QETH vs. MSBT

Last updated Jun 5, 2026

QETH (Invesco Galaxy Ethereum ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. QETH is actively managed, while MSBT is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. QETH charges 0.25%/yr vs 0.14%/yr for MSBT.

Performance

QETH vs. MSBT - Performance Comparison

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

Returns By Period

QETH

• 1D: -1.34%
• 1M: -25.22%
• YTD: -40.24%
• 6M: -43.56%
• 1Y: -32.58%
• 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)

QETH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
QETH Invesco Galaxy Ethereum ETF	-19.72%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between QETH and MSBT is 0.90, 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	0.90

Return for Risk

QETH vs. MSBT — Risk / Return Rank

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

QETH

QETH Risk / Return Rank: 5
QETH Sharpe Ratio Rank: 5
QETH Sortino Ratio Rank: 6
QETH Omega Ratio Rank: 6
QETH Calmar Ratio Rank: 5
QETH Martin Ratio Rank: 5

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.

QETH vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Ethereum ETF (QETH) 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.

	QETH	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	—	—
Sortino ratio: Return per unit of downside risk	-0.34	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.52	—	—
Martin ratio: Return relative to average drawdown	-0.86	—	—
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

	QETH	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-1.58	+1.16

Drawdowns

QETH vs. MSBT - Drawdown Comparison

The maximum QETH drawdown since its inception was -64.07%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for QETH and MSBT.

Drawdown Indicators

	QETH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-64.07%	-22.46%	-41.61%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	—	—
Current Drawdown Current decline from peak	-63.39%	-22.46%	-40.93%
Average Drawdown Average peak-to-trough decline	-32.76%	-4.38%	-28.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.96%	—	—

Volatility

Volatility by Period

	QETH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.40%	33.13%	+35.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.22%	33.13%	+39.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.22%	33.13%	+39.09%

QETH vs. MSBT - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is higher than MSBT's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QETH vs. MSBT - Dividend Comparison

Neither QETH nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QETH and MSBT in my portfolio?

QETH and MSBT have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QETH 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, QETH or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.25% for QETH.

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

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

What is the main difference between QETH and MSBT?

They also come from different issuers: Invesco and Morgan Stanley. Their fees differ too: 0.25% for QETH and 0.14% for MSBT.