TDOG vs. MSBT

Last updated Jun 4, 2026

TDOG (21Shares Dogecoin ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - TDOG tracks the Dogecoin (DOGE) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.72 correlation means they provide meaningful diversification when combined. TDOG charges 0.50%/yr vs 0.14%/yr for MSBT.

Performance

TDOG vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Dogecoin ETF (TDOG) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDOG

• 1D: -2.41%
• 1M: -17.01%
• YTD: —
• 6M: —
• 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)

TDOG vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
TDOG 21Shares Dogecoin ETF	-1.47%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between TDOG and MSBT is 0.72, 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	0.72

Return for Risk

TDOG vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Dogecoin ETF (TDOG) 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

	TDOG	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.85	-1.33	+0.48

Drawdowns

TDOG vs. MSBT - Drawdown Comparison

The maximum TDOG drawdown since its inception was -29.24%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for TDOG and MSBT.

Drawdown Indicators

	TDOG	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-29.24%	-20.25%	-8.99%
Current Drawdown Current decline from peak	-27.22%	-20.25%	-6.97%
Average Drawdown Average peak-to-trough decline	-20.46%	-3.91%	-16.55%

Volatility

Volatility by Period

	TDOG	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	67.14%	32.92%	+34.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.14%	32.92%	+34.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.14%	32.92%	+34.22%

TDOG vs. MSBT - Expense Ratio Comparison

TDOG has a 0.50% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

TDOG vs. MSBT - Dividend Comparison

Neither TDOG nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TDOG and MSBT in my portfolio?

TDOG and MSBT have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDOG 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, TDOG or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.50% for TDOG.

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

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

What is the main difference between TDOG and MSBT?

TDOG tracks Dogecoin (DOGE), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: 21Shares and Morgan Stanley. Their fees differ too: 0.50% for TDOG and 0.14% for MSBT.