FBTC vs. BTRN

Last updated Jul 14, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds - FBTC tracks the Fidelity Bitcoin Reference Rate while BTRN tracks the CoinDesk Bitcoin Trend Indicator Futures Index. Both are passively managed. Over the past year, FBTC returned -47.53% vs -25.19% for BTRN. A 0.78 correlation means they provide meaningful diversification when combined. FBTC charges 0.25%/yr vs 0.95%/yr for BTRN.

Performance

FBTC vs. BTRN - Performance Comparison

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

Returns By Period

In the year-to-date period, FBTC achieves a -28.99% return, which is significantly lower than BTRN's -10.56% return.

FBTC

• 1D: -2.67%
• 1M: -2.20%
• 6M: -32.07%
• YTD: -28.99%
• 1Y: -47.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTRN

• 1D: -0.73%
• 1M: -1.54%
• 6M: -10.80%
• YTD: -10.56%
• 1Y: -25.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBTC vs. BTRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-28.99%	-6.56%	41.66%
BTRN Global X Bitcoin Trend Strategy ETF	-10.56%	4.89%	3.25%

Correlation

The correlation between FBTC and BTRN is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.78

The correlation between FBTC and BTRN shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBTC vs. BTRN — Risk / Return Rank

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

FBTC

FBTC Risk / Return Rank: 1
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 1
FBTC Calmar Ratio Rank: 1
FBTC Martin Ratio Rank: 1

BTRN

BTRN Risk / Return Rank: 0
BTRN Sharpe Ratio Rank: 0
BTRN Sortino Ratio Rank: 1
BTRN Omega Ratio Rank: 0
BTRN Calmar Ratio Rank: 1
BTRN Martin Ratio Rank: 1

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. BTRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Global X Bitcoin Trend Strategy ETF (BTRN). 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	BTRN	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	-1.44	+0.36
Sortino ratio: Return per unit of downside risk	-1.66	-1.97	+0.32
Omega ratio: Gain probability vs. loss probability	0.82	0.73	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.96	+0.06
Martin ratio: Return relative to average drawdown	-1.46	-1.50	+0.04

FBTC vs. BTRN - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -1.08, which is comparable to the BTRN Sharpe Ratio of -1.44. The chart below compares the historical Sharpe Ratios of FBTC and BTRN, 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. BTRN - Drawdown Comparison

The maximum FBTC drawdown since its inception was -53.35%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for FBTC and BTRN.

Drawdown Indicators

	FBTC	BTRN	Difference
Max Drawdown Largest peak-to-trough decline	-53.35%	-36.97%	-16.38%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-26.45%	-26.90%
Current Drawdown Current decline from peak	-50.54%	-26.34%	-24.20%
Average Drawdown Average peak-to-trough decline	-17.49%	-14.90%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.68%	16.83%	+15.85%

Volatility

FBTC vs. BTRN - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 11.38% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 1.74%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	BTRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.38%	1.74%	+9.64%
Volatility (6M) Calculated over the trailing 6-month period	34.71%	10.25%	+24.46%
Volatility (1Y) Calculated over the trailing 1-year period	44.27%	17.60%	+26.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.84%	30.28%	+19.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.84%	30.28%	+19.56%

FBTC vs. BTRN - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is lower than BTRN's 0.95% expense ratio.

Dividends

FBTC vs. BTRN - Dividend Comparison

FBTC has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 31.39%.

Position	TTM	2025	2024
BTRN Global X Bitcoin Trend Strategy ETF	31.39%	27.76%	2.56%
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBTC and BTRN in my portfolio?

FBTC and BTRN have a correlation of 0.66, 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 BTRN?

FBTC has higher volatility (11.38%) compared to BTRN (1.74%). In terms of maximum drawdown, FBTC dropped -53.35% vs BTRN's -36.97%.

Which ETF is better, FBTC or BTRN?

On 1-year performance, BTRN leads with -25.19% vs -47.53% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, BTRN has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or BTRN?

Over the 1-year period, BTRN has performed better with a -25.19% return vs -47.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or BTRN?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.95% for BTRN.

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

BTRN has the higher dividend yield at 31.39%, compared with 0.00% for FBTC.

What is the main difference between FBTC and BTRN?

FBTC tracks Fidelity Bitcoin Reference Rate, while BTRN tracks CoinDesk Bitcoin Trend Indicator Futures Index. They also come from different issuers: Fidelity and Global X. Their fees differ too: 0.25% for FBTC and 0.95% for BTRN.

Which has better risk-adjusted returns?

FBTC currently has the higher Sharpe Ratio (-1.08 vs -1.44), 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.