MSBT vs. EZBC

Last updated Aug 1, 2026

MSBT (Morgan Stanley Bitcoin Trust) and EZBC (Franklin Bitcoin ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while EZBC tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Their 0.96 correlation means they have historically moved very closely together. MSBT charges 0.14%/yr vs 0.19%/yr for EZBC.

Performance

MSBT vs. EZBC - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.96%
• 1M: 2.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

EZBC

• 1D: -2.86%
• 1M: 2.28%
• 6M: -25.05%
• YTD: -28.20%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZBC Franklin Bitcoin ETF	$3.11M	$3.63M	$7.00M
MSBT Morgan Stanley Bitcoin Trust	$6.64M	$6.25M	$10.51M

MSBT vs. EZBC - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-13.37%
EZBC Franklin Bitcoin ETF	-8.92%

Correlation

The correlation between MSBT and EZBC is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.96

Return for Risk

MSBT vs. EZBC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

EZBC

EZBC Risk / Return Rank: 1
EZBC Sharpe Ratio Rank: 1
EZBC Sortino Ratio Rank: 1
EZBC Omega Ratio Rank: 2
EZBC Calmar Ratio Rank: 2
EZBC Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSBT vs. EZBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Franklin Bitcoin ETF (EZBC). 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	EZBC	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.05	—
Sortino ratio: Return per unit of downside risk	—	-1.58	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.87	—
Martin ratio: Return relative to average drawdown	—	-1.34	—

Drawdowns

MSBT vs. EZBC - Drawdown Comparison

The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum EZBC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for MSBT and EZBC.

Drawdown Indicators

	MSBT	EZBC	Difference
Max Drawdown Largest peak-to-trough decline	-28.33%	-53.35%	+25.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.35%	—
Current Drawdown Current decline from peak	-23.35%	-50.02%	+26.67%
Average Drawdown Average peak-to-trough decline	-13.41%	-18.28%	+4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	34.65%	—

Volatility

Volatility by Period

	MSBT	EZBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	35.47%	44.37%	-8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	49.52%	-14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.47%	49.52%	-14.05%

MSBT vs. EZBC - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than EZBC's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MSBT vs. EZBC - Dividend Comparison

Neither MSBT nor EZBC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSBT and EZBC in my portfolio?

With a correlation of 0.96, MSBT and EZBC 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 EZBC?

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 EZBC?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.19% for EZBC.

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

MSBT and EZBC have nearly identical dividend yields, around 0.00%.

What is the main difference between MSBT and EZBC?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while EZBC tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Morgan Stanley and Franklin Templeton. Their fees differ too: 0.14% for MSBT and 0.19% for EZBC.