FBTC vs. BMNR
FBTC (Fidelity Wise Origin Bitcoin Fund) is Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while BMNR (BitMine Immersion Technologies, Inc.) is a stock. Over the past year, FBTC returned -39.41% vs 123.39% for BMNR. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
FBTC vs. BMNR - Performance Comparison
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Returns By Period
In the year-to-date period, FBTC achieves a -27.63% return, which is significantly higher than BMNR's -37.94% return.
FBTC
- 1D
- 5.17%
- 1M
- -20.97%
- YTD
- -27.63%
- 6M
- -30.29%
- 1Y
- -39.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNR
- 1D
- 5.97%
- 1M
- -24.00%
- YTD
- -37.94%
- 6M
- -52.99%
- 1Y
- 123.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBTC vs. BMNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.63% | -14.31% |
BMNR BitMine Immersion Technologies, Inc. | -37.94% | 250.43% |
Correlation
The correlation between FBTC and BMNR is 0.68, 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 | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025 | 0.68 |
The correlation between FBTC and BMNR has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.
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Return for Risk
FBTC vs. BMNR — Risk / Return Rank
FBTC
BMNR
FBTC vs. BMNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and BitMine Immersion Technologies, Inc. (BMNR). 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 | BMNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -9.08 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.92 | -1.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.41 | -2.17 |
| Martin ratioReturn relative to average drawdown | -1.36 | 1.70 | -3.06 |
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 | BMNR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 0.17 | -1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.16 | +0.10 |
Drawdowns
FBTC vs. BMNR - Drawdown Comparison
The maximum FBTC drawdown since its inception was -52.07%, smaller than the maximum BMNR drawdown of -88.22%. Use the drawdown chart below to compare losses from any high point for FBTC and BMNR.
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Drawdown Indicators
| FBTC | BMNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.07% | -88.22% | +36.15% |
Max Drawdown (1Y)Largest decline over 1 year | -52.07% | -88.22% | +36.15% |
Current DrawdownCurrent decline from peak | -49.59% | -87.51% | +37.92% |
Average DrawdownAverage peak-to-trough decline | -16.18% | -70.84% | +54.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.93% | 72.93% | -44.00% |
Volatility
FBTC vs. BMNR - Volatility Comparison
The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 11.77%, while BitMine Immersion Technologies, Inc. (BMNR) has a volatility of 22.68%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than BMNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | BMNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 22.68% | -10.91% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 61.92% | -27.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.17% | 719.09% | -674.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 717.68% | -667.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 717.68% | -667.42% |
Dividends
FBTC vs. BMNR - Dividend Comparison
FBTC has not paid dividends to shareholders, while BMNR's dividend yield for the trailing twelve months is around 0.06%.
| Position | TTM | 2025 |
|---|---|---|
BMNR BitMine Immersion Technologies, Inc. | 0.06% | 0.04% |
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% |
Frequently Asked Questions
FBTC and BMNR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BMNR has higher volatility (22.68%) compared to FBTC (11.77%). In terms of maximum drawdown, FBTC dropped -52.07% vs BMNR's -88.22%.
BMNR currently has the higher Sharpe Ratio (0.17 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.
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