MSBT vs. TOXR

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and TOXR (21Shares XRP ETF) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while TOXR tracks the CME CF XRP-Dollar Reference Rate - New York Variant. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. MSBT charges 0.14%/yr vs 0.30%/yr for TOXR.

Performance

MSBT vs. TOXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) and 21Shares XRP ETF (TOXR). 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*: —

TOXR

• 1D: -1.62%
• 1M: -14.04%
• YTD: -34.38%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSBT vs. TOXR - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
TOXR 21Shares XRP ETF	-10.77%

Correlation

The correlation between MSBT and TOXR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.84

Return for Risk

MSBT vs. TOXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and 21Shares XRP ETF (TOXR). 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	TOXR	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	-0.92	-0.41

Drawdowns

MSBT vs. TOXR - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum TOXR drawdown of -48.78%. Use the drawdown chart below to compare losses from any high point for MSBT and TOXR.

Drawdown Indicators

	MSBT	TOXR	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-48.78%	+28.53%
Current Drawdown Current decline from peak	-20.25%	-48.10%	+27.85%
Average Drawdown Average peak-to-trough decline	-3.91%	-31.50%	+27.59%

Volatility

Volatility by Period

	MSBT	TOXR	Difference
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	73.16%	-40.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	73.16%	-40.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	73.16%	-40.24%

MSBT vs. TOXR - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than TOXR's 0.30% expense ratio.

Dividends

MSBT vs. TOXR - Dividend Comparison

Neither MSBT nor TOXR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSBT and TOXR in my portfolio?

MSBT and TOXR have a correlation of 0.84, 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 TOXR?

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 TOXR?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.30% for TOXR.

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

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

What is the main difference between MSBT and TOXR?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while TOXR tracks CME CF XRP-Dollar Reference Rate - New York Variant. They also come from different issuers: Morgan Stanley and 21Shares. Their fees differ too: 0.14% for MSBT and 0.30% for TOXR.