PAPI vs. MSBT

Last updated Jun 5, 2026

PAPI (Parametric Equity Premium Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both exchange-traded funds - PAPI is a Derivative Income fund actively managed by Morgan Stanley, while MSBT is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. PAPI is actively managed, while MSBT is passively managed. At a correlation of -0.42, they often move in opposite directions. PAPI charges 0.29%/yr vs 0.14%/yr for MSBT.

Performance

PAPI vs. MSBT - Performance Comparison

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

Returns By Period

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.77%
• 1M: -22.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
PAPI Parametric Equity Premium Income ETF	-2.24%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between PAPI and MSBT is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	-0.42

Return for Risk

PAPI vs. MSBT — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 38
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
PAPI Martin Ratio Rank: 35

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.

PAPI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) 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.

	PAPI	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.31	—	—
Sortino ratio: Return per unit of downside risk	1.98	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.99	—	—
Martin ratio: Return relative to average drawdown	5.35	—	—
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

	PAPI	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	-1.58	+2.48

Drawdowns

PAPI vs. MSBT - Drawdown Comparison

The maximum PAPI drawdown since its inception was -14.27%, smaller than the maximum MSBT drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for PAPI and MSBT.

Drawdown Indicators

	PAPI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-22.46%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	—	—
Current Drawdown Current decline from peak	-4.45%	-22.46%	+18.01%
Average Drawdown Average peak-to-trough decline	-2.73%	-4.38%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	—	—

Volatility

Volatility by Period

	PAPI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	33.13%	-22.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	33.13%	-21.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.76%	33.13%	-21.37%

PAPI vs. MSBT - Expense Ratio Comparison

PAPI has a 0.29% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

PAPI vs. MSBT - Dividend Comparison

PAPI's dividend yield for the trailing twelve months is around 7.57%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both PAPI and MSBT in my portfolio?

PAPI and MSBT have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAPI 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, PAPI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.29% for PAPI.

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

PAPI has the higher dividend yield at 7.57%, compared with 0.00% for MSBT.

What is the main difference between PAPI and MSBT?

PAPI is categorized as Derivative Income, while MSBT is Cryptocurrency. Their fees differ too: 0.29% for PAPI and 0.14% for MSBT.