XBCI vs. MSBT

Last updated Jun 4, 2026

XBCI (NEOS Boosted Bitcoin High Income ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. XBCI is actively managed, while MSBT is passively managed. With a 0.98 correlation, they move nearly in lockstep. XBCI charges 0.98%/yr vs 0.14%/yr for MSBT.

Performance

XBCI vs. MSBT - Performance Comparison

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

Returns By Period

XBCI

• 1D: -3.98%
• 1M: -23.50%
• 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)

XBCI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
XBCI NEOS Boosted Bitcoin High Income ETF	-11.17%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between XBCI and MSBT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.98

Return for Risk

XBCI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted Bitcoin High Income ETF (XBCI) 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

	XBCI	MSBT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-1.33	+0.71

Drawdowns

XBCI vs. MSBT - Drawdown Comparison

The maximum XBCI drawdown since its inception was -25.99%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for XBCI and MSBT.

Drawdown Indicators

	XBCI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-25.99%	-20.25%	-5.74%
Current Drawdown Current decline from peak	-25.99%	-20.25%	-5.74%
Average Drawdown Average peak-to-trough decline	-8.06%	-3.91%	-4.15%

Volatility

Volatility by Period

	XBCI	MSBT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	67.08%	32.92%	+34.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.08%	32.92%	+34.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.08%	32.92%	+34.16%

XBCI vs. MSBT - Expense Ratio Comparison

XBCI has a 0.98% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

XBCI vs. MSBT - Dividend Comparison

XBCI's dividend yield for the trailing twelve months is around 20.51%, while MSBT has not paid dividends to shareholders.

Position	TTM
MSBT Morgan Stanley Bitcoin Trust	0.00%
XBCI NEOS Boosted Bitcoin High Income ETF	20.51%

Frequently Asked Questions

Can I hold both XBCI and MSBT in my portfolio?

With a correlation of 0.98, XBCI 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, XBCI 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, XBCI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.98% for XBCI.

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

XBCI has the higher dividend yield at 20.51%, compared with 0.00% for MSBT.

What is the main difference between XBCI and MSBT?

They also come from different issuers: Neos and Morgan Stanley. Their fees differ too: 0.98% for XBCI and 0.14% for MSBT.