FBTCX vs. BITO

Last updated Aug 1, 2026

FBTCX (Fidelity Advisor Biotechnology Fund Class C) and BITO (ProShares Bitcoin Strategy ETF) are both funds - FBTCX is a Health & Biotech Equities fund managed by Fidelity, while BITO is a Cryptocurrency fund actively managed by ProShares. Over the past 3 years, FBTCX returned 22.04%/yr vs 21.20%/yr for BITO. Their 0.28 correlation means their historical movements had little consistent relationship. FBTCX charges 1.75%/yr vs 0.95%/yr for BITO.

Performance

FBTCX vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Biotechnology Fund Class C (FBTCX) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTCX achieves a 23.02% return, which is significantly higher than BITO's -29.42% return.

FBTCX

• 1D: 0.66%
• 1M: 0.06%
• 6M: 21.37%
• YTD: 23.02%
• 1Y: 63.76%
• 3Y*: 22.04%
• 5Y*: 10.96%
• 10Y*: 11.21%
• ALL TIME*: 7.80%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
FBTCX Fidelity Advisor Biotechnology Fund Class C	$0.00	$0.00	$0.00

FBTCX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FBTCX Fidelity Advisor Biotechnology Fund Class C	23.02%	38.48%	-2.00%	9.86%	-8.64%	-0.36%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between FBTCX and BITO is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.28

Return for Risk

FBTCX vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBTCX

FBTCX Risk / Return Rank: 95
FBTCX Sharpe Ratio Rank: 97
FBTCX Sortino Ratio Rank: 94
FBTCX Omega Ratio Rank: 88
FBTCX Calmar Ratio Rank: 98
FBTCX Martin Ratio Rank: 97

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 1
BITO Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBTCX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Biotechnology Fund Class C (FBTCX) and ProShares Bitcoin Strategy ETF (BITO). 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.

	FBTCX	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	-1.09	+3.96
Sortino ratio: Return per unit of downside risk	3.76	-1.69	+5.45
Omega ratio: Gain probability vs. loss probability	1.45	0.81	+0.63
Calmar ratio: Return relative to maximum drawdown	7.45	-0.89	+8.33
Martin ratio: Return relative to average drawdown	19.74	-1.36	+21.09

FBTCX vs. BITO - Sharpe Ratio Comparison

The current FBTCX Sharpe Ratio is 2.87, which is higher than the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of FBTCX and BITO, 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

FBTCX vs. BITO - Drawdown Comparison

The maximum FBTCX drawdown since its inception was -64.04%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for FBTCX and BITO.

Drawdown Indicators

	FBTCX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-77.86%	+13.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-54.47%	+45.43%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-54.47%	+17.21%
Max Drawdown (5Y) Largest decline over 5 years	-37.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	—	—
Current Drawdown Current decline from peak	-3.05%	-51.32%	+48.27%
Average Drawdown Average peak-to-trough decline	-22.95%	-37.18%	+14.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	35.48%	-32.08%

Volatility

FBTCX vs. BITO - Volatility Comparison

The current volatility for Fidelity Advisor Biotechnology Fund Class C (FBTCX) is 6.86%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that FBTCX experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTCX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	8.96%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	17.89%	33.45%	-15.56%
Volatility (1Y) Calculated over the trailing 1-year period	23.48%	44.19%	-20.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.97%	54.60%	-30.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	54.60%	-30.13%

FBTCX vs. BITO - Expense Ratio Comparison

FBTCX has a 1.75% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

FBTCX vs. BITO - Dividend Comparison

FBTCX's dividend yield for the trailing twelve months is around 1.37%, less than BITO's 61.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FBTCX Fidelity Advisor Biotechnology Fund Class C	1.37%	1.68%	0.00%	0.00%	0.00%	24.50%	9.78%	7.92%	2.92%	0.00%	0.00%	5.73%

Frequently Asked Questions

Can I hold both FBTCX and BITO in my portfolio?

FBTCX and BITO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBTCX or BITO?

BITO has higher volatility (8.96%) compared to FBTCX (6.86%). In terms of maximum drawdown, FBTCX dropped -64.04% vs BITO's -77.86%.

Which has better risk-adjusted returns?

FBTCX currently has the higher Sharpe Ratio (2.87 vs -1.09), 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.