MSBT vs. PAPI

Last updated Jun 21, 2026

MSBT (Morgan Stanley Bitcoin Trust) and PAPI (Parametric Equity Premium Income ETF) are both exchange-traded funds - MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while PAPI is a Derivative Income fund actively managed by Morgan Stanley. MSBT is passively managed, while PAPI is actively managed. At a correlation of -0.36, they often move in opposite directions. MSBT charges 0.14%/yr vs 0.29%/yr for PAPI.

Performance

MSBT vs. PAPI - Performance Comparison

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

Returns By Period

MSBT

• 1D: -2.17%
• 1M: -18.99%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.78%
• YTD: 6.13%
• 6M: 5.77%
• 1Y: 12.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-13.27%
PAPI Parametric Equity Premium Income ETF	-2.29%

Correlation

The correlation between MSBT and PAPI is -0.36, 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 8, 2026	-0.36

Return for Risk

MSBT vs. PAPI — 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.

PAPI

PAPI Risk / Return Rank: 35
PAPI Sharpe Ratio Rank: 35
PAPI Sortino Ratio Rank: 36
PAPI Omega Ratio Rank: 32
PAPI Calmar Ratio Rank: 38
PAPI Martin Ratio Rank: 33

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. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.20	—
Sortino ratio: Return per unit of downside risk	—	1.82	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.84	—
Martin ratio: Return relative to average drawdown	—	4.70	—

Drawdowns

MSBT vs. PAPI - Drawdown Comparison

The maximum MSBT drawdown since its inception was -26.46%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for MSBT and PAPI.

Drawdown Indicators

	MSBT	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.46%	-14.27%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-23.27%	-4.77%	-18.50%
Average Drawdown Average peak-to-trough decline	-7.92%	-2.76%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.69%	—

Volatility

Volatility by Period

	MSBT	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.67%	10.54%	+26.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.67%	11.75%	+24.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.67%	11.75%	+24.92%

MSBT vs. PAPI - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than PAPI's 0.29% expense ratio.

Dividends

MSBT vs. PAPI - Dividend Comparison

MSBT has not paid dividends to shareholders, while PAPI's dividend yield for the trailing twelve months is around 7.59%.

Position	TTM	2025	2024	2023
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.59%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both MSBT and PAPI in my portfolio?

MSBT and PAPI have a correlation of -0.36, 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 PAPI?

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 PAPI?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.29% for PAPI.

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

PAPI has the higher dividend yield at 7.59%, compared with 0.00% for MSBT.

What is the main difference between MSBT and PAPI?

MSBT is categorized as Cryptocurrency, while PAPI is Derivative Income. Their fees differ too: 0.14% for MSBT and 0.29% for PAPI.