FDHY vs. FBTC

Last updated Aug 2, 2026

FDHY (Fidelity Enhanced High Yield ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FDHY is a High Yield Bonds fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FDHY is actively managed, while FBTC is passively managed. Over the past year, FDHY returned 6.85% vs -44.55% for FBTC. Their 0.33 correlation means their historical movements had little consistent relationship. FDHY charges 0.35%/yr vs 0.25%/yr for FBTC.

Performance

FDHY vs. FBTC - Performance Comparison

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

Returns By Period

In the year-to-date period, FDHY achieves a 2.61% return, which is significantly higher than FBTC's -28.23% return.

FDHY

• 1D: 0.06%
• 1M: -0.17%
• 6M: 1.67%
• YTD: 2.61%
• 1Y: 6.85%
• 3Y*: 8.43%
• 5Y*: 3.74%
• 10Y*: —
• ALL TIME*: 5.68%

FBTC

• 1D: -2.93%
• 1M: 2.22%
• 6M: -25.08%
• YTD: -28.23%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.93%

*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)
FBTC Fidelity Wise Origin Bitcoin Fund	$183.96M	$200.45M	$239.07M
FDHY Fidelity Enhanced High Yield ETF	$3.94M	$4.42M	$4.10M

FDHY vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDHY Fidelity Enhanced High Yield ETF	2.61%	9.24%	7.71%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.23%	-6.56%	94.28%

Correlation

The correlation between FDHY and FBTC is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.33

Return for Risk

FDHY vs. FBTC — Risk / Return Rank

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

FDHY

FDHY Risk / Return Rank: 86
FDHY Sharpe Ratio Rank: 82
FDHY Sortino Ratio Rank: 86
FDHY Omega Ratio Rank: 86
FDHY Calmar Ratio Rank: 85
FDHY Martin Ratio Rank: 88

FBTC

FBTC Risk / Return Rank: 1
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC 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.

FDHY vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) 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.

	FDHY	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.90	-1.05	+2.95
Sortino ratio: Return per unit of downside risk	2.90	-1.58	+4.48
Omega ratio: Gain probability vs. loss probability	1.38	0.83	+0.55
Calmar ratio: Return relative to maximum drawdown	3.22	-0.87	+4.09
Martin ratio: Return relative to average drawdown	13.30	-1.34	+14.64

FDHY vs. FBTC - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 1.90, which is higher than the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of FDHY and FBTC, 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

FDHY vs. FBTC - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FDHY and FBTC.

Drawdown Indicators

	FDHY	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-20.01%	-53.35%	+33.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-53.35%	+51.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	—	—
Current Drawdown Current decline from peak	-0.36%	-50.01%	+49.65%
Average Drawdown Average peak-to-trough decline	-2.82%	-18.17%	+15.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	34.63%	-34.12%

Volatility

FDHY vs. FBTC - Volatility Comparison

The current volatility for Fidelity Enhanced High Yield ETF (FDHY) is 0.81%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.07%. This indicates that FDHY 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.

Volatility by Period

	FDHY	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	9.07%	-8.26%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	33.70%	-30.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	44.36%	-40.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	49.47%	-42.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.98%	49.47%	-41.49%

FDHY vs. FBTC - Expense Ratio Comparison

FDHY has a 0.35% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

FDHY vs. FBTC - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.54%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDHY Fidelity Enhanced High Yield ETF	6.54%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%

Frequently Asked Questions

Can I hold both FDHY and FBTC in my portfolio?

FDHY and FBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDHY or FBTC?

FBTC has higher volatility (9.07%) compared to FDHY (0.81%). In terms of maximum drawdown, FDHY dropped -20.01% vs FBTC's -53.35%.

Which ETF is better, FDHY or FBTC?

On 1-year performance, FDHY leads with 6.85% vs -44.55% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FDHY has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDHY or FBTC?

Over the 1-year period, FDHY has performed better with a 6.85% return vs -44.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDHY or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.35% for FDHY.

Which ETF pays a higher dividend yield, FDHY or FBTC?

FDHY has the higher dividend yield at 6.54%, compared with 0.00% for FBTC.

What is the main difference between FDHY and FBTC?

FDHY is categorized as High Yield Bonds, while FBTC is Cryptocurrency. Their fees differ too: 0.35% for FDHY and 0.25% for FBTC.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (1.90 vs -1.05), 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.