FBTC vs. IBLC
FBTC (Fidelity Wise Origin Bitcoin Fund) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - FBTC tracks the Fidelity Bitcoin Reference Rate while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past year, FBTC returned -43.65% vs 21.34% for IBLC. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FBTC charges 0.25%/yr vs 0.47%/yr for IBLC.
Performance
FBTC vs. IBLC - 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 IBLC's 9.36% return.
FBTC
- 1D
- 1.61%
- 1M
- 3.87%
- 6M
- -18.12%
- YTD
- -27.08%
- 1Y
- -43.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.58%
IBLC
- 1D
- 3.18%
- 1M
- -1.29%
- 6M
- 6.14%
- YTD
- 9.36%
- 1Y
- 21.34%
- 3Y*
- 31.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.12M | $202.75M | $237.85M | |
| $393.74K | $481.90K | $784.75K |
FBTC vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.08% | -6.56% | 94.28% |
IBLC iShares Blockchain and Tech ETF | 9.36% | 27.05% | 20.96% |
Correlation
The correlation between FBTC and IBLC is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.69 |
The correlation between FBTC and IBLC has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.
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Return for Risk
FBTC vs. IBLC — Risk / Return Rank
FBTC
IBLC
FBTC vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares Blockchain and Tech ETF (IBLC). 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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.10 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.48 | -1.30 |
| Martin ratioReturn relative to average drawdown | -1.26 | 0.87 | -2.13 |
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Drawdowns
FBTC vs. IBLC - Drawdown Comparison
The maximum FBTC drawdown since its inception was -53.35%, smaller than the maximum IBLC drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for FBTC and IBLC.
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Drawdown Indicators
| FBTC | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -62.54% | +9.19% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -44.94% | -8.41% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.68% | — |
Current DrawdownCurrent decline from peak | -49.21% | -28.10% | -21.11% |
Average DrawdownAverage peak-to-trough decline | -18.22% | -25.79% | +7.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.76% | 24.49% | +10.27% |
Volatility
FBTC vs. IBLC - Volatility Comparison
The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 8.89%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 19.77%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.89% | 19.77% | -10.88% |
Volatility (6M)Calculated over the trailing 6-month period | 33.75% | 43.21% | -9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.38% | 57.54% | -13.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.44% | 64.47% | -15.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.44% | 64.47% | -15.03% |
FBTC vs. IBLC - Expense Ratio Comparison
FBTC has a 0.25% expense ratio, which is lower than IBLC's 0.47% expense ratio.
Dividends
FBTC vs. IBLC - Dividend Comparison
FBTC has not paid dividends to shareholders, while IBLC's dividend yield for the trailing twelve months is around 5.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBLC iShares Blockchain and Tech ETF | 5.72% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
FBTC and IBLC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBLC has higher volatility (19.77%) compared to FBTC (8.89%). In terms of maximum drawdown, FBTC dropped -53.35% vs IBLC's -62.54%.
On 1-year performance, IBLC leads with 21.34% vs -43.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 8.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBLC has performed better with a 21.34% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBTC is cheaper with a 0.25% expense ratio, compared with 0.47% for IBLC.
IBLC has the higher dividend yield at 5.72%, compared with 0.00% for FBTC.
FBTC tracks Fidelity Bitcoin Reference Rate, while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.25% for FBTC and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (0.37 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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