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. At a correlation of -0.91, they often move in opposite directions. 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
- -2.70%
- 1M
- -18.41%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- 11.25%
- 1M
- 66.19%
- YTD
- 63.80%
- 6M
- 72.54%
- 1Y
- -42.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSBT vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -8.40% |
ETHD ProShares UltraShort Ether ETF | 42.69% |
Correlation
The correlation between MSBT and ETHD is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026 | -0.91 |
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Return for Risk
MSBT vs. ETHD — Risk / Return Rank
MSBT
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| MSBT | ETHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.33 | -0.35 | -0.98 |
Drawdowns
MSBT vs. ETHD - Drawdown Comparison
The maximum MSBT drawdown since its inception was -20.25%, 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 | -20.25% | -95.59% | +75.34% |
Max Drawdown (1Y)Largest decline over 1 year | — | -83.63% | — |
Current DrawdownCurrent decline from peak | -20.25% | -87.20% | +66.95% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -66.01% | +62.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 66.00% | — |
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 | — | 19.00% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 92.37% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.92% | 136.23% | -103.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.92% | 142.19% | -109.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.92% | 142.19% | -109.27% |
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 10.68%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 10.68% | 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 -0.91, 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 10.68%, 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.
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