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 -43.20% vs -43.53% 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 stocks are quite close, with FBTC having a -31.48% return and BTC-USD slightly lower at -31.78%.
FBTC
- 1D
- 2.31%
- 1M
- -16.03%
- 6M
- -31.48%
- YTD
- -31.48%
- 1Y
- -43.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 2.00%
- 1M
- -16.29%
- 6M
- -31.78%
- YTD
- -31.78%
- 1Y
- -43.53%
- 3Y*
- 24.93%
- 5Y*
- 12.04%
- 10Y*
- 56.82%
FBTC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -31.48% | -6.56% | 94.28% |
BTC-USD Bitcoin | -31.78% | -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 | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.82 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.39 | +0.02 |
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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 | -52.28% | -52.14% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -17.12% | -42.47% | +25.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.60% | 32.43% | -0.83% |
Volatility
FBTC vs. BTC-USD - Volatility Comparison
Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 13.93% compared to Bitcoin (BTC-USD) at 12.69%. 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 | 13.93% | 12.69% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 34.75% | 34.87% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.39% | 35.71% | +8.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.98% | 44.01% | +5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.98% | 56.37% | -6.39% |
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 (13.93%) compared to BTC-USD (12.69%). In terms of maximum drawdown, FBTC dropped -53.35% vs BTC-USD's -85.30%.
FBTC currently has the higher Sharpe Ratio (-0.98 vs -1.01), 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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