MSBT vs. SBIT

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. At a correlation of -1.00, they often move in opposite directions. MSBT charges 0.14%/yr vs 0.95%/yr for SBIT.

Performance

MSBT vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) and Proshares Ultrashort Bitcoin ETF (SBIT). 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*: —

SBIT

• 1D: 5.42%
• 1M: 46.58%
• YTD: 37.02%
• 6M: 52.37%
• 1Y: 68.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. SBIT - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
SBIT Proshares Ultrashort Bitcoin ETF	14.82%

Correlation

The correlation between MSBT and SBIT is -1.00, 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 9, 2026	-1.00

Return for Risk

MSBT vs. SBIT — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 26
SBIT Sharpe Ratio Rank: 22
SBIT Sortino Ratio Rank: 28
SBIT Omega Ratio Rank: 27
SBIT Calmar Ratio Rank: 29
SBIT Martin Ratio Rank: 22

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. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	-0.46	-0.87

Drawdowns

MSBT vs. SBIT - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for MSBT and SBIT.

Drawdown Indicators

	MSBT	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-91.35%	+71.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.94%	—
Current Drawdown Current decline from peak	-20.25%	-78.26%	+58.01%
Average Drawdown Average peak-to-trough decline	-3.91%	-68.55%	+64.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	24.69%	—

Volatility

Volatility by Period

	MSBT	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	68.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	87.18%	-54.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	97.47%	-64.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	97.47%	-64.55%

MSBT vs. SBIT - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

MSBT vs. SBIT - Dividend Comparison

MSBT has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.42%.

Position	TTM	2025	2024
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%

Frequently Asked Questions

Can I hold both MSBT and SBIT in my portfolio?

MSBT and SBIT have a correlation of -1.00, 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 SBIT?

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 SBIT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.42%, compared with 0.00% for MSBT.

What is the main difference between MSBT and SBIT?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Morgan Stanley and ProShares. Their fees differ too: 0.14% for MSBT and 0.95% for SBIT.