BTC vs. FBTC

Last updated Aug 4, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds. BTC is actively managed, while FBTC is passively managed. Over the past year, BTC returned -43.60% vs -43.65% for FBTC. Their 1.00 correlation means they have historically moved very closely together. BTC charges 0.15%/yr vs 0.25%/yr for FBTC.

Performance

BTC vs. FBTC - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BTC having a -27.11% return and FBTC slightly higher at -27.08%.

BTC

• 1D: 1.51%
• 1M: 3.86%
• 6M: -18.15%
• YTD: -27.11%
• 1Y: -43.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

FBTC

• 1D: 1.61%
• 1M: 3.87%
• 6M: -18.12%
• YTD: -27.08%
• 1Y: -43.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.58%

*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)
BTC Grayscale Bitcoin Mini Trust ETF	$40.45M	$40.65M	$54.59M
FBTC Fidelity Wise Origin Bitcoin Fund	$185.12M	$202.75M	$237.85M

BTC vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-27.11%	-7.50%	41.93%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.08%	-6.56%	41.56%

Correlation

The correlation between BTC 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 Jul 31, 2024	1.00

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

Return for Risk

BTC vs. FBTC — Risk / Return Rank

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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 3

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 2
FBTC Sortino Ratio Rank: 2
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 3

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.

BTC vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	-0.99	0.00
Sortino ratio: Return per unit of downside risk	-1.44	-1.45	0.00
Omega ratio: Gain probability vs. loss probability	0.84	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.82	0.00
Martin ratio: Return relative to average drawdown	-1.26	-1.26	0.00

BTC vs. FBTC - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.99, which is comparable to the FBTC Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BTC 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

BTC vs. FBTC - Drawdown Comparison

The maximum BTC drawdown since its inception was -53.30%, roughly equal to the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for BTC and FBTC.

Drawdown Indicators

	BTC	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-53.35%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-53.35%	+0.05%
Current Drawdown Current decline from peak	-49.20%	-49.21%	+0.01%
Average Drawdown Average peak-to-trough decline	-19.45%	-18.22%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.74%	34.76%	-0.02%

Volatility

BTC vs. FBTC - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) have volatilities of 8.87% and 8.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	8.89%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	33.76%	33.75%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.40%	44.38%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.49%	49.44%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.49%	49.44%	-1.95%

BTC vs. FBTC - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than FBTC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BTC vs. FBTC - Dividend Comparison

Neither BTC nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTC and FBTC in my portfolio?

With a correlation of 1.00, BTC 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, BTC or FBTC?

FBTC has higher volatility (8.89%) compared to BTC (8.87%). In terms of maximum drawdown, BTC dropped -53.30% vs FBTC's -53.35%.

Which ETF is better, BTC or FBTC?

On 1-year performance, BTC leads with -43.60% vs -43.65% for FBTC. On fees, BTC is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or FBTC?

Over the 1-year period, BTC has performed better with a -43.60% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or FBTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.

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

BTC and FBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between BTC and FBTC?

They also come from different issuers: Grayscale and Fidelity. Their fees differ too: 0.15% for BTC and 0.25% for FBTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.99 vs -0.99), 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.