FBTCX vs. GBTC

Last updated Jun 25, 2026

FBTCX (Fidelity Advisor Biotechnology Fund Class C) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - FBTCX is a Health & Biotech Equities fund managed by Fidelity, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, FBTCX returned 11.92%/yr vs 44.29%/yr for GBTC. At a 0.18 correlation, their price movements are largely independent. FBTCX charges 1.75%/yr vs 1.50%/yr for GBTC.

Performance

FBTCX vs. GBTC - Performance Comparison

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

Returns By Period

In the year-to-date period, FBTCX achieves a 12.68% return, which is significantly higher than GBTC's -32.11% return. Over the past 10 years, FBTCX has underperformed GBTC with an annualized return of 11.92%, while GBTC has yielded a comparatively higher 44.29% annualized return.

FBTCX

• 1D: 0.90%
• 1M: 9.07%
• YTD: 12.68%
• 6M: 9.34%
• 1Y: 61.64%
• 3Y*: 18.82%
• 5Y*: 8.39%
• 10Y*: 11.92%

GBTC

• 1D: -4.01%
• 1M: -21.14%
• YTD: -32.11%
• 6M: -31.95%
• 1Y: -44.25%
• 3Y*: 34.23%
• 5Y*: 10.89%
• 10Y*: 44.29%

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

FBTCX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBTCX Fidelity Advisor Biotechnology Fund Class C	12.68%	38.48%	-2.00%	9.86%	-8.64%	-3.72%	31.17%	24.82%	-4.55%	24.81%
GBTC Grayscale Bitcoin Trust ETF	-32.11%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between FBTCX and GBTC is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.18

The correlation between FBTCX and GBTC shifts across timeframes, from 0.18 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FBTCX vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBTCX

FBTCX Risk / Return Rank: 89
FBTCX Sharpe Ratio Rank: 92
FBTCX Sortino Ratio Rank: 85
FBTCX Omega Ratio Rank: 76
FBTCX Calmar Ratio Rank: 98
FBTCX Martin Ratio Rank: 95

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

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.

FBTCX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Biotechnology Fund Class C (FBTCX) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.82	-1.00	+3.82
Sortino ratio: Return per unit of downside risk	3.73	-1.48	+5.20
Omega ratio: Gain probability vs. loss probability	1.45	0.84	+0.61
Calmar ratio: Return relative to maximum drawdown	7.23	-0.84	+8.07
Martin ratio: Return relative to average drawdown	19.82	-1.43	+21.25

FBTCX vs. GBTC - Sharpe Ratio Comparison

The current FBTCX Sharpe Ratio is 2.82, which is higher than the GBTC Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of FBTCX and GBTC, 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. GBTC - Drawdown Comparison

The maximum FBTCX drawdown since its inception was -64.04%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FBTCX and GBTC.

Drawdown Indicators

	FBTCX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-89.91%	+25.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-52.85%	+43.81%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-52.85%	+15.59%
Max Drawdown (5Y) Largest decline over 5 years	-37.26%	-85.42%	+48.16%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-89.91%	+50.54%
Current Drawdown Current decline from peak	0.00%	-52.85%	+52.85%
Average Drawdown Average peak-to-trough decline	-23.04%	-43.45%	+20.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	30.97%	-27.68%

Volatility

FBTCX vs. GBTC - Volatility Comparison

The current volatility for Fidelity Advisor Biotechnology Fund Class C (FBTCX) is 9.23%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 13.34%. This indicates that FBTCX experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTCX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	13.34%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	18.03%	34.51%	-16.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	44.38%	-21.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.84%	62.09%	-38.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.51%	81.45%	-56.94%

FBTCX vs. GBTC - Expense Ratio Comparison

FBTCX has a 1.75% expense ratio, which is higher than GBTC's 1.50% expense ratio.

Dividends

FBTCX vs. GBTC - Dividend Comparison

FBTCX's dividend yield for the trailing twelve months is around 1.49%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBTCX Fidelity Advisor Biotechnology Fund Class C	1.49%	1.68%	0.00%	0.00%	0.00%	24.50%	9.78%	7.92%	2.92%	0.00%	0.00%	5.73%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBTCX and GBTC in my portfolio?

FBTCX and GBTC have a correlation of 0.24, 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 GBTC?

GBTC has higher volatility (13.34%) compared to FBTCX (9.23%). In terms of maximum drawdown, FBTCX dropped -64.04% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

FBTCX currently has the higher Sharpe Ratio (2.82 vs -1.00), 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.