FBTC vs. BITS

Last updated Jun 24, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds - FBTC tracks the Fidelity Bitcoin Reference Rate while BITS tracks the NONE. Both are passively managed. Over the past year, FBTC returned -39.80% vs 16.16% for BITS. Their correlation of 0.87 suggests significant overlap in exposure. FBTC charges 0.25%/yr vs 0.65%/yr for BITS.

Performance

FBTC vs. BITS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Global X Blockchain & Bitcoin Strategy ETF (BITS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -28.83% return, which is significantly lower than BITS's -1.05% return.

FBTC

• 1D: -3.16%
• 1M: -17.78%
• YTD: -28.83%
• 6M: -28.94%
• 1Y: -39.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITS

• 1D: -2.95%
• 1M: -9.90%
• YTD: -1.05%
• 6M: -4.96%
• 1Y: 16.16%
• 3Y*: 41.04%
• 5Y*: —
• 10Y*: —

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

FBTC vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-28.83%	-6.56%	94.28%
BITS Global X Blockchain & Bitcoin Strategy ETF	-1.05%	14.90%	57.29%

Correlation

The correlation between FBTC and BITS is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.87

The correlation between FBTC and BITS has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

FBTC vs. BITS — Risk / Return Rank

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

FBTC

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

BITS

BITS Risk / Return Rank: 13
BITS Sharpe Ratio Rank: 13
BITS Sortino Ratio Rank: 15
BITS Omega Ratio Rank: 15
BITS Calmar Ratio Rank: 12
BITS Martin Ratio Rank: 11

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 vs. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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	BITS	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	0.31	-1.21
Sortino ratio: Return per unit of downside risk	-1.26	0.78	-2.04
Omega ratio: Gain probability vs. loss probability	0.86	1.09	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.77	0.34	-1.10
Martin ratio: Return relative to average drawdown	-1.30	0.60	-1.91

FBTC vs. BITS - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.90, which is lower than the BITS Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of FBTC and BITS, 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 vs. BITS - Drawdown Comparison

The maximum FBTC drawdown since its inception was -52.07%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for FBTC and BITS.

Drawdown Indicators

	FBTC	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-83.11%	+31.04%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-48.38%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-50.43%	-34.86%	-15.57%
Average Drawdown Average peak-to-trough decline	-16.77%	-42.63%	+25.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	26.82%	+3.72%

Volatility

FBTC vs. BITS - Volatility Comparison

The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 13.04%, while Global X Blockchain & Bitcoin Strategy ETF (BITS) has a volatility of 14.66%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than BITS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.04%	14.66%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	34.56%	40.96%	-6.40%
Volatility (1Y) Calculated over the trailing 1-year period	44.18%	53.22%	-9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	60.86%	-10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	60.86%	-10.78%

FBTC vs. BITS - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is lower than BITS's 0.65% expense ratio.

Dividends

FBTC vs. BITS - Dividend Comparison

FBTC has not paid dividends to shareholders, while BITS's dividend yield for the trailing twelve months is around 23.04%.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	23.04%	22.80%	29.49%	13.69%	0.48%	1.90%
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBTC and BITS in my portfolio?

FBTC and BITS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBTC or BITS?

BITS has higher volatility (14.66%) compared to FBTC (13.04%). In terms of maximum drawdown, FBTC dropped -52.07% vs BITS's -83.11%.

Which ETF is better, FBTC or BITS?

On 1-year performance, BITS leads with 16.16% vs -39.80% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 13.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or BITS?

Over the 1-year period, BITS has performed better with a 16.16% return vs -39.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or BITS?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.65% for BITS.

Which ETF pays a higher dividend yield, FBTC or BITS?

BITS has the higher dividend yield at 23.04%, compared with 0.00% for FBTC.

What is the main difference between FBTC and BITS?

FBTC tracks Fidelity Bitcoin Reference Rate, while BITS tracks NONE. They also come from different issuers: Fidelity and Global X. Their fees differ too: 0.25% for FBTC and 0.65% for BITS.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (0.30 vs -0.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.