BTC-USD vs. FBTC
BTC-USD (Bitcoin) is a cryptocurrency, while FBTC (Fidelity Wise Origin Bitcoin Fund) is Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Over the past year, BTC-USD returned -46.45% vs -46.26% for FBTC. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
BTC-USD vs. FBTC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BTC-USD having a -27.00% return and FBTC slightly higher at -26.77%.
BTC-USD
- 1D
- 0.16%
- 1M
- -0.89%
- 6M
- -33.12%
- YTD
- -27.00%
- 1Y
- -46.45%
- 3Y*
- 28.84%
- 5Y*
- 14.98%
- 10Y*
- 57.64%
FBTC
- 1D
- -0.20%
- 1M
- -0.13%
- 6M
- -32.93%
- YTD
- -26.77%
- 1Y
- -46.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC-USD Bitcoin | -27.00% | -6.27% | 100.05% |
FBTC Fidelity Wise Origin Bitcoin Fund | -26.77% | -6.56% | 94.28% |
Correlation
The correlation between BTC-USD and FBTC is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.72 |
The correlation between BTC-USD and FBTC has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
BTC-USD vs. FBTC — Risk / Return Rank
BTC-USD
FBTC
BTC-USD vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.87 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.39 | -0.01 |
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Drawdowns
BTC-USD vs. FBTC - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for BTC-USD and FBTC.
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Drawdown Indicators
| BTC-USD | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -53.35% | -31.95% |
Max Drawdown (1Y)Largest decline over 1 year | -53.08% | -53.35% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -53.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | — | — |
Current DrawdownCurrent decline from peak | -48.79% | -48.99% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -42.59% | -17.69% | -24.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.41% | 33.25% | -3.84% |
Volatility
BTC-USD vs. FBTC - Volatility Comparison
The current volatility for Bitcoin (BTC-USD) is 9.63%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 10.69%. This indicates that BTC-USD experiences smaller price fluctuations and is considered to be less risky than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTC-USD | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.63% | 10.69% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 34.90% | 34.55% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.73% | 44.19% | -8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.96% | 49.74% | -5.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.33% | 49.74% | +6.59% |
Frequently Asked Questions
BTC-USD and FBTC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (10.69%) compared to BTC-USD (9.63%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs FBTC's -53.35%.
FBTC currently has the higher Sharpe Ratio (-1.05 vs -1.08), 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.
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