FBTC.TO vs. ETHX-U.TO

Last updated Jul 15, 2026

FBTC.TO (Fidelity Advantage Bitcoin ETF) and ETHX-U.TO (CI Galaxy Ethereum ETF (US$ Series)) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, FBTC.TO returned 30.97%/yr vs 1.21%/yr for ETHX-U.TO. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

FBTC.TO vs. ETHX-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity Advantage Bitcoin ETF (FBTC.TO) and CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FBTC.TO is traded in CAD, while ETHX-U.TO is traded in USD. To make them comparable, the ETHX-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FBTC.TO achieves a -24.55% return, which is significantly higher than ETHX-U.TO's -34.80% return.

FBTC.TO

• 1D: 2.93%
• 1M: 2.12%
• 6M: -30.80%
• YTD: -24.55%
• 1Y: -44.88%
• 3Y*: 30.97%
• 5Y*: —
• 10Y*: —

ETHX-U.TO

• 1D: 5.47%
• 1M: 14.15%
• 6M: -40.39%
• YTD: -34.80%
• 1Y: -35.48%
• 3Y*: 1.21%
• 5Y*: 1.25%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBTC.TO vs. ETHX-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FBTC.TO Fidelity Advantage Bitcoin ETF	-24.55%	-10.85%	137.16%	145.80%	-61.34%	-20.46%
ETHX-U.TO CI Galaxy Ethereum ETF (US$ Series)	-34.80%	-15.57%	55.61%	88.71%	-65.91%	-20.36%

Correlation

The correlation between FBTC.TO and ETHX-U.TO 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	0.79
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021	0.81

The correlation between FBTC.TO and ETHX-U.TO has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

FBTC.TO vs. ETHX-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBTC.TO

FBTC.TO Risk / Return Rank: 2
FBTC.TO Sharpe Ratio Rank: 1
FBTC.TO Sortino Ratio Rank: 2
FBTC.TO Omega Ratio Rank: 2
FBTC.TO Calmar Ratio Rank: 2
FBTC.TO Martin Ratio Rank: 2

ETHX-U.TO

ETHX-U.TO Risk / Return Rank: 5
ETHX-U.TO Sharpe Ratio Rank: 5
ETHX-U.TO Sortino Ratio Rank: 5
ETHX-U.TO Omega Ratio Rank: 5
ETHX-U.TO Calmar Ratio Rank: 5
ETHX-U.TO Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBTC.TO vs. ETHX-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advantage Bitcoin ETF (FBTC.TO) and CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO). 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	ETHX-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	-0.52	-0.51
Sortino ratio: Return per unit of downside risk	-1.55	-0.44	-1.11
Omega ratio: Gain probability vs. loss probability	0.83	0.95	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.53	-0.33
Martin ratio: Return relative to average drawdown	-1.34	-0.81	-0.53

FBTC.TO vs. ETHX-U.TO - Sharpe Ratio Comparison

The current FBTC.TO Sharpe Ratio is -1.03, which is lower than the ETHX-U.TO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of FBTC.TO and ETHX-U.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBTC.TO vs. ETHX-U.TO - Drawdown Comparison

The maximum FBTC.TO drawdown since its inception was -70.77%, smaller than the maximum ETHX-U.TO drawdown of -78.30%. Use the drawdown chart below to compare losses from any high point for FBTC.TO and ETHX-U.TO.

Drawdown Indicators

	FBTC.TO	ETHX-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-70.77%	-78.30%	+7.53%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-67.75%	+15.04%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	-67.75%	+15.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-78.30%	—
Current Drawdown Current decline from peak	-48.48%	-60.78%	+12.30%
Average Drawdown Average peak-to-trough decline	-31.37%	-43.10%	+11.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.57%	43.84%	-10.27%

Volatility

FBTC.TO vs. ETHX-U.TO - Volatility Comparison

The current volatility for Fidelity Advantage Bitcoin ETF (FBTC.TO) is 11.49%, while CI Galaxy Ethereum ETF (US$ Series) (ETHX-U.TO) has a volatility of 17.22%. This indicates that FBTC.TO experiences smaller price fluctuations and is considered to be less risky than ETHX-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC.TO	ETHX-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	17.22%	-5.73%
Volatility (6M) Calculated over the trailing 6-month period	33.73%	46.84%	-13.11%
Volatility (1Y) Calculated over the trailing 1-year period	43.77%	68.09%	-24.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.12%	71.16%	-19.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.12%	74.04%	-21.92%

Dividends

FBTC.TO vs. ETHX-U.TO - Dividend Comparison

Neither FBTC.TO nor ETHX-U.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBTC.TO and ETHX-U.TO in my portfolio?

FBTC.TO and ETHX-U.TO 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.

What is the main difference between FBTC.TO and ETHX-U.TO?

They also come from different issuers: Fidelity and CI.