FBTC.TO vs. GBTC
FBTC.TO (Fidelity Advantage Bitcoin ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. FBTC.TO is actively managed, while GBTC is passively managed. Over the past 3 years, FBTC.TO returned 34.59%/yr vs 54.00%/yr for GBTC. Their correlation of 0.89 suggests significant overlap in exposure. FBTC.TO charges 0.40%/yr vs 1.50%/yr for GBTC.
Performance
FBTC.TO vs. GBTC - Performance Comparison
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Different Trading Currencies
FBTC.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with FBTC.TO having a -24.39% return and GBTC slightly lower at -24.85%.
FBTC.TO
- 1D
- -2.22%
- 1M
- -16.83%
- YTD
- -24.39%
- 6M
- -30.03%
- 1Y
- -37.95%
- 3Y*
- 34.59%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.34%
- 1M
- -16.85%
- YTD
- -24.85%
- 6M
- -30.52%
- 1Y
- -38.68%
- 3Y*
- 54.00%
- 5Y*
- 13.58%
- 10Y*
- 51.55%
FBTC.TO vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FBTC.TO Fidelity Advantage Bitcoin ETF | -24.39% | -10.85% | 137.16% | 145.80% | -61.34% | -20.88% |
GBTC Grayscale Bitcoin Trust ETF | -24.85% | -11.88% | 132.17% | 308.41% | -74.07% | -25.51% |
Correlation
The correlation between FBTC.TO and GBTC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.89 |
The correlation between FBTC.TO and GBTC has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.
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Return for Risk
FBTC.TO vs. GBTC — Risk / Return Rank
FBTC.TO
GBTC
FBTC.TO vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advantage Bitcoin ETF (FBTC.TO) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.77 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.33 | +0.03 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.90 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.22 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.69 | -0.61 |
Drawdowns
FBTC.TO vs. GBTC - Drawdown Comparison
The maximum FBTC.TO drawdown since its inception was -70.77%, smaller than the maximum GBTC drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for FBTC.TO and GBTC.
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Drawdown Indicators
| FBTC.TO | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.77% | -89.63% | +18.86% |
Max Drawdown (1Y)Largest decline over 1 year | -50.22% | -50.39% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -50.22% | -50.39% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.63% | — |
Current DrawdownCurrent decline from peak | -48.38% | -48.63% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -30.94% | -42.84% | +11.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.18% | 29.17% | +0.01% |
Volatility
FBTC.TO vs. GBTC - Volatility Comparison
Fidelity Advantage Bitcoin ETF (FBTC.TO) has a higher volatility of 9.72% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.06%. This indicates that FBTC.TO's price experiences larger fluctuations and is considered to be riskier than GBTC 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 | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.72% | 9.06% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 34.06% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 42.95% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.37% | 60.79% | -8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.37% | 81.36% | -28.99% |
FBTC.TO vs. GBTC - Expense Ratio Comparison
FBTC.TO has a 0.40% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
FBTC.TO vs. GBTC - Dividend Comparison
Neither FBTC.TO nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FBTC.TO Fidelity Advantage Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
With a correlation of 0.97, FBTC.TO and GBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, FBTC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBTC.TO is cheaper with a 0.40% expense ratio, compared with 1.50% for GBTC.
They also come from different issuers: Fidelity and Grayscale. Their fees differ too: 0.40% for FBTC.TO and 1.50% for GBTC.
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