MSBT vs. WGMI

Last updated Jun 4, 2026

MSBT (Morgan Stanley Bitcoin Trust) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. MSBT is passively managed, while WGMI is actively managed. At a 0.49 correlation, their price movements are largely independent. MSBT charges 0.14%/yr vs 0.75%/yr for WGMI.

Performance

MSBT vs. WGMI - Performance Comparison

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

WGMI

• 1D: -1.11%
• 1M: 40.03%
• YTD: 84.78%
• 6M: 55.52%
• 1Y: 294.61%
• 3Y*: 86.17%
• 5Y*: —
• 10Y*: —

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

MSBT vs. WGMI - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-8.40%
WGMI Valkyrie Bitcoin Miners ETF	74.56%

Correlation

The correlation between MSBT and WGMI is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.49

Return for Risk

MSBT vs. WGMI — Risk / Return Rank

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

WGMI

WGMI Risk / Return Rank: 79
WGMI Sharpe Ratio Rank: 95
WGMI Sortino Ratio Rank: 76
WGMI Omega Ratio Rank: 69
WGMI Calmar Ratio Rank: 91
WGMI Martin Ratio Rank: 64

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. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) and Valkyrie Bitcoin Miners ETF (WGMI). 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	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.31	-1.64

Drawdowns

MSBT vs. WGMI - Drawdown Comparison

The maximum MSBT drawdown since its inception was -20.25%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for MSBT and WGMI.

Drawdown Indicators

	MSBT	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-20.25%	-85.76%	+65.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.94%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-20.25%	-1.11%	-19.14%
Average Drawdown Average peak-to-trough decline	-3.91%	-42.90%	+38.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.08%	—

Volatility

Volatility by Period

	MSBT	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	76.03%	-43.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.92%	81.53%	-48.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	81.53%	-48.61%

MSBT vs. WGMI - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

MSBT vs. WGMI - Dividend Comparison

Neither MSBT nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both MSBT and WGMI in my portfolio?

MSBT and WGMI have a correlation of 0.49, 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 WGMI?

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 WGMI?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between MSBT and WGMI?

They also come from different issuers: Morgan Stanley and Valkyrie. Their fees differ too: 0.14% for MSBT and 0.75% for WGMI.