. CEPI - Dividend Comparison
MSBT has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 45.59%.
| Position | TTM | 2025 |
|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 45.59% | 50.78% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% |
Frequently Asked Questions
MSBT and CEPI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.85% for CEPI.
CEPI has the higher dividend yield at 45.59%, compared with 0.00% for MSBT.
MSBT is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Morgan Stanley and REX. Their fees differ too: 0.14% for MSBT and 0.85% for CEPI.
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