SLON vs. MSBT

Last updated Jun 4, 2026

SLON (ProShares Ultra Solana ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - SLON tracks the Bloomberg Solana Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. SLON charges 2.14%/yr vs 0.14%/yr for MSBT.

Performance

SLON vs. MSBT - Performance Comparison

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

Returns By Period

SLON

• 1D: -9.37%
• 1M: -30.10%
• YTD: -74.41%
• 6M: -81.15%
• 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)

SLON vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
SLON ProShares Ultra Solana ETF	-28.85%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between SLON and MSBT is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.76

Return for Risk

SLON vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) 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

	SLON	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-1.33	+0.70

Drawdowns

SLON vs. MSBT - Drawdown Comparison

The maximum SLON drawdown since its inception was -95.19%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for SLON and MSBT.

Drawdown Indicators

	SLON	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-95.19%	-20.25%	-74.94%
Current Drawdown Current decline from peak	-95.19%	-20.25%	-74.94%
Average Drawdown Average peak-to-trough decline	-63.84%	-3.91%	-59.93%

Volatility

Volatility by Period

	SLON	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	146.78%	32.92%	+113.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.78%	32.92%	+113.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.78%	32.92%	+113.86%

SLON vs. MSBT - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

SLON vs. MSBT - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 22.44%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%
SLON ProShares Ultra Solana ETF	22.44%	5.74%

Frequently Asked Questions

Can I hold both SLON and MSBT in my portfolio?

SLON and MSBT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLON 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, SLON or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 2.14% for SLON.

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

SLON has the higher dividend yield at 22.44%, compared with 0.00% for MSBT.

What is the main difference between SLON and MSBT?

SLON tracks Bloomberg Solana Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 2.14% for SLON and 0.14% for MSBT.