YBTC vs. MSBT

Last updated Jun 4, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds. YBTC is actively managed, while MSBT is passively managed. With a 0.96 correlation, they move nearly in lockstep. YBTC charges 0.95%/yr vs 0.14%/yr for MSBT.

Performance

YBTC vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

YBTC

• 1D: -2.77%
• 1M: -16.32%
• YTD: -23.39%
• 6M: -26.70%
• 1Y: -35.71%
• 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)

YBTC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-8.37%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between YBTC and MSBT is 0.96 - 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	0.96

Return for Risk

YBTC vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 2
YBTC Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YBTC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	—	—
Sortino ratio: Return per unit of downside risk	-1.22	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.76	—	—
Martin ratio: Return relative to average drawdown	-1.39	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	YBTC	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-1.33	+1.49

Drawdowns

YBTC vs. MSBT - Drawdown Comparison

The maximum YBTC drawdown since its inception was -47.09%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for YBTC and MSBT.

Drawdown Indicators

	YBTC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-20.25%	-26.84%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	—	—
Current Drawdown Current decline from peak	-44.06%	-20.25%	-23.81%
Average Drawdown Average peak-to-trough decline	-12.89%	-3.91%	-8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.69%	—	—

Volatility

Volatility by Period

	YBTC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.20%	32.92%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.81%	32.92%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.81%	32.92%	+7.89%

YBTC vs. MSBT - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

YBTC vs. MSBT - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 88.13%, while MSBT has not paid dividends to shareholders.

Position	TTM	2025	2024
MSBT Morgan Stanley Bitcoin Trust	0.00%	0.00%	0.00%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	88.13%	76.04%	44.53%

Frequently Asked Questions

Can I hold both YBTC and MSBT in my portfolio?

With a correlation of 0.96, YBTC 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, YBTC 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, YBTC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.95% for YBTC.

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

YBTC has the higher dividend yield at 88.13%, compared with 0.00% for MSBT.

What is the main difference between YBTC and MSBT?

They also come from different issuers: Roundhill and Morgan Stanley. Their fees differ too: 0.95% for YBTC and 0.14% for MSBT.