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 35.95%/yr vs 37.00%/yr for BTC-USD. A 0.68 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 -26.46% return and BTC-USD slightly higher at -25.88%.
FBTC.TO
- 1D
- -2.74%
- 1M
- -20.46%
- YTD
- -26.46%
- 6M
- -32.03%
- 1Y
- -38.60%
- 3Y*
- 35.95%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.00%
- 1M
- -19.24%
- YTD
- -25.88%
- 6M
- -30.77%
- 1Y
- -37.89%
- 3Y*
- 37.00%
- 5Y*
- 14.88%
- 10Y*
- 61.18%
FBTC.TO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FBTC.TO Fidelity Advantage Bitcoin ETF | -26.46% | -10.85% | 137.16% | 145.80% | -61.34% | -20.88% |
BTC-USD Bitcoin | -26.61% | -10.57% | 139.80% | 149.06% | -61.52% | -19.29% |
Correlation
The correlation between FBTC.TO and BTC-USD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.68 |
The correlation between FBTC.TO and BTC-USD has been stable across timeframes, ranging from 0.68 to 0.71 - 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.
| FBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.87 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.75 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.31 | 0.00 |
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
| FBTC.TO | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | -0.89 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.28 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.92 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 1.19 | -1.12 |
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 -83.55%. 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% | -83.55% | +12.78% |
Max Drawdown (1Y)Largest decline over 1 year | -50.22% | -50.49% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -50.22% | -50.49% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.53% | — |
Current DrawdownCurrent decline from peak | -49.79% | -48.82% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -30.95% | -39.96% | +9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.35% | 34.53% | -5.18% |
Volatility
FBTC.TO vs. BTC-USD - Volatility Comparison
The current volatility for Fidelity Advantage Bitcoin ETF (FBTC.TO) is 9.51%, while Bitcoin (BTC-USD) has a volatility of 10.12%. This indicates that FBTC.TO experiences smaller price fluctuations and is considered to be less risky 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 | 9.51% | 10.12% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 33.11% | 34.57% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.86% | 35.26% | +7.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.36% | 43.64% | +8.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.36% | 55.23% | -2.87% |
Frequently Asked Questions
FBTC.TO and BTC-USD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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