FBTC vs. SNDK

Last updated Jun 24, 2026

FBTC (Fidelity Wise Origin Bitcoin Fund) is Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while SNDK (Sandisk Corporation) is a stock. Over the past year, FBTC returned -39.80% vs 4082.32% for SNDK. At a 0.22 correlation, their price movements are largely independent.

Performance

FBTC vs. SNDK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Wise Origin Bitcoin Fund (FBTC) and Sandisk Corporation (SNDK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTC achieves a -28.83% return, which is significantly lower than SNDK's 727.20% return.

FBTC

• 1D: -3.16%
• 1M: -17.78%
• YTD: -28.83%
• 6M: -28.94%
• 1Y: -39.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SNDK

• 1D: -13.64%
• 1M: 32.79%
• YTD: 727.20%
• 6M: 701.80%
• 1Y: 4,082.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBTC vs. SNDK - Yearly Performance Comparison

	2026 (YTD)	2025
FBTC Fidelity Wise Origin Bitcoin Fund	-28.83%	-7.95%
SNDK Sandisk Corporation	727.20%	356.50%

Correlation

The correlation between FBTC and SNDK is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 24, 2025	0.22

Return for Risk

FBTC vs. SNDK — 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: 2
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 2

SNDK

SNDK Risk / Return Rank: 100
SNDK Sharpe Ratio Rank: 100
SNDK Sortino Ratio Rank: 99
SNDK Omega Ratio Rank: 99
SNDK Calmar Ratio Rank: 100
SNDK Martin Ratio Rank: 100

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. SNDK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Sandisk Corporation (SNDK). 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	SNDK	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	40.86	-41.76
Sortino ratio: Return per unit of downside risk	-1.26	7.83	-9.09
Omega ratio: Gain probability vs. loss probability	0.86	2.07	-1.21
Calmar ratio: Return relative to maximum drawdown	-0.77	132.26	-133.03
Martin ratio: Return relative to average drawdown	-1.30	398.71	-400.02

FBTC vs. SNDK - Sharpe Ratio Comparison

The current FBTC Sharpe Ratio is -0.90, which is lower than the SNDK Sharpe Ratio of 40.86. The chart below compares the historical Sharpe Ratios of FBTC and SNDK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBTC vs. SNDK - Drawdown Comparison

The maximum FBTC drawdown since its inception was -52.07%, which is greater than SNDK's maximum drawdown of -47.50%. Use the drawdown chart below to compare losses from any high point for FBTC and SNDK.

Drawdown Indicators

	FBTC	SNDK	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-47.50%	-4.57%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-31.34%	-20.73%
Current Drawdown Current decline from peak	-50.43%	-13.64%	-36.79%
Average Drawdown Average peak-to-trough decline	-16.77%	-13.57%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	10.38%	+20.16%

Volatility

FBTC vs. SNDK - Volatility Comparison

The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 13.04%, while Sandisk Corporation (SNDK) has a volatility of 31.57%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than SNDK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTC	SNDK	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.04%	31.57%	-18.53%
Volatility (6M) Calculated over the trailing 6-month period	34.56%	72.57%	-38.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.18%	101.45%	-57.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	98.38%	-48.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	98.38%	-48.30%

Dividends

FBTC vs. SNDK - Dividend Comparison

Neither FBTC nor SNDK has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBTC and SNDK in my portfolio?

FBTC and SNDK have a correlation of 0.22, 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 SNDK?

SNDK has higher volatility (31.57%) compared to FBTC (13.04%). In terms of maximum drawdown, FBTC dropped -52.07% vs SNDK's -47.50%.

Which has better risk-adjusted returns?

SNDK currently has the higher Sharpe Ratio (40.86 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.