EWY vs. FBTC
EWY (iShares MSCI South Korea ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, EWY returned 189.48% vs -39.41% for FBTC. At a 0.35 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 0.25%/yr for FBTC.
Performance
EWY vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, EWY achieves a 90.95% return, which is significantly higher than FBTC's -27.63% return.
EWY
- 1D
- 5.96%
- 1M
- -2.40%
- YTD
- 90.95%
- 6M
- 99.65%
- 1Y
- 189.48%
- 3Y*
- 44.08%
- 5Y*
- 17.62%
- 10Y*
- 15.79%
FBTC
- 1D
- 5.17%
- 1M
- -20.97%
- YTD
- -27.63%
- 6M
- -30.29%
- 1Y
- -39.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWY vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EWY iShares MSCI South Korea ETF | 90.95% | 95.33% | -15.31% |
FBTC Fidelity Wise Origin Bitcoin Fund | -27.63% | -6.56% | 99.56% |
Correlation
The correlation between EWY and FBTC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.35 |
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Return for Risk
EWY vs. FBTC — Risk / Return Rank
EWY
FBTC
EWY vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.
| EWY | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.13 | ||
| Sortino ratioReturn per unit of downside risk | +5.22 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 0.86 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 8.26 | -0.76 | +9.02 |
| Martin ratioReturn relative to average drawdown | 29.84 | -1.36 | +31.20 |
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
| EWY | FBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.23 | -0.90 | +5.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.27 | +0.05 |
Drawdowns
EWY vs. FBTC - Drawdown Comparison
The maximum EWY drawdown since its inception was -74.14%, which is greater than FBTC's maximum drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for EWY and FBTC.
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Drawdown Indicators
| EWY | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.14% | -52.07% | -22.07% |
Max Drawdown (1Y)Largest decline over 1 year | -23.08% | -52.07% | +28.99% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -48.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.73% | — | — |
Current DrawdownCurrent decline from peak | -14.33% | -49.59% | +35.26% |
Average DrawdownAverage peak-to-trough decline | -20.12% | -16.18% | -3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.38% | 28.93% | -22.55% |
Volatility
EWY vs. FBTC - Volatility Comparison
iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.98% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 11.77%. This indicates that EWY'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
| EWY | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.98% | 11.77% | +14.21% |
Volatility (6M)Calculated over the trailing 6-month period | 41.23% | 34.55% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.13% | 44.17% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.70% | 50.26% | -20.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.83% | 50.26% | -22.43% |
EWY vs. FBTC - Expense Ratio Comparison
EWY has a 0.59% expense ratio, which is higher than FBTC's 0.25% expense ratio.
Dividends
EWY vs. FBTC - Dividend Comparison
EWY's dividend yield for the trailing twelve months is around 1.10%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 1.10% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
EWY and FBTC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (25.98%) compared to FBTC (11.77%). In terms of maximum drawdown, EWY dropped -74.14% vs FBTC's -52.07%.
On 1-year performance, EWY leads with 189.48% 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, EWY has performed better with a 189.48% 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 0.59% for EWY.
EWY has the higher dividend yield at 1.10%, compared with 0.00% for FBTC.
EWY is categorized as Asia Pacific Equities, while FBTC is Cryptocurrency. EWY tracks MSCI Korea Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.59% for EWY and 0.25% for FBTC.
EWY currently has the higher Sharpe Ratio (4.23 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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