FBTC vs. QYLD

Last updated Jun 9, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past year, FBTC returned -39.41% vs 22.45% for QYLD. At a 0.37 correlation, their price movements are largely independent. FBTC charges 0.25%/yr vs 0.60%/yr for QYLD.

Performance

FBTC vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -27.63% return, which is significantly lower than QYLD's 7.05% return.

FBTC

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

QYLD

• 1D: 1.07%
• 1M: 0.23%
• YTD: 7.05%
• 6M: 8.87%
• 1Y: 22.45%
• 3Y*: 13.42%
• 5Y*: 8.24%
• 10Y*: 9.77%

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

FBTC vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	-27.63%	-6.56%	99.56%
QYLD Global X NASDAQ 100 Covered Call ETF	7.05%	9.28%	18.53%

Correlation

The correlation between FBTC and QYLD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.37

Return for Risk

FBTC vs. QYLD — 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

QYLD

QYLD Risk / Return Rank: 89
QYLD Sharpe Ratio Rank: 86
QYLD Sortino Ratio Rank: 86
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 87
QYLD Martin Ratio Rank: 95

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	2.56	-3.45
Sortino ratio: Return per unit of downside risk	-1.24	3.53	-4.77
Omega ratio: Gain probability vs. loss probability	0.86	1.57	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.76	4.54	-5.30
Martin ratio: Return relative to average drawdown	-1.36	26.31	-27.68
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. QYLD - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.90, which is lower than the QYLD Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FBTC and QYLD, 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	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	2.56	-3.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.59	-0.32

Drawdowns

FBTC vs. QYLD - Drawdown Comparison

The maximum FBTC drawdown since its inception was -52.07%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for FBTC and QYLD.

Drawdown Indicators

	FBTC	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-24.75%	-27.32%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-4.97%	-47.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	-49.59%	-0.83%	-48.76%
Average Drawdown Average peak-to-trough decline	-16.18%	-3.83%	-12.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	0.86%	+28.07%

Volatility

FBTC vs. QYLD - Volatility Comparison

Fidelity Wise Origin Bitcoin Fund (FBTC) has a higher volatility of 11.77% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 2.86%. This indicates that FBTC's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	2.86%	+8.91%
Volatility (6M) Calculated over the trailing 6-month period	34.55%	7.44%	+27.11%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	8.84%	+35.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.26%	14.73%	+35.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.26%	15.51%	+34.75%

FBTC vs. QYLD - Expense Ratio Comparison

FBTC has a 0.25% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

FBTC vs. QYLD - Dividend Comparison

FBTC has not paid dividends to shareholders, while QYLD's dividend yield for the trailing twelve months is around 11.55%.

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%
QYLD Global X NASDAQ 100 Covered Call ETF	11.55%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both FBTC and QYLD in my portfolio?

FBTC and QYLD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBTC or QYLD?

FBTC has higher volatility (11.77%) compared to QYLD (2.86%). In terms of maximum drawdown, FBTC dropped -52.07% vs QYLD's -24.75%.

Which ETF is better, FBTC or QYLD?

On 1-year performance, QYLD leads with 22.45% vs -39.41% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, QYLD has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBTC or QYLD?

Over the 1-year period, QYLD has performed better with a 22.45% return vs -39.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBTC or QYLD?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 11.55%, compared with 0.00% for FBTC.

What is the main difference between FBTC and QYLD?

FBTC is categorized as Cryptocurrency, while QYLD is Nasdaq-100. FBTC tracks Fidelity Bitcoin Reference Rate, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: Fidelity and Global X. Their fees differ too: 0.25% for FBTC and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.56 vs -0.90), 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.