FDHY vs. FBTC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity High Yield Factor ETF (FDHY) and Fidelity Wise Origin Bitcoin Trust (FBTC).

FDHY and FBTC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FDHY is an actively managed fund by Fidelity. It was launched on Jun 12, 2018. FBTC is a passively managed fund by Fidelity that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 11, 2024.

Performance

FDHY vs. FBTC - Performance Comparison

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

FDHY vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDHY Fidelity High Yield Factor ETF	-0.03%	9.24%	7.20%
FBTC Fidelity Wise Origin Bitcoin Trust	-22.56%	-6.56%	99.56%

Returns By Period

In the year-to-date period, FDHY achieves a -0.03% return, which is significantly higher than FBTC's -22.56% return.

FDHY

• 1D: 0.93%
• 1M: -0.97%
• YTD: -0.03%
• 6M: 1.70%
• 1Y: 7.87%
• 3Y*: 7.80%
• 5Y*: 3.80%
• 10Y*: —

FBTC

• 1D: 1.97%
• 1M: 3.29%
• YTD: -22.56%
• 6M: -40.86%
• 1Y: -17.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDHY vs. FBTC - Expense Ratio Comparison

FDHY has a 0.45% expense ratio, which is higher than FBTC's 0.25% expense ratio.

FDHY

Fidelity High Yield Factor ETF

FBTC

Fidelity Wise Origin Bitcoin Trust

Return for Risk

FDHY vs. FBTC — Risk / Return Rank

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

FDHY

FDHY Risk / Return Rank: 82
FDHY Sharpe Ratio Rank: 81
FDHY Sortino Ratio Rank: 84
FDHY Omega Ratio Rank: 87
FDHY Calmar Ratio Rank: 72
FDHY Martin Ratio Rank: 87

FBTC

FBTC Risk / Return Rank: 6
FBTC Sharpe Ratio Rank: 5
FBTC Sortino Ratio Rank: 6
FBTC Omega Ratio Rank: 6
FBTC Calmar Ratio Rank: 6
FBTC Martin Ratio Rank: 6

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.

FDHY vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) and Fidelity Wise Origin Bitcoin Trust (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.

	FDHY	FBTC	Difference
Sharpe ratio Return per unit of total volatility	1.50	-0.40	+1.89
Sortino ratio Return per unit of downside risk	2.16	-0.29	+2.46
Omega ratio Gain probability vs. loss probability	1.34	0.97	+0.38
Calmar ratio Return relative to maximum drawdown	1.78	-0.39	+2.17
Martin ratio Return relative to average drawdown	9.89	-0.84	+10.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDHY vs. FBTC - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 1.50, which is higher than the FBTC Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of FDHY and FBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FDHY	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	-0.40	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.35	+0.34

Correlation

The correlation between FDHY and FBTC is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FDHY vs. FBTC - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.60%, while FBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity High Yield Factor ETF	6.60%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%
FBTC Fidelity Wise Origin Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FDHY vs. FBTC - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum FBTC drawdown of -49.33%. 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%	-49.33%	+29.32%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-49.33%	+44.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	—	—
Current Drawdown Current decline from peak	-1.21%	-46.06%	+44.85%
Average Drawdown Average peak-to-trough decline	-2.93%	-14.12%	+11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	23.05%	-22.23%

Volatility

FDHY vs. FBTC - Volatility Comparison

The current volatility for Fidelity High Yield Factor ETF (FDHY) is 1.89%, while Fidelity Wise Origin Bitcoin Trust (FBTC) has a volatility of 12.97%. 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	1.89%	12.97%	-11.08%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	36.77%	-34.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	45.30%	-40.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.11%	51.21%	-44.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.12%	51.21%	-43.09%