NEHI vs. MSBT

Last updated Jun 4, 2026

NEHI (NEOS Ethereum High Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. NEHI is actively managed, while MSBT is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. NEHI charges 0.98%/yr vs 0.14%/yr for MSBT.

Performance

NEHI vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NEHI

• 1D: -5.42%
• 1M: -21.57%
• YTD: -35.82%
• 6M: -37.76%
• 1Y: —
• 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)

NEHI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
NEHI NEOS Ethereum High Income ETF	-16.12%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between NEHI and MSBT is 0.91, 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	0.91

Return for Risk

NEHI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NEHI	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.08	-1.33	+0.25

Drawdowns

NEHI vs. MSBT - Drawdown Comparison

The maximum NEHI drawdown since its inception was -42.60%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for NEHI and MSBT.

Drawdown Indicators

	NEHI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-42.60%	-20.25%	-22.35%
Current Drawdown Current decline from peak	-42.60%	-20.25%	-22.35%
Average Drawdown Average peak-to-trough decline	-25.09%	-3.91%	-21.18%

Volatility

Volatility by Period

	NEHI	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	57.40%	32.92%	+24.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.40%	32.92%	+24.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.40%	32.92%	+24.48%

NEHI vs. MSBT - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

NEHI vs. MSBT - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 24.35%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%
NEHI NEOS Ethereum High Income ETF	24.35%	2.87%

Frequently Asked Questions

Can I hold both NEHI and MSBT in my portfolio?

With a correlation of 0.91, NEHI and MSBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, NEHI 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, NEHI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.98% for NEHI.

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

NEHI has the higher dividend yield at 24.35%, compared with 0.00% for MSBT.

What is the main difference between NEHI and MSBT?

They also come from different issuers: Neos and Morgan Stanley. Their fees differ too: 0.98% for NEHI and 0.14% for MSBT.