TOXR vs. MSBT

Last updated Jun 23, 2026

TOXR (21Shares XRP ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - TOXR tracks the CME CF XRP-Dollar Reference Rate - New York Variant while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. A 0.79 correlation means they provide meaningful diversification when combined. TOXR charges 0.30%/yr vs 0.14%/yr for MSBT.

Performance

TOXR vs. MSBT - Performance Comparison

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

Returns By Period

TOXR

• 1D: -0.72%
• 1M: -14.98%
• YTD: -38.04%
• 6M: -40.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOXR vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
TOXR 21Shares XRP ETF	-13.52%
MSBT Morgan Stanley Bitcoin Trust	-11.15%

Correlation

The correlation between TOXR and MSBT is 0.79, 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 8, 2026	0.79

Return for Risk

TOXR vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares XRP ETF (TOXR) 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.

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

Drawdowns

TOXR vs. MSBT - Drawdown Comparison

The maximum TOXR drawdown since its inception was -52.62%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for TOXR and MSBT.

Drawdown Indicators

	TOXR	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-52.62%	-26.46%	-26.16%
Current Drawdown Current decline from peak	-51.00%	-21.40%	-29.60%
Average Drawdown Average peak-to-trough decline	-32.95%	-8.18%	-24.77%

Volatility

Volatility by Period

	TOXR	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	73.81%	36.79%	+37.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.81%	36.79%	+37.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.81%	36.79%	+37.02%

TOXR vs. MSBT - Expense Ratio Comparison

TOXR has a 0.30% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

TOXR vs. MSBT - Dividend Comparison

Neither TOXR nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOXR and MSBT in my portfolio?

TOXR and MSBT have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOXR 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, TOXR or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.30% for TOXR.

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

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

What is the main difference between TOXR and MSBT?

TOXR tracks CME CF XRP-Dollar Reference Rate - New York Variant, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: 21Shares and Morgan Stanley. Their fees differ too: 0.30% for TOXR and 0.14% for MSBT.