TTOP vs. MSBT

Last updated Jul 11, 2026

TTOP (21Shares FTSE Crypto 10 Index ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - TTOP tracks the FTSE Crypto 10 Select Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their correlation of 0.95 suggests significant overlap in exposure. TTOP charges 0.50%/yr vs 0.14%/yr for MSBT.

Performance

TTOP vs. MSBT - Performance Comparison

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

Returns By Period

TTOP

• 1D: 1.18%
• 1M: 1.26%
• 6M: -32.24%
• YTD: -29.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: 0.99%
• 1M: 0.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TTOP vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
TTOP 21Shares FTSE Crypto 10 Index ETF	-8.96%
MSBT Morgan Stanley Bitcoin Trust	-11.97%

Correlation

The correlation between TTOP and MSBT is 0.95, 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 8, 2026	0.95

Return for Risk

TTOP vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares FTSE Crypto 10 Index ETF (TTOP) 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

TTOP vs. MSBT - Drawdown Comparison

The maximum TTOP drawdown since its inception was -44.86%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for TTOP and MSBT.

Drawdown Indicators

	TTOP	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-28.33%	-16.53%
Current Drawdown Current decline from peak	-40.08%	-22.12%	-17.96%
Average Drawdown Average peak-to-trough decline	-26.54%	-11.57%	-14.97%

Volatility

Volatility by Period

	TTOP	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	51.51%	36.83%	+14.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.51%	36.83%	+14.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.51%	36.83%	+14.68%

TTOP vs. MSBT - Expense Ratio Comparison

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

Dividends

TTOP vs. MSBT - Dividend Comparison

Neither TTOP nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TTOP and MSBT in my portfolio?

With a correlation of 0.95, TTOP and MSBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TTOP 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, TTOP or MSBT?

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

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

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

What is the main difference between TTOP and MSBT?

TTOP tracks FTSE Crypto 10 Select Index, 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 TTOP and 0.14% for MSBT.