EMXC vs. FBTC
EMXC (iShares MSCI Emerging Markets ex China ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, EMXC returned 62.72% vs -39.41% for FBTC. At a 0.36 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 0.25%/yr for FBTC.
Performance
EMXC vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 32.33% return, which is significantly higher than FBTC's -27.63% return.
EMXC
- 1D
- 2.43%
- 1M
- -1.88%
- YTD
- 32.33%
- 6M
- 36.39%
- 1Y
- 62.72%
- 3Y*
- 25.41%
- 5Y*
- 11.46%
- 10Y*
- —
FBTC
- 1D
- 5.17%
- 1M
- -20.97%
- YTD
- -27.63%
- 6M
- -30.29%
- 1Y
- -39.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMXC vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 32.33% | 35.14% | 4.90% |
FBTC Fidelity Wise Origin Bitcoin Fund | -27.63% | -6.56% | 99.56% |
Correlation
The correlation between EMXC and FBTC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.36 |
The correlation between EMXC and FBTC shifts across timeframes, from 0.36 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMXC vs. FBTC — Risk / Return Rank
EMXC
FBTC
EMXC vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) 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.
| EMXC | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.61 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 0.86 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | -0.76 | +5.13 |
| Martin ratioReturn relative to average drawdown | 17.27 | -1.36 | +18.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMXC | FBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | -0.90 | +3.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.27 | +0.23 |
Drawdowns
EMXC vs. FBTC - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum FBTC drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for EMXC and FBTC.
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Drawdown Indicators
| EMXC | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -52.07% | +9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -52.07% | +37.66% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | — | — |
Current DrawdownCurrent decline from peak | -7.55% | -49.59% | +42.04% |
Average DrawdownAverage peak-to-trough decline | -10.19% | -16.18% | +5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 28.93% | -25.29% |
Volatility
EMXC vs. FBTC - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.57% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 11.77%. This indicates that EMXC'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
| EMXC | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.57% | 11.77% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 21.20% | 34.55% | -13.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.27% | 44.17% | -20.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.82% | 50.26% | -32.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.99% | 50.26% | -30.27% |
EMXC vs. FBTC - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is higher than FBTC's 0.25% expense ratio.
Dividends
EMXC vs. FBTC - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.13%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.13% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMXC and FBTC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (12.57%) compared to FBTC (11.77%). In terms of maximum drawdown, EMXC dropped -42.81% vs FBTC's -52.07%.
On 1-year performance, EMXC leads with 62.72% vs -39.41% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EMXC has performed better with a 62.72% return vs -39.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBTC is cheaper with a 0.25% expense ratio, compared with 0.49% for EMXC.
EMXC has the higher dividend yield at 2.13%, compared with 0.00% for FBTC.
EMXC is categorized as Emerging Markets Equities, while FBTC is Cryptocurrency. EMXC tracks MSCI Emerging Markets ex China Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.49% for EMXC and 0.25% for FBTC.
EMXC currently has the higher Sharpe Ratio (2.71 vs -0.90), 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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