FBTC vs. CEPI
FBTC (Fidelity Wise Origin Bitcoin Fund) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while CEPI is a Derivative Income fund actively managed by REX. FBTC is passively managed, while CEPI is actively managed. Over the past year, FBTC returned -43.65% vs 23.11% for CEPI. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FBTC charges 0.25%/yr vs 0.85%/yr for CEPI.
Performance
FBTC vs. CEPI - Performance Comparison
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Returns By Period
In the year-to-date period, FBTC achieves a -27.08% return, which is significantly lower than CEPI's 17.46% return.
FBTC
- 1D
- 1.61%
- 1M
- 3.87%
- 6M
- -18.12%
- YTD
- -27.08%
- 1Y
- -43.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.58%
CEPI
- 1D
- 2.01%
- 1M
- 0.84%
- 6M
- 14.49%
- YTD
- 17.46%
- 1Y
- 23.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.23M | $1.28M | $1.61M | |
| $185.12M | $202.75M | $237.85M |
FBTC vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.08% | -6.56% | -2.46% |
CEPI REX Crypto Equity Premium Income ETF | 17.46% | 10.75% | -7.02% |
Correlation
The correlation between FBTC and CEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024 | 0.67 |
The correlation between FBTC and CEPI has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
FBTC vs. CEPI — Risk / Return Rank
FBTC
CEPI
FBTC vs. CEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and REX Crypto Equity Premium Income ETF (CEPI). 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 | CEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.16 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 1.03 | -1.85 |
| Martin ratioReturn relative to average drawdown | -1.26 | 2.40 | -3.66 |
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Drawdowns
FBTC vs. CEPI - Drawdown Comparison
The maximum FBTC drawdown since its inception was -53.35%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for FBTC and CEPI.
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Drawdown Indicators
| FBTC | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -29.48% | -23.87% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -22.47% | -30.88% |
Current DrawdownCurrent decline from peak | -49.21% | -5.73% | -43.48% |
Average DrawdownAverage peak-to-trough decline | -18.22% | -8.23% | -9.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.76% | 9.65% | +25.11% |
Volatility
FBTC vs. CEPI - Volatility Comparison
The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 8.89%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.47%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 11.47% | -2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 33.75% | 23.71% | +10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.38% | 29.38% | +15.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.44% | 31.91% | +17.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.44% | 31.91% | +17.53% |
FBTC vs. CEPI - Expense Ratio Comparison
FBTC has a 0.25% expense ratio, which is lower than CEPI's 0.85% expense ratio.
Dividends
FBTC vs. CEPI - Dividend Comparison
FBTC has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 44.70%.
| Position | TTM | 2025 |
|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 44.70% | 50.78% |
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% |
Frequently Asked Questions
FBTC and CEPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEPI has higher volatility (11.47%) compared to FBTC (8.89%). In terms of maximum drawdown, FBTC dropped -53.35% vs CEPI's -29.48%.
On 1-year performance, CEPI leads with 23.11% vs -43.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 8.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CEPI has performed better with a 23.11% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBTC is cheaper with a 0.25% expense ratio, compared with 0.85% for CEPI.
CEPI has the higher dividend yield at 44.70%, compared with 0.00% for FBTC.
FBTC is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Fidelity and REX. Their fees differ too: 0.25% for FBTC and 0.85% for CEPI.
CEPI currently has the higher Sharpe Ratio (0.79 vs -0.99), 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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