FBTC.TO vs. BTC-USD
FBTC.TO (Fidelity Advantage Bitcoin ETF) is Cryptocurrency fund actively managed by Fidelity, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, FBTC.TO returned 27.55%/yr vs 28.62%/yr for BTC-USD. A 0.77 correlation means they provide meaningful diversification when combined.
Performance
FBTC.TO vs. BTC-USD - Performance Comparison
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Different Trading Currencies
FBTC.TO is traded in CAD, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with FBTC.TO having a -30.05% return and BTC-USD slightly higher at -29.23%.
FBTC.TO
- 1D
- -1.28%
- 1M
- -19.71%
- YTD
- -30.05%
- 6M
- -29.55%
- 1Y
- -43.25%
- 3Y*
- 27.55%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -2.13%
- 1M
- -18.98%
- YTD
- -29.23%
- 6M
- -29.27%
- 1Y
- -42.48%
- 3Y*
- 28.62%
- 5Y*
- 16.85%
- 10Y*
- 58.33%
FBTC.TO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FBTC.TO Fidelity Advantage Bitcoin ETF | -30.05% | -10.85% | 137.16% | 145.80% | -61.34% | -20.46% |
BTC-USD Bitcoin | -29.23% | -10.55% | 140.73% | 147.36% | -61.80% | -19.44% |
Correlation
The correlation between FBTC.TO and BTC-USD is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.77 |
The correlation between FBTC.TO and BTC-USD has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
FBTC.TO vs. BTC-USD — Risk / Return Rank
FBTC.TO
BTC-USD
FBTC.TO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advantage Bitcoin ETF (FBTC.TO) and Bitcoin (BTC-USD). 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.
| FBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.83 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.36 | 0.00 |
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Drawdowns
FBTC.TO vs. BTC-USD - Drawdown Comparison
The maximum FBTC.TO drawdown since its inception was -70.77%, smaller than the maximum BTC-USD drawdown of -83.48%. Use the drawdown chart below to compare losses from any high point for FBTC.TO and BTC-USD.
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Drawdown Indicators
| FBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.77% | -83.48% | +12.71% |
Max Drawdown (1Y)Largest decline over 1 year | -52.26% | -51.31% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -52.26% | -51.31% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.60% | — |
Current DrawdownCurrent decline from peak | -52.24% | -51.31% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -31.17% | -40.06% | +8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.75% | 32.17% | -0.42% |
Volatility
FBTC.TO vs. BTC-USD - Volatility Comparison
Fidelity Advantage Bitcoin ETF (FBTC.TO) has a higher volatility of 13.31% compared to Bitcoin (BTC-USD) at 12.19%. This indicates that FBTC.TO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.31% | 12.19% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 33.64% | 33.43% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.50% | 35.14% | +8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.27% | 45.23% | +7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.27% | 56.18% | -3.91% |
Frequently Asked Questions
FBTC.TO and BTC-USD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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