FBTC vs. IEF
FBTC (Fidelity Wise Origin Bitcoin Fund) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past year, FBTC returned -40.63% vs 3.39% for IEF. At a 0.01 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.15%/yr for IEF.
Performance
FBTC vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, FBTC achieves a -27.39% return, which is significantly lower than IEF's -0.47% return.
FBTC
- 1D
- 0.11%
- 1M
- -20.13%
- YTD
- -27.39%
- 6M
- -29.64%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEF
- 1D
- -0.17%
- 1M
- 0.19%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.39%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
FBTC vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -27.39% | -6.56% | 94.28% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | 0.33% |
Correlation
The correlation between FBTC and IEF is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.01 |
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Return for Risk
FBTC vs. IEF — Risk / Return Rank
FBTC
IEF
FBTC vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.12 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.84 | -1.62 |
| Martin ratioReturn relative to average drawdown | -1.37 | 2.35 | -3.72 |
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Drawdowns
FBTC vs. IEF - Drawdown Comparison
The maximum FBTC drawdown since its inception was -52.07%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for FBTC and IEF.
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Drawdown Indicators
| FBTC | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.07% | -23.93% | -28.14% |
Max Drawdown (1Y)Largest decline over 1 year | -52.07% | -4.07% | -48.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -49.42% | -11.18% | -38.24% |
Average DrawdownAverage peak-to-trough decline | -16.46% | -5.35% | -11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.61% | 1.45% | +28.16% |
Volatility
FBTC vs. IEF - Volatility Comparison
Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 11.97% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.62%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.97% | 1.62% | +10.35% |
Volatility (6M)Calculated over the trailing 6-month period | 34.39% | 3.42% | +30.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 4.72% | +39.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.13% | 7.71% | +42.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.13% | 6.63% | +43.50% |
FBTC vs. IEF - Expense Ratio Comparison
FBTC has a 0.25% expense ratio, which is higher than IEF'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. IEF - Dividend Comparison
FBTC has not paid dividends to shareholders, while IEF's dividend yield for the trailing twelve months is around 3.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
FBTC and IEF have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (11.97%) compared to IEF (1.62%). In terms of maximum drawdown, FBTC dropped -52.07% vs IEF's -23.93%.
On 1-year performance, IEF leads with 3.39% vs -40.63% for FBTC. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IEF has performed better with a 3.39% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.
IEF has the higher dividend yield at 3.89%, compared with 0.00% for FBTC.
FBTC is categorized as Cryptocurrency, while IEF is Government Bonds. FBTC tracks Fidelity Bitcoin Reference Rate, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.25% for FBTC and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.72 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.
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