MSBT vs. MSLC

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and MSLC (Morgan Stanley Pathway Large Cap Equity ETF) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while MSLC is a Large Cap Blend Equities fund actively managed by Morgan Stanley. MSBT is passively managed, while MSLC is actively managed. A 0.51 correlation means they provide meaningful diversification when combined. MSBT charges 0.14%/yr vs 0.39%/yr for MSLC.

Performance

MSBT vs. MSLC - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSLC

• 1D: -0.82%
• 1M: 4.08%
• YTD: 8.55%
• 6M: 8.69%
• 1Y: 22.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. MSLC - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
MSLC Morgan Stanley Pathway Large Cap Equity ETF	9.75%

Correlation

The correlation between MSBT and MSLC is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.51

Return for Risk

MSBT vs. MSLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSLC

MSLC Risk / Return Rank: 57
MSLC Sharpe Ratio Rank: 58
MSLC Sortino Ratio Rank: 57
MSLC Omega Ratio Rank: 57
MSLC Calmar Ratio Rank: 50
MSLC Martin Ratio Rank: 61

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. MSLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Morgan Stanley Pathway Large Cap Equity ETF (MSLC). 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.

Sharpe Ratios by Period

	MSBT	MSLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.83	-2.16

Drawdowns

MSBT vs. MSLC - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, which is greater than MSLC's maximum drawdown of -17.86%. Use the drawdown chart below to compare losses from any high point for MSBT and MSLC.

Drawdown Indicators

	MSBT	MSLC	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-17.86%	-2.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.31%	—
Current Drawdown Current decline from peak	-20.25%	-0.82%	-19.43%
Average Drawdown Average peak-to-trough decline	-3.91%	-2.46%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.11%	—

Volatility

Volatility by Period

	MSBT	MSLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	11.77%	+21.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	17.11%	+15.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	17.11%	+15.81%

MSBT vs. MSLC - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than MSLC's 0.39% expense ratio.

Dividends

MSBT vs. MSLC - Dividend Comparison

MSBT has not paid dividends to shareholders, while MSLC's dividend yield for the trailing twelve months is around 1.98%.

Position	TTM	2025
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%
MSLC Morgan Stanley Pathway Large Cap Equity ETF	1.98%	2.15%

Frequently Asked Questions

Can I hold both MSBT and MSLC in my portfolio?

MSBT and MSLC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSBT or MSLC?

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 MSLC?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.39% for MSLC.

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

MSLC has the higher dividend yield at 1.98%, compared with 0.00% for MSBT.

What is the main difference between MSBT and MSLC?

MSBT is categorized as Cryptocurrency, while MSLC is Large Cap Blend Equities. Their fees differ too: 0.14% for MSBT and 0.39% for MSLC.