BTCX-B.TO vs. FBTC

Last updated Aug 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds - BTCX-B.TO tracks the No Index (Physical Bitcoin) while FBTC tracks the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, BTCX-B.TO returned -44.02% vs -43.02% for FBTC. Their correlation of 0.94 means they have usually moved in the same direction. BTCX-B.TO charges 0.80%/yr vs 0.25%/yr for FBTC.

Performance

BTCX-B.TO vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while FBTC is traded in USD. To make them comparable, the FBTC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -26.95% return, which is significantly lower than FBTC's -25.38% return.

BTCX-B.TO

• 1D: -2.81%
• 1M: -0.23%
• 6M: -17.61%
• YTD: -26.95%
• 1Y: -44.02%
• 3Y*: 30.49%
• 5Y*: 11.20%
• 10Y*: —
• ALL TIME*: 3.32%

FBTC

• 1D: 1.62%
• 1M: 2.38%
• 6M: -15.85%
• YTD: -25.38%
• 1Y: -43.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.62%

*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)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$935.28K	CA$1.05M	CA$1.72M
FBTC Fidelity Wise Origin Bitcoin Fund	CA$260.35M	CA$285.97M	CA$332.43M

BTCX-B.TO vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-26.95%	-11.32%	115.81%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.38%	-10.82%	108.39%

Correlation

The correlation between BTCX-B.TO and FBTC is 0.97 - 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.	0.97
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.95

The correlation between BTCX-B.TO and FBTC has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. FBTC — Risk / Return Rank

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

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 1
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

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.

BTCX-B.TO vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) 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.

	BTCX-B.TO	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.97	-0.08
Sortino ratio: Return per unit of downside risk	-1.60	-1.42	-0.18
Omega ratio: Gain probability vs. loss probability	0.83	0.84	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.82	-0.05
Martin ratio: Return relative to average drawdown	-1.31	-1.22	-0.08

BTCX-B.TO vs. FBTC - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -1.05, which is comparable to the FBTC Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of BTCX-B.TO 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

BTCX-B.TO vs. FBTC - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than FBTC's maximum drawdown of -52.54%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and FBTC.

Drawdown Indicators

	BTCX-B.TO	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-52.54%	-22.72%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-52.54%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	—	—
Current Drawdown Current decline from peak	-49.98%	-49.03%	-0.95%
Average Drawdown Average peak-to-trough decline	-33.43%	-18.10%	-15.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.25%	35.17%	+0.08%

Volatility

BTCX-B.TO vs. FBTC - Volatility Comparison

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 8.27%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 8.80%. This indicates that BTCX-B.TO 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.

Volatility by Period

	BTCX-B.TO	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	8.80%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	33.34%	33.49%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	43.84%	44.51%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.26%	49.70%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	49.70%	+4.82%

BTCX-B.TO vs. FBTC - Expense Ratio Comparison

BTCX-B.TO has a 0.80% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

BTCX-B.TO vs. FBTC - Dividend Comparison

Neither BTCX-B.TO nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCX-B.TO and FBTC in my portfolio?

With a correlation of 0.97, BTCX-B.TO 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 ETF is better, BTCX-B.TO or FBTC?

On fees, FBTC is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCX-B.TO or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.80% for BTCX-B.TO.

What is the main difference between BTCX-B.TO and FBTC?

BTCX-B.TO tracks No Index (Physical Bitcoin), while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: CI and Fidelity. Their fees differ too: 0.80% for BTCX-B.TO and 0.25% for FBTC.