BTCY-B.TO vs. FBTC.TO
BTCY-B.TO (Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units) and FBTC.TO (Fidelity Advantage Bitcoin ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BTCY-B.TO returned 22.12%/yr vs 31.16%/yr for FBTC.TO. Their correlation of 0.93 suggests significant overlap in exposure.
Performance
BTCY-B.TO vs. FBTC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, BTCY-B.TO achieves a -26.88% return, which is significantly lower than FBTC.TO's -24.22% return.
BTCY-B.TO
- 1D
- 0.56%
- 1M
- -2.01%
- 6M
- -34.97%
- YTD
- -26.88%
- 1Y
- -44.74%
- 3Y*
- 22.12%
- 5Y*
- —
- 10Y*
- —
FBTC.TO
- 1D
- 0.44%
- 1M
- -2.44%
- 6M
- -32.82%
- YTD
- -24.22%
- 1Y
- -43.09%
- 3Y*
- 31.16%
- 5Y*
- —
- 10Y*
- —
BTCY-B.TO vs. FBTC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTCY-B.TO Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units | -26.88% | -11.51% | 113.48% | 107.21% | -60.74% | -20.34% |
FBTC.TO Fidelity Advantage Bitcoin ETF | -24.22% | -10.85% | 137.16% | 145.80% | -61.34% | -20.46% |
Correlation
The correlation between BTCY-B.TO and FBTC.TO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.93 |
The correlation between BTCY-B.TO and FBTC.TO has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
BTCY-B.TO vs. FBTC.TO — Risk / Return Rank
BTCY-B.TO
FBTC.TO
BTCY-B.TO vs. FBTC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units (BTCY-B.TO) and Fidelity Advantage Bitcoin ETF (FBTC.TO). 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.
| BTCY-B.TO | FBTC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.84 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.82 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.28 | -0.04 |
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Drawdowns
BTCY-B.TO vs. FBTC.TO - Drawdown Comparison
The maximum BTCY-B.TO drawdown since its inception was -71.05%, roughly equal to the maximum FBTC.TO drawdown of -70.77%. Use the drawdown chart below to compare losses from any high point for BTCY-B.TO and FBTC.TO.
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Drawdown Indicators
| BTCY-B.TO | FBTC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.05% | -70.77% | -0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -54.74% | -52.71% | -2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -54.74% | -52.71% | -2.03% |
Current DrawdownCurrent decline from peak | -49.29% | -48.26% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -32.78% | -31.38% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.96% | 33.71% | +0.25% |
Volatility
BTCY-B.TO vs. FBTC.TO - Volatility Comparison
Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units (BTCY-B.TO) has a higher volatility of 12.61% compared to Fidelity Advantage Bitcoin ETF (FBTC.TO) at 10.29%. This indicates that BTCY-B.TO's price experiences larger fluctuations and is considered to be riskier than FBTC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCY-B.TO | FBTC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.61% | 10.29% | +2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 41.57% | 33.54% | +8.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.43% | 43.74% | +5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.69% | 52.10% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.69% | 52.10% | -2.41% |
Dividends
BTCY-B.TO vs. FBTC.TO - Dividend Comparison
BTCY-B.TO's dividend yield for the trailing twelve months is around 21.56%, while FBTC.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BTCY-B.TO Purpose Bitcoin Yield ETF CAD Non-Currency Hedged Units | 21.56% | 14.33% | 7.69% | 9.31% | 19.45% | 1.25% |
FBTC.TO Fidelity Advantage Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, BTCY-B.TO and FBTC.TO 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.
They also come from different issuers: Purpose and Fidelity.
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