FBTC vs. FREL
FBTC (Fidelity Wise Origin Bitcoin Fund) and FREL (Fidelity MSCI Real Estate Index ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past year, FBTC returned -43.65% vs 15.37% for FREL. Their 0.19 correlation means their historical movements had little consistent relationship. FBTC charges 0.25%/yr vs 0.08%/yr for FREL.
Performance
FBTC vs. FREL - 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 FREL's 13.99% return.
FBTC
- 1D
- 1.61%
- 1M
- 3.87%
- 6M
- -18.12%
- YTD
- -27.08%
- 1Y
- -43.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.58%
FREL
- 1D
- 0.13%
- 1M
- 1.01%
- 6M
- 12.32%
- YTD
- 13.99%
- 1Y
- 15.37%
- 3Y*
- 10.31%
- 5Y*
- 2.52%
- 10Y*
- 5.52%
- ALL TIME*
- 5.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.12M | $202.75M | $237.85M | |
| $5.93M | $7.27M | $7.17M |
FBTC vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.08% | -6.56% | 94.28% |
FREL Fidelity MSCI Real Estate Index ETF | 13.99% | 3.09% | 6.20% |
Correlation
The correlation between FBTC and FREL is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.19 |
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Return for Risk
FBTC vs. FREL — Risk / Return Rank
FBTC
FREL
FBTC vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity MSCI Real Estate Index ETF (FREL). 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 | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.20 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 1.83 | -2.65 |
| Martin ratioReturn relative to average drawdown | -1.26 | 5.90 | -7.15 |
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Drawdowns
FBTC vs. FREL - Drawdown Comparison
The maximum FBTC drawdown since its inception was -53.35%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FBTC and FREL.
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Drawdown Indicators
| FBTC | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -42.61% | -10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -8.45% | -44.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.61% | — |
Current DrawdownCurrent decline from peak | -49.21% | -1.88% | -47.33% |
Average DrawdownAverage peak-to-trough decline | -18.22% | -9.82% | -8.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.76% | 2.61% | +32.15% |
Volatility
FBTC vs. FREL - Volatility Comparison
Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 8.89% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.30%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 4.30% | +4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 33.75% | 10.70% | +23.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.38% | 13.83% | +30.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.44% | 18.93% | +30.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.44% | 20.73% | +28.71% |
FBTC vs. FREL - Expense Ratio Comparison
FBTC has a 0.25% expense ratio, which is higher than FREL's 0.08% 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. FREL - Dividend Comparison
FBTC has not paid dividends to shareholders, while FREL's dividend yield for the trailing twelve months is around 3.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 3.21% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
Frequently Asked Questions
FBTC and FREL have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (8.89%) compared to FREL (4.30%). In terms of maximum drawdown, FBTC dropped -53.35% vs FREL's -42.61%.
On 1-year performance, FREL leads with 15.37% vs -43.65% for FBTC. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FREL has performed better with a 15.37% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.25% for FBTC.
FREL has the higher dividend yield at 3.21%, compared with 0.00% for FBTC.
FBTC is categorized as Cryptocurrency, while FREL is REIT. FBTC tracks Fidelity Bitcoin Reference Rate, while FREL tracks MSCI USA IMI Real Estate Index. Their fees differ too: 0.25% for FBTC and 0.08% for FREL.
FREL currently has the higher Sharpe Ratio (1.12 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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