FDEM vs. FBTC
FDEM (Fidelity Emerging Markets Multifactor ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Emerging Markets Multifactor Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, FDEM returned 28.90% vs -43.65% for FBTC. Their 0.34 correlation means their historical movements had little consistent relationship. Both charge a 0.25% expense ratio.
Performance
FDEM vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, FDEM achieves a 15.13% return, which is significantly higher than FBTC's -27.08% return.
FDEM
- 1D
- 0.53%
- 1M
- -0.76%
- 6M
- 6.76%
- YTD
- 15.13%
- 1Y
- 28.90%
- 3Y*
- 19.52%
- 5Y*
- 9.21%
- 10Y*
- —
- ALL TIME*
- 8.26%
FBTC
- 1D
- 1.61%
- 1M
- 3.87%
- 6M
- -18.12%
- YTD
- -27.08%
- 1Y
- -43.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.12M | $202.75M | $237.85M | |
| $2.85M | $2.66M | $4.45M |
FDEM vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FDEM Fidelity Emerging Markets Multifactor ETF | 15.13% | 26.75% | 11.49% |
FBTC Fidelity Wise Origin Bitcoin Fund | -27.08% | -6.56% | 94.28% |
Correlation
The correlation between FDEM and FBTC is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.34 |
The correlation between FDEM and FBTC shifts across timeframes, from 0.34 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FDEM vs. FBTC — Risk / Return Rank
FDEM
FBTC
FDEM vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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.
| FDEM | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.36 | ||
| Sortino ratioReturn per unit of downside risk | +3.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.84 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | -0.82 | +3.11 |
| Martin ratioReturn relative to average drawdown | 7.02 | -1.26 | +8.28 |
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Drawdowns
FDEM vs. FBTC - Drawdown Comparison
The maximum FDEM drawdown since its inception was -33.65%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FDEM and FBTC.
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Drawdown Indicators
| FDEM | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.65% | -53.35% | +19.70% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -53.35% | +40.65% |
Max Drawdown (3Y)Largest decline over 3 years | -16.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.82% | — | — |
Current DrawdownCurrent decline from peak | -7.46% | -49.21% | +41.75% |
Average DrawdownAverage peak-to-trough decline | -8.77% | -18.22% | +9.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 34.76% | -30.63% |
Volatility
FDEM vs. FBTC - Volatility Comparison
The current volatility for Fidelity Emerging Markets Multifactor ETF (FDEM) is 7.52%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 8.89%. This indicates that FDEM experiences smaller price fluctuations and is considered to be less risky than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDEM | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.52% | 8.89% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 33.75% | -14.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.15% | 44.38% | -23.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.93% | 49.44% | -32.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 49.44% | -31.12% |
FDEM vs. FBTC - Expense Ratio Comparison
Both FDEM and FBTC have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
FDEM vs. FBTC - Dividend Comparison
FDEM's dividend yield for the trailing twelve months is around 3.04%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FDEM Fidelity Emerging Markets Multifactor ETF | 3.04% | 3.23% | 4.05% | 4.41% | 3.95% | 2.71% | 1.84% | 2.39% |
Frequently Asked Questions
FDEM and FBTC 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.
FBTC has higher volatility (8.89%) compared to FDEM (7.52%). In terms of maximum drawdown, FDEM dropped -33.65% vs FBTC's -53.35%.
On 1-year performance, FDEM leads with 28.90% vs -43.65% for FBTC. Both ETFs have the same 0.25% expense ratio. On volatility, FDEM has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FDEM has performed better with a 28.90% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDEM and FBTC have the same expense ratio: 0.25% per year.
FDEM has the higher dividend yield at 3.04%, compared with 0.00% for FBTC.
FDEM is categorized as Emerging Markets Equities, while FBTC is Cryptocurrency. FDEM tracks Fidelity Emerging Markets Multifactor Index, while FBTC tracks Fidelity Bitcoin Reference Rate.
FDEM currently has the higher Sharpe Ratio (1.38 vs -0.99), 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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