MSBT vs. PAPI
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. Their -0.28 correlation means they have often moved in opposite directions in the past. MSBT charges 0.14%/yr vs 0.29%/yr for PAPI.
Performance
MSBT vs. PAPI - Performance Comparison
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Returns By Period
MSBT
- 1D
- -2.96%
- 1M
- 2.33%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PAPI
- 1D
- -0.23%
- 1M
- 2.42%
- 6M
- 5.56%
- YTD
- 12.17%
- 1Y
- 19.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.64M | $6.25M | $10.51M | |
| $2.06M | $2.02M | $1.93M |
MSBT vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
MSBT Morgan Stanley Bitcoin Trust | -13.37% |
PAPI Parametric Equity Premium Income ETF | 3.26% |
Correlation
The correlation between MSBT and PAPI is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | -0.28 |
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Return for Risk
MSBT vs. PAPI — Risk / Return Rank
MSBT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPI
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.31 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.69 | — |
| Martin ratioReturn relative to average drawdown | — | 6.78 | — |
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Drawdowns
MSBT vs. PAPI - Drawdown Comparison
The maximum MSBT drawdown since its inception was -28.33%, 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.
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Drawdown Indicators
| MSBT | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.33% | -14.27% | -14.06% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -23.35% | -1.36% | -21.99% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -2.72% | -10.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.71% | — |
Volatility
MSBT vs. PAPI - Volatility Comparison
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Volatility by Period
| MSBT | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.49% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.47% | 10.44% | +25.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 11.73% | +23.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.47% | 11.73% | +23.74% |
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 7.42%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MSBT Morgan Stanley Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.42% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
MSBT and PAPI have a correlation of -0.28, 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 0.29% for PAPI.
PAPI has the higher dividend yield at 7.42%, compared with 0.00% for MSBT.
MSBT is categorized as Cryptocurrency, while PAPI is Derivative Income. Their fees differ too: 0.14% for MSBT and 0.29% for PAPI.
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