FBTC vs. FELC

Last updated Aug 4, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while FELC is a Large Cap Blend Equities fund actively managed by Fidelity. FBTC is passively managed, while FELC is actively managed. Over the past year, FBTC returned -43.65% vs 26.44% for FELC. Their 0.40 correlation means their historical movements had little consistent relationship. FBTC charges 0.25%/yr vs 0.18%/yr for FELC.

Performance

FBTC vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -27.08% return, which is significantly lower than FELC's 13.57% return.

FBTC

• 1D: 1.61%
• 1M: 3.87%
• 6M: -18.12%
• YTD: -27.08%
• 1Y: -43.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.58%

FELC

• 1D: 1.34%
• 1M: 3.11%
• 6M: 11.53%
• YTD: 13.57%
• 1Y: 26.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBTC Fidelity Wise Origin Bitcoin Fund	$185.12M	$202.75M	$237.85M
FELC Fidelity Enhanced Large Cap Core ETF	$30.45M	$28.57M	$35.52M

FBTC vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-27.08%	-6.56%	94.28%
FELC Fidelity Enhanced Large Cap Core ETF	13.57%	17.09%	24.64%

Correlation

The correlation between FBTC and FELC is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.40

Return for Risk

FBTC vs. FELC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 2
FBTC Sortino Ratio Rank: 2
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 3

FELC

FELC Risk / Return Rank: 84
FELC Sharpe Ratio Rank: 86
FELC Sortino Ratio Rank: 84
FELC Omega Ratio Rank: 84
FELC Calmar Ratio Rank: 80
FELC Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBTC vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Enhanced Large Cap Core ETF (FELC). 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	FELC	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	2.06	-3.05
Sortino ratio: Return per unit of downside risk	-1.45	2.81	-4.25
Omega ratio: Gain probability vs. loss probability	0.84	1.37	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.82	2.92	-3.74
Martin ratio: Return relative to average drawdown	-1.26	12.69	-13.95

FBTC vs. FELC - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.99, which is lower than the FELC Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FBTC and FELC, 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. FELC - Drawdown Comparison

The maximum FBTC drawdown since its inception was -53.35%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FBTC and FELC.

Drawdown Indicators

	FBTC	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-53.35%	-18.59%	-34.76%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-9.09%	-44.26%
Current Drawdown Current decline from peak	-49.21%	0.00%	-49.21%
Average Drawdown Average peak-to-trough decline	-18.22%	-1.89%	-16.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.76%	2.09%	+32.67%

Volatility

FBTC vs. FELC - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 8.89% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 3.81%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	3.81%	+5.08%
Volatility (6M) Calculated over the trailing 6-month period	33.75%	10.22%	+23.53%
Volatility (1Y) Calculated over the trailing 1-year period	44.38%	12.92%	+31.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.44%	15.17%	+34.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.44%	15.17%	+34.27%

FBTC vs. FELC - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is higher than FELC's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FBTC vs. FELC - Dividend Comparison

FBTC has not paid dividends to shareholders, while FELC's dividend yield for the trailing twelve months is around 0.83%.

Position	TTM	2025	2024	2023
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%
FELC Fidelity Enhanced Large Cap Core ETF	0.83%	0.92%	1.03%	0.04%

Frequently Asked Questions

Can I hold both FBTC and FELC in my portfolio?

FBTC and FELC 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.

Which is riskier, FBTC or FELC?

FBTC has higher volatility (8.89%) compared to FELC (3.81%). In terms of maximum drawdown, FBTC dropped -53.35% vs FELC's -18.59%.

Which ETF is better, FBTC or FELC?

On 1-year performance, FELC leads with 26.44% vs -43.65% for FBTC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or FELC?

Over the 1-year period, FELC has performed better with a 26.44% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.25% for FBTC.

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

FELC has the higher dividend yield at 0.83%, compared with 0.00% for FBTC.

What is the main difference between FBTC and FELC?

FBTC is categorized as Cryptocurrency, while FELC is Large Cap Blend Equities. Their fees differ too: 0.25% for FBTC and 0.18% for FELC.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.06 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.