BITX vs. FBTC

Last updated Aug 2, 2026

BITX (2x Bitcoin Strategy ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while FBTC tracks the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, BITX returned -77.94% vs -44.55% for FBTC. Their 1.00 correlation means they have historically moved very closely together. BITX charges 2.38%/yr vs 0.25%/yr for FBTC.

Performance

BITX vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITX achieves a -57.64% return, which is significantly lower than FBTC's -28.23% return.

BITX

• 1D: -5.89%
• 1M: 3.21%
• 6M: -52.61%
• YTD: -57.64%
• 1Y: -77.94%
• 3Y*: 5.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.01%

FBTC

• 1D: -2.93%
• 1M: 2.22%
• 6M: -25.08%
• YTD: -28.23%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITX 2x Bitcoin Strategy ETF	$90.28M	$99.74M	$121.60M
FBTC Fidelity Wise Origin Bitcoin Fund	$183.96M	$200.45M	$239.07M

BITX vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-57.64%	-38.71%	124.62%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.23%	-6.56%	94.28%

Correlation

The correlation between BITX and FBTC is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between BITX and FBTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BITX vs. FBTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITX

BITX Risk / Return Rank: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

FBTC

FBTC Risk / Return Rank: 1
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITX vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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.

	BITX	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.05	+0.14
Sortino ratio: Return per unit of downside risk	-1.78	-1.58	-0.20
Omega ratio: Gain probability vs. loss probability	0.81	0.83	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.87	-0.08
Martin ratio: Return relative to average drawdown	-1.34	-1.34	0.00

BITX vs. FBTC - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is comparable to the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BITX and FBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITX vs. FBTC - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for BITX and FBTC.

Drawdown Indicators

	BITX	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-53.35%	-30.10%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-53.35%	-30.10%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-81.28%	-50.01%	-31.27%
Average Drawdown Average peak-to-trough decline	-34.19%	-18.17%	-16.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.44%	34.63%	+24.81%

Volatility

BITX vs. FBTC - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.98% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 9.07%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.98%	9.07%	+8.91%
Volatility (6M) Calculated over the trailing 6-month period	67.72%	33.70%	+34.02%
Volatility (1Y) Calculated over the trailing 1-year period	88.19%	44.36%	+43.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	49.47%	+47.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	49.47%	+47.72%

BITX vs. FBTC - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

BITX vs. FBTC - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.89%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	27.89%	21.69%	10.70%
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and FBTC in my portfolio?

With a correlation of 1.00, BITX and FBTC 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 is riskier, BITX or FBTC?

BITX has higher volatility (17.98%) compared to FBTC (9.07%). In terms of maximum drawdown, BITX dropped -83.45% vs FBTC's -53.35%.

Which ETF is better, BITX or FBTC?

On 1-year performance, FBTC leads with -44.55% vs -77.94% for BITX. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or FBTC?

Over the 1-year period, FBTC has performed better with a -44.55% return vs -77.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, BITX or FBTC?

BITX has the higher dividend yield at 27.89%, compared with 0.00% for FBTC.

What is the main difference between BITX and FBTC?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: Volatility Shares and Fidelity. Their fees differ too: 2.38% for BITX and 0.25% for FBTC.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.90 vs -1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.