NGHT vs. MSBT

Last updated Jul 28, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. NGHT is actively managed, while MSBT is passively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. NGHT charges 0.97%/yr vs 0.14%/yr for MSBT.

Performance

NGHT vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NGHT

• 1D: 1.08%
• 1M: -6.11%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MSBT

• 1D: 1.14%
• 1M: 8.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSBT Morgan Stanley Bitcoin Trust	$5.22M	$7.35M	$10.54M
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	$192.25K	$331.23K	$485.78K

NGHT vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-18.89%
MSBT Morgan Stanley Bitcoin Trust	-10.58%

Correlation

The correlation between NGHT and MSBT is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.78

Return for Risk

NGHT vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

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

Drawdowns

NGHT vs. MSBT - Drawdown Comparison

The maximum NGHT drawdown since its inception was -23.66%, smaller than the maximum MSBT drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for NGHT and MSBT.

Drawdown Indicators

	NGHT	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-28.33%	+4.67%
Current Drawdown Current decline from peak	-22.84%	-20.88%	-1.96%
Average Drawdown Average peak-to-trough decline	-11.60%	-12.95%	+1.35%

Volatility

Volatility by Period

	NGHT	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	30.40%	35.73%	-5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.40%	35.73%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.40%	35.73%	-5.33%

NGHT vs. MSBT - Expense Ratio Comparison

NGHT has a 0.97% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

NGHT vs. MSBT - Dividend Comparison

Neither NGHT nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NGHT and MSBT in my portfolio?

NGHT and MSBT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NGHT 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, NGHT or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.97% for NGHT.

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

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

What is the main difference between NGHT and MSBT?

They also come from different issuers: Nicholas and Morgan Stanley. Their fees differ too: 0.97% for NGHT and 0.14% for MSBT.