FBTC vs. HODL

Last updated Jun 4, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds - FBTC tracks the Fidelity Bitcoin Reference Rate while HODL tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, FBTC returned -38.65% vs -38.56% for HODL. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

FBTC vs. HODL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FBTC having a -25.34% return and HODL slightly higher at -25.27%.

FBTC

• 1D: -2.65%
• 1M: -18.37%
• YTD: -25.34%
• 6M: -29.78%
• 1Y: -38.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBTC vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-25.34%	-6.56%	99.56%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%

Correlation

The correlation between FBTC and HODL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	1.00

The correlation between FBTC and HODL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FBTC vs. HODL — 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

HODL

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

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. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin Trust (HODL). 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	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.89	0.00
Sortino ratio: Return per unit of downside risk	-1.23	-1.23	0.00
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.79	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.36	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBTC vs. HODL - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.89, which is comparable to the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of FBTC and HODL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBTC	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.30	0.00

Drawdowns

FBTC vs. HODL - Drawdown Comparison

The maximum FBTC drawdown since its inception was -49.33%, roughly equal to the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for FBTC and HODL.

Drawdown Indicators

	FBTC	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-49.25%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-49.33%	-49.25%	-0.08%
Current Drawdown Current decline from peak	-48.00%	-47.93%	-0.07%
Average Drawdown Average peak-to-trough decline	-16.01%	-15.97%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.41%	28.35%	+0.06%

Volatility

FBTC vs. HODL - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin Trust (HODL) have volatilities of 9.39% and 9.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	9.43%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	34.38%	34.37%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	43.51%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.13%	49.88%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.13%	49.88%	+0.25%

FBTC vs. HODL - Expense Ratio Comparison

Both FBTC and HODL have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FBTC vs. HODL - Dividend Comparison

Neither FBTC nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBTC and HODL in my portfolio?

With a correlation of 1.00, FBTC and HODL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FBTC or HODL?

HODL has higher volatility (9.43%) compared to FBTC (9.39%). In terms of maximum drawdown, FBTC dropped -49.33% vs HODL's -49.25%.

Which ETF is better, FBTC or HODL?

On 1-year performance, HODL leads with -38.56% vs -38.65% for FBTC. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or HODL?

Over the 1-year period, HODL has performed better with a -38.56% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or HODL?

FBTC and HODL have the same expense ratio: 0.25% per year.

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

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

What is the main difference between FBTC and HODL?

FBTC tracks Fidelity Bitcoin Reference Rate, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Fidelity and VanEck.

Which has better risk-adjusted returns?

HODL currently has the higher Sharpe Ratio (-0.89 vs -0.89), 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.