FBTC vs. FSMD

Last updated Jul 21, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past year, FBTC returned -44.68% vs 22.01% for FSMD. At a 0.37 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.15%/yr for FSMD.

Performance

FBTC vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -25.63% return, which is significantly lower than FSMD's 15.30% return.

FBTC

• 1D: 1.56%
• 1M: 3.51%
• 6M: -31.89%
• YTD: -25.63%
• 1Y: -44.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.64%

FSMD

• 1D: -0.47%
• 1M: -2.04%
• 6M: 9.94%
• YTD: 15.30%
• 1Y: 22.01%
• 3Y*: 15.26%
• 5Y*: 10.07%
• 10Y*: —
• ALL TIME*: 11.63%

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

FBTC vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-25.63%	-6.56%	94.28%
FSMD Fidelity Small-Mid Multifactor ETF	15.30%	8.70%	17.15%

Correlation

The correlation between FBTC and FSMD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.37

Return for Risk

FBTC vs. FSMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2

FSMD

FSMD Risk / Return Rank: 61
FSMD Sharpe Ratio Rank: 55
FSMD Sortino Ratio Rank: 59
FSMD Omega Ratio Rank: 52
FSMD Calmar Ratio Rank: 71
FSMD Martin Ratio Rank: 69

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. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Small-Mid Multifactor ETF (FSMD). 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	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	1.41	-2.42
Sortino ratio: Return per unit of downside risk	-1.50	2.11	-3.61
Omega ratio: Gain probability vs. loss probability	0.83	1.25	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.84	2.62	-3.46
Martin ratio: Return relative to average drawdown	-1.34	9.08	-10.42

FBTC vs. FSMD - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -1.01, which is lower than the FSMD Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FBTC and FSMD, 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. FSMD - Drawdown Comparison

The maximum FBTC drawdown since its inception was -53.35%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FBTC and FSMD.

Drawdown Indicators

	FBTC	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-53.35%	-40.67%	-12.68%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-8.44%	-44.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.16%	—
Current Drawdown Current decline from peak	-48.20%	-4.41%	-43.79%
Average Drawdown Average peak-to-trough decline	-17.73%	-5.93%	-11.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.39%	2.43%	+30.96%

Volatility

FBTC vs. FSMD - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 10.58% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.36%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	4.36%	+6.22%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	12.30%	+22.23%
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	15.77%	+28.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.71%	18.53%	+31.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.71%	21.35%	+28.36%

FBTC vs. FSMD - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is higher than FSMD's 0.15% 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. FSMD - Dividend Comparison

FBTC has not paid dividends to shareholders, while FSMD's dividend yield for the trailing twelve months is around 1.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMD Fidelity Small-Mid Multifactor ETF	1.26%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both FBTC and FSMD in my portfolio?

FBTC and FSMD have a correlation of 0.35, 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 FSMD?

FBTC has higher volatility (10.58%) compared to FSMD (4.36%). In terms of maximum drawdown, FBTC dropped -53.35% vs FSMD's -40.67%.

Which ETF is better, FBTC or FSMD?

On 1-year performance, FSMD leads with 22.01% vs -44.68% for FBTC. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or FSMD?

Over the 1-year period, FSMD has performed better with a 22.01% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or FSMD?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.

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

FSMD has the higher dividend yield at 1.26%, compared with 0.00% for FBTC.

What is the main difference between FBTC and FSMD?

FBTC is categorized as Cryptocurrency, while FSMD is Small Cap Blend Equities. FBTC tracks Fidelity Bitcoin Reference Rate, while FSMD tracks Fidelity Small-Mid Multifactor Index. Their fees differ too: 0.25% for FBTC and 0.15% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.41 vs -1.01), 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.