FBTC vs. IBIT
FBTC (Fidelity Wise Origin Bitcoin Fund) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - FBTC tracks the Fidelity Bitcoin Reference Rate while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, FBTC returned -41.79% vs -41.70% for IBIT. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.
Performance
FBTC vs. IBIT - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FBTC having a -27.47% return and IBIT slightly higher at -27.39%.
FBTC
- 1D
- 2.62%
- 1M
- -21.42%
- YTD
- -27.47%
- 6M
- -30.87%
- 1Y
- -41.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- 2.77%
- 1M
- -21.29%
- YTD
- -27.39%
- 6M
- -30.81%
- 1Y
- -41.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBTC vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.47% | -6.56% | 94.28% |
IBIT iShares Bitcoin Trust ETF | -27.39% | -6.41% | 89.87% |
Correlation
The correlation between FBTC and IBIT 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 11, 2024 | 1.00 |
The correlation between FBTC and IBIT has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
FBTC vs. IBIT — Risk / Return Rank
FBTC
IBIT
FBTC vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.80 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.42 | 0.00 |
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Drawdowns
FBTC vs. IBIT - Drawdown Comparison
The maximum FBTC drawdown since its inception was -52.07%, roughly equal to the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for FBTC and IBIT.
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Drawdown Indicators
| FBTC | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.07% | -52.11% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -52.07% | -52.11% | +0.04% |
Current DrawdownCurrent decline from peak | -49.48% | -49.43% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -16.40% | -16.48% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.44% | 29.48% | -0.04% |
Volatility
FBTC vs. IBIT - Volatility Comparison
Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares Bitcoin Trust ETF (IBIT) have volatilities of 11.92% and 12.02%, 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.
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Volatility by Period
| FBTC | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.92% | 12.02% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 34.39% | 34.45% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 44.10% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.17% | 50.30% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.17% | 50.30% | -0.13% |
FBTC vs. IBIT - Expense Ratio Comparison
Both FBTC and IBIT 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. IBIT - Dividend Comparison
Neither FBTC nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, FBTC and IBIT 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.
IBIT has higher volatility (12.02%) compared to FBTC (11.92%). In terms of maximum drawdown, FBTC dropped -52.07% vs IBIT's -52.11%.
On 1-year performance, IBIT leads with -41.70% vs -41.79% for FBTC. Both ETFs have the same 0.25% expense ratio. On volatility, FBTC has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -41.70% return vs -41.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBTC and IBIT have the same expense ratio: 0.25% per year.
FBTC and IBIT have nearly identical dividend yields, around 0.00%.
FBTC tracks Fidelity Bitcoin Reference Rate, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Fidelity and iShares.
IBIT currently has the higher Sharpe Ratio (-0.95 vs -0.95), 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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