FBTC vs. QQC.TO

Last updated Jun 9, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and QQC.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while QQC.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past year, FBTC returned -39.41% vs 35.29% for QQC.TO. At a 0.31 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.20%/yr for QQC.TO.

Performance

FBTC vs. QQC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FBTC is traded in USD, while QQC.TO is traded in CAD. To make them comparable, the QQC.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FBTC achieves a -27.63% return, which is significantly lower than QQC.TO's 16.49% return.

FBTC

• 1D: 5.17%
• 1M: -20.97%
• YTD: -27.63%
• 6M: -30.29%
• 1Y: -39.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQC.TO

• 1D: 1.41%
• 1M: 0.69%
• YTD: 16.49%
• 6M: 14.92%
• 1Y: 35.29%
• 3Y*: 27.01%
• 5Y*: 16.73%
• 10Y*: —

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

FBTC vs. QQC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-27.63%	-6.56%	99.56%
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	16.42%	20.90%	25.23%

Correlation

The correlation between FBTC and QQC.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.31

Return for Risk

FBTC vs. QQC.TO — 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: 3
FBTC Omega Ratio Rank: 3
FBTC Calmar Ratio Rank: 3
FBTC Martin Ratio Rank: 2

QQC.TO

QQC.TO Risk / Return Rank: 73
QQC.TO Sharpe Ratio Rank: 82
QQC.TO Sortino Ratio Rank: 76
QQC.TO Omega Ratio Rank: 80
QQC.TO Calmar Ratio Rank: 69
QQC.TO Martin Ratio Rank: 61

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. QQC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO). 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	QQC.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	2.11	-3.01
Sortino ratio: Return per unit of downside risk	-1.24	2.72	-3.97
Omega ratio: Gain probability vs. loss probability	0.86	1.38	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.76	3.01	-3.77
Martin ratio: Return relative to average drawdown	-1.36	11.06	-12.43
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. QQC.TO - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.90, which is lower than the QQC.TO Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FBTC and QQC.TO, 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	QQC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	2.11	-3.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.79	-0.53

Drawdowns

FBTC vs. QQC.TO - Drawdown Comparison

The maximum FBTC drawdown since its inception was -52.07%, which is greater than QQC.TO's maximum drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for FBTC and QQC.TO.

Drawdown Indicators

	FBTC	QQC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-35.81%	-16.26%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-11.77%	-40.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.81%	—
Current Drawdown Current decline from peak	-49.59%	-3.98%	-45.61%
Average Drawdown Average peak-to-trough decline	-16.18%	-9.17%	-7.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	3.20%	+25.73%

Volatility

FBTC vs. QQC.TO - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 11.77% compared to Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) at 6.54%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than QQC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	QQC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	6.54%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	34.55%	12.98%	+21.57%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	16.80%	+27.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.26%	21.68%	+28.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.26%	21.64%	+28.62%

FBTC vs. QQC.TO - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is higher than QQC.TO's 0.20% 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. QQC.TO - Dividend Comparison

FBTC has not paid dividends to shareholders, while QQC.TO's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025	2024	2023	2022	2021
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.33%	0.39%	0.45%	0.54%	0.91%	0.56%

Frequently Asked Questions

Can I hold both FBTC and QQC.TO in my portfolio?

FBTC and QQC.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBTC or QQC.TO?

On fees, QQC.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBTC or QQC.TO?

QQC.TO is cheaper with a 0.20% expense ratio, compared with 0.25% for FBTC.

What is the main difference between FBTC and QQC.TO?

FBTC is categorized as Cryptocurrency, while QQC.TO is Nasdaq-100. FBTC tracks Fidelity Bitcoin Reference Rate, while QQC.TO tracks NASDAQ-100 Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.25% for FBTC and 0.20% for QQC.TO.