MSLC vs. MSBT

Last updated Jun 4, 2026

MSLC (Morgan Stanley Pathway Large Cap Equity ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both exchange-traded funds - MSLC is a Large Cap Blend Equities fund actively managed by Morgan Stanley, while MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. MSLC is actively managed, while MSBT is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. MSLC charges 0.39%/yr vs 0.14%/yr for MSBT.

Performance

MSLC vs. MSBT - Performance Comparison

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

Returns By Period

MSLC

• 1D: -0.82%
• 1M: 4.08%
• YTD: 8.55%
• 6M: 8.69%
• 1Y: 22.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSLC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
MSLC Morgan Stanley Pathway Large Cap Equity ETF	9.75%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between MSLC and MSBT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.51

Return for Risk

MSLC vs. MSBT — Risk / Return Rank

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

MSLC

MSLC Risk / Return Rank: 57
MSLC Sharpe Ratio Rank: 58
MSLC Sortino Ratio Rank: 57
MSLC Omega Ratio Rank: 57
MSLC Calmar Ratio Rank: 50
MSLC Martin Ratio Rank: 61

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.

MSLC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Morgan Stanley Bitcoin Trust (MSBT). 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.

	MSLC	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.68	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.45	—	—
Martin ratio: Return relative to average drawdown	10.76	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSLC	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	-1.33	+2.16

Drawdowns

MSLC vs. MSBT - Drawdown Comparison

The maximum MSLC drawdown since its inception was -17.86%, smaller than the maximum MSBT drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for MSLC and MSBT.

Drawdown Indicators

	MSLC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-17.86%	-20.25%	+2.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	—	—
Current Drawdown Current decline from peak	-0.82%	-20.25%	+19.43%
Average Drawdown Average peak-to-trough decline	-2.46%	-3.91%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	—	—

Volatility

Volatility by Period

	MSLC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	32.92%	-21.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	32.92%	-15.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	32.92%	-15.81%

MSLC vs. MSBT - Expense Ratio Comparison

MSLC has a 0.39% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

MSLC vs. MSBT - Dividend Comparison

MSLC's dividend yield for the trailing twelve months is around 1.98%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%
MSLC Morgan Stanley Pathway Large Cap Equity ETF	1.98%	2.15%

Frequently Asked Questions

Can I hold both MSLC and MSBT in my portfolio?

MSLC and MSBT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSLC or MSBT?

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, MSLC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.39% for MSLC.

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

MSLC has the higher dividend yield at 1.98%, compared with 0.00% for MSBT.

What is the main difference between MSLC and MSBT?

MSLC is categorized as Large Cap Blend Equities, while MSBT is Cryptocurrency. Their fees differ too: 0.39% for MSLC and 0.14% for MSBT.