BTCY.TO vs. FBTC
BTCY.TO (Purpose Bitcoin Yield ETF - ETF Units) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - BTCY.TO is a fund fund actively managed by Purpose Investments, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. BTCY.TO is actively managed, while FBTC is passively managed. Over the past year, BTCY.TO returned -46.71% vs -41.80% for FBTC. Their correlation of 0.92 suggests significant overlap in exposure.
Performance
BTCY.TO vs. FBTC - Performance Comparison
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Different Trading Currencies
BTCY.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, BTCY.TO achieves a -28.44% return, which is significantly lower than FBTC's -22.05% return.
BTCY.TO
- 1D
- 1.16%
- 1M
- 6.64%
- 6M
- -30.40%
- YTD
- -28.44%
- 1Y
- -46.71%
- 3Y*
- 20.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.49%
FBTC
- 1D
- 2.39%
- 1M
- 5.37%
- 6M
- -24.79%
- YTD
- -22.05%
- 1Y
- -41.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.81%
BTCY.TO vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCY.TO Purpose Bitcoin Yield ETF - ETF Units | -28.44% | -9.07% | 95.73% |
FBTC Fidelity Wise Origin Bitcoin Fund | -22.05% | -10.82% | 108.39% |
Correlation
The correlation between BTCY.TO and FBTC is 0.96 - 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.92 |
The correlation between BTCY.TO and FBTC has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
BTCY.TO vs. FBTC — Risk / Return Rank
BTCY.TO
FBTC
BTCY.TO vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Bitcoin Yield ETF - ETF Units (BTCY.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.
| BTCY.TO | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.80 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.23 | -0.13 |
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Drawdowns
BTCY.TO vs. FBTC - Drawdown Comparison
The maximum BTCY.TO drawdown since its inception was -71.53%, which is greater than FBTC's maximum drawdown of -52.54%. Use the drawdown chart below to compare losses from any high point for BTCY.TO and FBTC.
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Drawdown Indicators
| BTCY.TO | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.53% | -52.54% | -18.99% |
Max Drawdown (1Y)Largest decline over 1 year | -56.40% | -52.54% | -3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -56.40% | — | — |
Current DrawdownCurrent decline from peak | -49.31% | -46.76% | -2.55% |
Average DrawdownAverage peak-to-trough decline | -33.60% | -17.67% | -15.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.36% | 33.96% | +0.40% |
Volatility
BTCY.TO vs. FBTC - Volatility Comparison
Purpose Bitcoin Yield ETF - ETF Units (BTCY.TO) has a higher volatility of 13.61% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 10.43%. This indicates that BTCY.TO'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.
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Volatility by Period
| BTCY.TO | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.61% | 10.43% | +3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 41.51% | 34.51% | +7.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.50% | 44.39% | +5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.90% | 50.07% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.90% | 50.07% | +0.83% |
Dividends
BTCY.TO vs. FBTC - Dividend Comparison
BTCY.TO's dividend yield for the trailing twelve months is around 23.39%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BTCY.TO Purpose Bitcoin Yield ETF - ETF Units | 23.39% | 15.11% | 16.69% | 9.20% | 24.17% | 1.23% |
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, BTCY.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.
They also come from different issuers: Purpose Investments and Fidelity.
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