SBIT vs. MSBT

Last updated Aug 4, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - SBIT tracks the Bloomberg Bitcoin Index (-200%) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their -0.96 correlation means they have often moved in opposite directions in the past. SBIT charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

SBIT vs. MSBT - Performance Comparison

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

Returns By Period

SBIT

• 1D: -2.88%
• 1M: -8.74%
• 6M: 12.84%
• YTD: 35.42%
• 1Y: 93.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -43.26%

MSBT

• 1D: 1.61%
• 1M: 3.98%
• 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	$7.53M	$6.67M	$10.52M
SBIT Proshares Ultrashort Bitcoin ETF	$30.10M	$32.07M	$46.36M

SBIT vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
SBIT Proshares Ultrashort Bitcoin ETF	5.95%
MSBT Morgan Stanley Bitcoin Trust	-11.97%

Correlation

The correlation between SBIT and MSBT is -0.96, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	-0.96

Return for Risk

SBIT vs. MSBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBIT

SBIT Risk / Return Rank: 45
SBIT Sharpe Ratio Rank: 41
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 53
SBIT Martin Ratio Rank: 40

MSBT

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBIT vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) 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.

	SBIT	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.06	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.95	—	—
Martin ratio: Return relative to average drawdown	4.30	—	—

Drawdowns

SBIT vs. MSBT - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for SBIT and MSBT.

Drawdown Indicators

	SBIT	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-28.33%	-63.02%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	—	—
Current Drawdown Current decline from peak	-78.51%	-22.12%	-56.39%
Average Drawdown Average peak-to-trough decline	-69.09%	-13.52%	-55.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.71%	—	—

Volatility

Volatility by Period

	SBIT	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	67.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.67%	35.38%	+53.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.04%	35.38%	+60.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.04%	35.38%	+60.66%

SBIT vs. MSBT - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

SBIT vs. MSBT - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 5.09%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	5.09%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and MSBT in my portfolio?

SBIT and MSBT have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SBIT 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, SBIT or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 5.09%, compared with 0.00% for MSBT.

What is the main difference between SBIT and MSBT?

SBIT tracks Bloomberg Bitcoin Index (-200%), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.95% for SBIT and 0.14% for MSBT.