MSBT vs. ETHD
MSBT (Morgan Stanley Bitcoin Trust) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. MSBT is passively managed, while ETHD is actively managed. Their -0.87 correlation means they have often moved in opposite directions in the past. MSBT charges 0.14%/yr vs 1.01%/yr for ETHD.
Performance
MSBT vs. ETHD - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ETHD
- 1D
- 5.65%
- 1M
- -20.75%
- 6M
- 13.26%
- YTD
- 29.25%
- 1Y
- -2.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -50.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.71M | $16.45M | $23.40M | |
| $6.64M | $6.25M | $10.51M |
MSBT vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
ETHD ProShares UltraShort Ether ETF | 2.35% |
Correlation
The correlation between MSBT and ETHD is -0.87, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | -0.87 |
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Return for Risk
MSBT vs. ETHD — Risk / Return Rank
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHD
MSBT vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and ProShares UltraShort Ether ETF (ETHD). 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 | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.13 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.18 | — |
| Martin ratioReturn relative to average drawdown | — | 0.28 | — |
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Drawdowns
MSBT vs. ETHD - Drawdown Comparison
The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for MSBT and ETHD.
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Drawdown Indicators
| MSBT | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.33% | -95.59% | +67.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -57.19% | — |
Current DrawdownCurrent decline from peak | -23.35% | -89.90% | +66.55% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -67.51% | +54.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 36.37% | — |
Volatility
MSBT vs. ETHD - Volatility Comparison
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Volatility by Period
| MSBT | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 26.64% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 91.72% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 133.97% | -98.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 140.41% | -104.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 140.41% | -104.94% |
MSBT vs. ETHD - Expense Ratio Comparison
MSBT has a 0.14% expense ratio, which is lower than ETHD's 1.01% expense ratio.
Dividends
MSBT vs. ETHD - Dividend Comparison
MSBT has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 5.76%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 5.76% | 156.62% | 19.15% |
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSBT and ETHD have a correlation of -0.87, 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 1.01% for ETHD.
ETHD has the higher dividend yield at 5.76%, compared with 0.00% for MSBT.
They also come from different issuers: Morgan Stanley and ProShares. Their fees differ too: 0.14% for MSBT and 1.01% for ETHD.
Find the right allocation for MSBT and ETHD
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