FBTC vs. BTC-USD
FBTC (Fidelity Wise Origin Bitcoin Fund) is Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, FBTC returned -44.91% vs -44.99% for BTC-USD. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
FBTC vs. BTC-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FBTC having a -24.73% return and BTC-USD slightly higher at -24.54%.
FBTC
- 1D
- -0.78%
- 1M
- 2.43%
- 6M
- -26.90%
- YTD
- -24.73%
- 1Y
- -44.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.15%
BTC-USD
- 1D
- -0.74%
- 1M
- 3.24%
- 6M
- -26.12%
- YTD
- -24.54%
- 1Y
- -44.99%
- 3Y*
- 29.96%
- 5Y*
- 14.43%
- 10Y*
- 58.47%
- ALL TIME*
- 88.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1676.24T | $1800.53T | $2232.61T |
| $204.82M | $232.50M | $244.13M |
FBTC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -24.73% | -6.56% | 94.28% |
BTC-USD Bitcoin | -24.54% | -6.27% | 100.05% |
Correlation
The correlation between FBTC and BTC-USD is 0.73, 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 | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.72 |
The correlation between FBTC and BTC-USD has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
FBTC vs. BTC-USD — Risk / Return Rank
FBTC
BTC-USD
FBTC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.85 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.34 | +0.01 |
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Drawdowns
FBTC vs. BTC-USD - Drawdown Comparison
The maximum FBTC drawdown since its inception was -53.35%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for FBTC and BTC-USD.
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Drawdown Indicators
| FBTC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -85.30% | +31.95% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -53.08% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -47.57% | -47.06% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -17.83% | -42.62% | +24.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.65% | 25.89% | +7.76% |
Volatility
FBTC vs. BTC-USD - Volatility Comparison
Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 10.34% compared to Bitcoin (BTC-USD) at 9.35%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | 9.35% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 34.03% | 34.67% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.26% | 35.80% | +8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.65% | 43.84% | +5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.65% | 56.33% | -6.68% |
Frequently Asked Questions
FBTC and BTC-USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (10.34%) compared to BTC-USD (9.35%). In terms of maximum drawdown, FBTC dropped -53.35% vs BTC-USD's -85.30%.
FBTC currently has the higher Sharpe Ratio (-1.02 vs -1.05), 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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