FBTC vs. GLDM

Last updated Jun 14, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, FBTC returned -39.70% vs 22.58% for GLDM. At a 0.14 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.10%/yr for GLDM.

Performance

FBTC vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -27.39% return, which is significantly lower than GLDM's -2.40% return.

FBTC

• 1D: 0.11%
• 1M: -19.60%
• YTD: -27.39%
• 6M: -29.64%
• 1Y: -39.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: 0.11%
• 1M: -7.40%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 22.58%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

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

FBTC vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-27.39%	-6.56%	94.28%
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	29.59%

Correlation

The correlation between FBTC and GLDM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.14

Return for Risk

FBTC vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBTC

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

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.90	-1.82
Sortino ratio: Return per unit of downside risk	-1.31	1.26	-2.57
Omega ratio: Gain probability vs. loss probability	0.85	1.19	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.78	1.00	-1.78
Martin ratio: Return relative to average drawdown	-1.37	2.87	-4.24

FBTC vs. GLDM - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.93, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of FBTC and GLDM, 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. GLDM - Drawdown Comparison

The maximum FBTC drawdown since its inception was -52.07%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for FBTC and GLDM.

Drawdown Indicators

	FBTC	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-24.35%	-27.72%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-24.35%	-27.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.35%	—
Current Drawdown Current decline from peak	-49.42%	-21.96%	-27.46%
Average Drawdown Average peak-to-trough decline	-16.46%	-6.27%	-10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.61%	8.44%	+21.17%

Volatility

FBTC vs. GLDM - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 11.97% compared to SPDR Gold MiniShares Trust (GLDM) at 7.73%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.97%	7.73%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	34.39%	23.93%	+10.46%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	27.15%	+16.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.13%	18.13%	+32.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.13%	16.98%	+33.15%

FBTC vs. GLDM - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is higher than GLDM's 0.10% 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. GLDM - Dividend Comparison

Neither FBTC nor GLDM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBTC and GLDM in my portfolio?

FBTC and GLDM have a correlation of 0.21, 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 GLDM?

FBTC has higher volatility (11.97%) compared to GLDM (7.73%). In terms of maximum drawdown, FBTC dropped -52.07% vs GLDM's -24.35%.

Which ETF is better, FBTC or GLDM?

On 1-year performance, GLDM leads with 22.58% vs -39.70% for FBTC. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or GLDM?

Over the 1-year period, GLDM has performed better with a 22.58% return vs -39.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.25% for FBTC.

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

FBTC and GLDM have nearly identical dividend yields, around 0.00%.

What is the main difference between FBTC and GLDM?

FBTC is categorized as Cryptocurrency, while GLDM is Gold. FBTC tracks Fidelity Bitcoin Reference Rate, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.25% for FBTC and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs -0.93), 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.