MSBT vs. IBIT

Last updated Jul 8, 2026

MSBT (Morgan Stanley Bitcoin Trust) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. With a 0.96 correlation, they move nearly in lockstep. MSBT charges 0.14%/yr vs 0.25%/yr for IBIT.

Performance

MSBT vs. IBIT - Performance Comparison

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

Returns By Period

MSBT

• 1D: 0.22%
• 1M: 5.84%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 0.08%
• 1M: 5.89%
• 6M: -31.08%
• YTD: -27.19%
• 1Y: -41.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. IBIT - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-12.02%
IBIT iShares Bitcoin Trust ETF	-7.54%

Correlation

The correlation between MSBT and IBIT is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

Return for Risk

MSBT vs. IBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 3
IBIT Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSBT vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.93	—
Sortino ratio: Return per unit of downside risk	—	-1.31	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.77	—
Martin ratio: Return relative to average drawdown	—	-1.28	—

Drawdowns

MSBT vs. IBIT - Drawdown Comparison

The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for MSBT and IBIT.

Drawdown Indicators

	MSBT	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-28.33%	-53.30%	+24.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.30%	—
Current Drawdown Current decline from peak	-22.16%	-49.29%	+27.13%
Average Drawdown Average peak-to-trough decline	-11.01%	-17.35%	+6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	32.10%	—

Volatility

Volatility by Period

	MSBT	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.18%	44.47%	-7.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.18%	50.06%	-12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	50.06%	-12.88%

MSBT vs. IBIT - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than IBIT's 0.25% 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. IBIT - Dividend Comparison

Neither MSBT nor IBIT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSBT and IBIT in my portfolio?

With a correlation of 0.96, MSBT and IBIT 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 IBIT?

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 IBIT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.25% for IBIT.

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

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

What is the main difference between MSBT and IBIT?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Morgan Stanley and iShares. Their fees differ too: 0.14% for MSBT and 0.25% for IBIT.