FBTC vs. EMXC
FBTC (Fidelity Wise Origin Bitcoin Fund) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past year, FBTC returned -39.41% vs 62.72% for EMXC. At a 0.36 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.49%/yr for EMXC.
Performance
FBTC vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, FBTC achieves a -27.63% return, which is significantly lower than EMXC's 32.33% return.
FBTC
- 1D
- 5.17%
- 1M
- -20.97%
- YTD
- -27.63%
- 6M
- -30.29%
- 1Y
- -39.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMXC
- 1D
- 2.43%
- 1M
- -1.88%
- YTD
- 32.33%
- 6M
- 36.39%
- 1Y
- 62.72%
- 3Y*
- 25.41%
- 5Y*
- 11.46%
- 10Y*
- —
FBTC vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.63% | -6.56% | 99.56% |
EMXC iShares MSCI Emerging Markets ex China ETF | 32.33% | 35.14% | 4.90% |
Correlation
The correlation between FBTC and EMXC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.36 |
The correlation between FBTC and EMXC shifts across timeframes, from 0.36 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FBTC vs. EMXC — Risk / Return Rank
FBTC
EMXC
FBTC vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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 | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.61 | ||
| Sortino ratioReturn per unit of downside risk | -4.52 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.50 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 4.37 | -5.13 |
| Martin ratioReturn relative to average drawdown | -1.36 | 17.27 | -18.64 |
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 | EMXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 2.71 | -3.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.50 | -0.23 |
Drawdowns
FBTC vs. EMXC - Drawdown Comparison
The maximum FBTC drawdown since its inception was -52.07%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FBTC and EMXC.
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Drawdown Indicators
| FBTC | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.07% | -42.81% | -9.26% |
Max Drawdown (1Y)Largest decline over 1 year | -52.07% | -14.41% | -37.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.91% | — |
Current DrawdownCurrent decline from peak | -49.59% | -7.55% | -42.04% |
Average DrawdownAverage peak-to-trough decline | -16.18% | -10.19% | -5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.93% | 3.64% | +25.29% |
Volatility
FBTC vs. EMXC - Volatility Comparison
The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 11.77%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.57%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 12.57% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 34.55% | 21.20% | +13.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.17% | 23.27% | +20.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 17.82% | +32.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 19.99% | +30.27% |
FBTC vs. EMXC - Expense Ratio Comparison
FBTC has a 0.25% expense ratio, which is lower than EMXC's 0.49% expense ratio.
Dividends
FBTC vs. EMXC - Dividend Comparison
FBTC has not paid dividends to shareholders, while EMXC's dividend yield for the trailing twelve months is around 2.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.13% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FBTC and EMXC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (12.57%) compared to FBTC (11.77%). In terms of maximum drawdown, FBTC dropped -52.07% vs EMXC's -42.81%.
On 1-year performance, EMXC leads with 62.72% vs -39.41% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EMXC has performed better with a 62.72% return vs -39.41%. 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 0.49% for EMXC.
EMXC has the higher dividend yield at 2.13%, compared with 0.00% for FBTC.
FBTC is categorized as Cryptocurrency, while EMXC is Emerging Markets Equities. FBTC tracks Fidelity Bitcoin Reference Rate, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.25% for FBTC and 0.49% for EMXC.
EMXC currently has the higher Sharpe Ratio (2.71 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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