FBTC vs. TSM
FBTC (Fidelity Wise Origin Bitcoin Fund) is Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate, while TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock. Over the past year, FBTC returned -44.68% vs 69.17% for TSM. At a 0.27 correlation, their price movements are largely independent.
Performance
FBTC vs. TSM - Performance Comparison
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Returns By Period
In the year-to-date period, FBTC achieves a -25.63% return, which is significantly lower than TSM's 33.07% return.
FBTC
- 1D
- 1.56%
- 1M
- 3.51%
- 6M
- -31.89%
- YTD
- -25.63%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.64%
TSM
- 1D
- 0.99%
- 1M
- -12.94%
- 6M
- 18.10%
- YTD
- 33.07%
- 1Y
- 69.17%
- 3Y*
- 62.80%
- 5Y*
- 29.92%
- 10Y*
- 33.60%
- ALL TIME*
- 16.19%
FBTC vs. TSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | -25.63% | -6.56% | 94.28% |
TSM Taiwan Semiconductor Manufacturing Company Limited | 33.07% | 55.91% | 98.70% |
Correlation
The correlation between FBTC and TSM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.27 |
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Return for Risk
FBTC vs. TSM — Risk / Return Rank
FBTC
TSM
FBTC vs. TSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Wise Origin Bitcoin Fund (FBTC) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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 | TSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.29 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 3.83 | -4.67 |
| Martin ratioReturn relative to average drawdown | -1.34 | 12.06 | -13.40 |
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Drawdowns
FBTC vs. TSM - Drawdown Comparison
The maximum FBTC drawdown since its inception was -53.35%, smaller than the maximum TSM drawdown of -89.08%. Use the drawdown chart below to compare losses from any high point for FBTC and TSM.
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Drawdown Indicators
| FBTC | TSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -89.08% | +35.73% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -18.14% | -35.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -36.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -56.47% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.47% | — |
Current DrawdownCurrent decline from peak | -48.20% | -15.76% | -32.44% |
Average DrawdownAverage peak-to-trough decline | -17.73% | -42.73% | +25.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.39% | 5.76% | +27.63% |
Volatility
FBTC vs. TSM - Volatility Comparison
The current volatility for Fidelity Wise Origin Bitcoin Fund (FBTC) is 10.58%, while Taiwan Semiconductor Manufacturing Company Limited (TSM) has a volatility of 16.57%. This indicates that FBTC experiences smaller price fluctuations and is considered to be less risky than TSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBTC | TSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 16.57% | -5.99% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 31.69% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 39.45% | +4.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.71% | 38.06% | +11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.71% | 34.60% | +15.11% |
Dividends
FBTC vs. TSM - Dividend Comparison
FBTC has not paid dividends to shareholders, while TSM's dividend yield for the trailing twelve months is around 0.88%.
| 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% |
TSM Taiwan Semiconductor Manufacturing Company Limited | 0.88% | 1.00% | 1.18% | 1.78% | 2.49% | 1.57% | 1.56% | 3.46% | 3.64% | 2.32% | 2.61% | 2.54% |
Frequently Asked Questions
FBTC and TSM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSM has higher volatility (16.57%) compared to FBTC (10.58%). In terms of maximum drawdown, FBTC dropped -53.35% vs TSM's -89.08%.
TSM currently has the higher Sharpe Ratio (1.77 vs -1.01), 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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