FBTC.TO vs. MSTR
FBTC.TO (Fidelity Advantage Bitcoin ETF) is Cryptocurrency fund actively managed by Fidelity, while MSTR (Strategy Inc) is a stock. Over the past 3 years, FBTC.TO returned 34.59%/yr vs 66.84%/yr for MSTR. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
FBTC.TO vs. MSTR - Performance Comparison
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Different Trading Currencies
FBTC.TO is traded in CAD, while MSTR is traded in USD. To make them comparable, the MSTR 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 -24.39% return, which is significantly lower than MSTR's -9.67% return.
FBTC.TO
- 1D
- -2.22%
- 1M
- -16.83%
- YTD
- -24.39%
- 6M
- -30.03%
- 1Y
- -37.95%
- 3Y*
- 34.59%
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 0.00%
- 1M
- -24.79%
- YTD
- -9.67%
- 6M
- -28.34%
- 1Y
- -64.57%
- 3Y*
- 66.84%
- 5Y*
- 26.34%
- 10Y*
- 22.68%
FBTC.TO vs. MSTR - 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% |
MSTR Strategy Inc | -9.67% | -49.94% | 397.93% | 336.33% | -72.15% | -21.35% |
Correlation
The correlation between FBTC.TO and MSTR is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.73 |
The correlation between FBTC.TO and MSTR has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
FBTC.TO vs. MSTR — Risk / Return Rank
FBTC.TO
MSTR
FBTC.TO vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advantage Bitcoin ETF (FBTC.TO) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.82 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.85 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.26 | -0.04 |
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 | MSTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.94 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.38 | -0.30 |
Drawdowns
FBTC.TO vs. MSTR - Drawdown Comparison
The maximum FBTC.TO drawdown since its inception was -70.77%, smaller than the maximum MSTR drawdown of -88.54%. Use the drawdown chart below to compare losses from any high point for FBTC.TO and MSTR.
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Drawdown Indicators
| FBTC.TO | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.77% | -88.54% | +17.77% |
Max Drawdown (1Y)Largest decline over 1 year | -50.22% | -76.48% | +26.26% |
Max Drawdown (3Y)Largest decline over 3 years | -50.22% | -77.85% | +27.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -82.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.54% | — |
Current DrawdownCurrent decline from peak | -48.38% | -71.56% | +23.18% |
Average DrawdownAverage peak-to-trough decline | -30.94% | -32.30% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.18% | 51.25% | -22.07% |
Volatility
FBTC.TO vs. MSTR - Volatility Comparison
The current volatility for Fidelity Advantage Bitcoin ETF (FBTC.TO) is 9.72%, while Strategy Inc (MSTR) has a volatility of 18.48%. This indicates that FBTC.TO experiences smaller price fluctuations and is considered to be less risky than MSTR 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 | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.72% | 18.48% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 55.68% | -22.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 69.26% | -26.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.37% | 89.13% | -36.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.37% | 72.45% | -20.08% |
Dividends
FBTC.TO vs. MSTR - Dividend Comparison
Neither FBTC.TO nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
FBTC.TO and MSTR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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