FDIG vs. GBTC
FDIG (Fidelity Crypto Industry and Digital Payments ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - FDIG is a Blockchain fund tracking the Fidelity Crypto Industry and Digital Payments Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 3 years, FDIG returned 41.94%/yr vs 53.36%/yr for GBTC. A 0.70 correlation means they provide meaningful diversification when combined. FDIG charges 0.39%/yr vs 1.50%/yr for GBTC.
Performance
FDIG vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, FDIG achieves a 18.75% return, which is significantly higher than GBTC's -27.82% return.
FDIG
- 1D
- -0.82%
- 1M
- 5.87%
- YTD
- 18.75%
- 6M
- 2.81%
- 1Y
- 44.13%
- 3Y*
- 41.94%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
FDIG vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FDIG Fidelity Crypto Industry and Digital Payments ETF | 18.75% | 19.92% | 18.41% | 166.00% | -56.18% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -71.75% |
Correlation
The correlation between FDIG and GBTC is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 22, 2022 | 0.70 |
The correlation between FDIG and GBTC has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.
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Return for Risk
FDIG vs. GBTC — Risk / Return Rank
FDIG
GBTC
FDIG vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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.
| FDIG | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.82 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.85 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.81 | +1.76 |
| Martin ratioReturn relative to average drawdown | 1.83 | -1.40 | +3.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FDIG | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | -0.93 | +1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.65 | -0.36 |
Drawdowns
FDIG vs. GBTC - Drawdown Comparison
The maximum FDIG drawdown since its inception was -58.32%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FDIG and GBTC.
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Drawdown Indicators
| FDIG | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.32% | -89.91% | +31.59% |
Max Drawdown (1Y)Largest decline over 1 year | -46.69% | -49.87% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -49.66% | -49.87% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -21.35% | -49.87% | +28.52% |
Average DrawdownAverage peak-to-trough decline | -26.16% | -43.43% | +17.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.14% | 28.81% | -4.67% |
Volatility
FDIG vs. GBTC - Volatility Comparison
Fidelity Crypto Industry and Digital Payments ETF (FDIG) has a higher volatility of 12.64% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that FDIG's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDIG | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.64% | 9.07% | +3.57% |
Volatility (6M)Calculated over the trailing 6-month period | 35.87% | 33.86% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.50% | 43.69% | +5.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.78% | 62.44% | -1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.78% | 82.20% | -21.42% |
FDIG vs. GBTC - Expense Ratio Comparison
FDIG has a 0.39% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
FDIG vs. GBTC - Dividend Comparison
FDIG's dividend yield for the trailing twelve months is around 1.03%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FDIG Fidelity Crypto Industry and Digital Payments ETF | 1.03% | 1.14% | 1.17% | 0.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
FDIG and GBTC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDIG has higher volatility (12.64%) compared to GBTC (9.07%). In terms of maximum drawdown, FDIG dropped -58.32% vs GBTC's -89.91%.
On 3-year performance, GBTC leads with 53.36% vs 41.94% for FDIG. On fees, FDIG is cheaper at 0.39% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs 41.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDIG is cheaper with a 0.39% expense ratio, compared with 1.50% for GBTC.
FDIG has the higher dividend yield at 1.03%, compared with 0.00% for GBTC.
FDIG is categorized as Blockchain, while GBTC is Cryptocurrency. FDIG tracks Fidelity Crypto Industry and Digital Payments Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Fidelity and Grayscale. Their fees differ too: 0.39% for FDIG and 1.50% for GBTC.
FDIG currently has the higher Sharpe Ratio (0.90 vs -0.93), 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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