GSOL vs MSOL: which tracked its coin?
GSOL closed unchanged on more than a twentieth of its trading days, so its difference from Solana is not comparable with MSOL’s. Grayscale Solana Staking ETF and Morgan Stanley Solana Trust.
GSOL over 1 year: fund −44.43%, Solana −43.44%, thinly traded so not compared.
MSOL since launch: fund +59.12%, Solana +60.07%, 0.95 pts behind Solana.
The same coin, two trusts
GSOL and MSOL hold the same asset. Both are 1933 Act trusts holding Solana through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. GSOL closed unchanged on more than a twentieth of its trading days, so its distance from Solana is a quote nobody moved rather than a cost a holder paid, and ETFIQ neither prints it nor ranks it. GSOL has 1,188 more days of record than MSOL, and a longer record is a longer window over which a cost can show itself.
Performance, window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | GSOL | MSOL | GSOL | MSOL | GSOL | MSOL |
| 1 month | +13.3% | +13.5% | +14.6% | +14.6% | not comparable | −1.1 pts |
| 3 months | +53.9% | not published | +52.6% | not published | not comparable | not published |
| 6 months | −36.3% | not published | −39.1% | not published | not comparable | not published |
| 1 year | −44.4% | not published | −43.4% | not published | not comparable | not published |
| Since each listed GSOL Apr 2023 · MSOL Jul 2026 | +101.5% | +59.1% | +428.6% | +60.1% | not comparable | −0.9 pts |
GSOL and MSOL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
GSOL and MSOL on the same fields, as of Sep 30, 2026. Source: ETFIQ.
GSOL in plain words
GSOL holds Solana through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the year to Sep 30, 2026, Solana moved −43.4% and GSOL returned −44.4%. That leaves it not comparable. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. GSOL closed unchanged on 50 of its 717 trading days. A price that does not move is a price nobody traded at, so its difference against Solana describes the days somebody did trade rather than the fund, and ETFIQ does not rank it against funds that trade every day. Solana is a proof of stake chain, so a fund holding it can stake. GSOL’s own filings say it does (424B3, Aug 7, 2026). Over the window ETFIQ measures it did not finish ahead of Solana’s own price, so whatever it earned did not cover its costs. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Solana it custodies.
MSOL in plain words
MSOL holds Solana through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Solana moved +60.1% and MSOL returned +59.1%. That leaves it 0.95 of a percentage point behind. MSOL charges 0.14% a year and finished 0.9% behind Solana, so the fee is less than the whole difference and the rest is what the market paid for the shares, which moved against holders. MSOL’s own filings say it does (424B3, Jul 23, 2026).
Questions people ask
- Can GSOL and MSOL be compared on tracking?
- GSOL closed unchanged on more than a twentieth of its trading days. A price that does not move is a price nobody traded at, so the difference from Solana describes the days somebody did trade rather than the fund, and ETFIQ publishes it nowhere and ranks it against nothing.
- Do GSOL or MSOL pay a staking yield?
- Solana is a proof of stake chain, so staking is possible. Whether either trust stakes, and what the sponsor keeps of it, is a term in its own filings and is read from those rather than assumed.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, GSOL against MSOL, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/gsol-vs-msol
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, GSOL against MSOL, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/gsol-vs-msol Free to use with attribution; the underlying files are at Open data.
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- ETFIQ. (Sep 30, 2026). GSOL against MSOL. Retrieved from https://etfiq.com/compare/crypto/gsol-vs-msol
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- [GSOL against MSOL (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/crypto/gsol-vs-msol)