FENI vs. FBTC

Last updated Aug 4, 2026

FENI (Fidelity Enhanced International ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FENI is a Foreign Large Cap Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FENI is actively managed, while FBTC is passively managed. Over the past year, FENI returned 28.63% vs -43.65% for FBTC. Their 0.34 correlation means their historical movements had little consistent relationship. FENI charges 0.28%/yr vs 0.25%/yr for FBTC.

Performance

FENI vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) 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, FENI achieves a 13.37% return, which is significantly higher than FBTC's -27.08% return.

FENI

• 1D: 0.32%
• 1M: 1.19%
• 6M: 6.20%
• YTD: 13.37%
• 1Y: 28.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.27%

FBTC

• 1D: 1.61%
• 1M: 3.87%
• 6M: -18.12%
• YTD: -27.08%
• 1Y: -43.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.58%

*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	$185.12M	$202.75M	$237.85M
FENI Fidelity Enhanced International ETF	$50.45M	$59.07M	$59.10M

FENI vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FENI Fidelity Enhanced International ETF	13.37%	37.27%	7.28%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.08%	-6.56%	94.28%

Correlation

The correlation between FENI and FBTC is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.34

Return for Risk

FENI vs. FBTC — Risk / Return Rank

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

FENI

FENI Risk / Return Rank: 74
FENI Sharpe Ratio Rank: 76
FENI Sortino Ratio Rank: 76
FENI Omega Ratio Rank: 74
FENI Calmar Ratio Rank: 70
FENI Martin Ratio Rank: 75

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 2
FBTC Sortino Ratio Rank: 2
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 3

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.

FENI vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) 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.

	FENI	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.76	-0.99	+2.75
Sortino ratio: Return per unit of downside risk	2.49	-1.45	+3.93
Omega ratio: Gain probability vs. loss probability	1.32	0.84	+0.48
Calmar ratio: Return relative to maximum drawdown	2.50	-0.82	+3.32
Martin ratio: Return relative to average drawdown	9.53	-1.26	+10.78

FENI vs. FBTC - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.76, which is higher than the FBTC Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of FENI 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

FENI vs. FBTC - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FENI and FBTC.

Drawdown Indicators

	FENI	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-53.35%	+39.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-53.35%	+41.86%
Current Drawdown Current decline from peak	-0.05%	-49.21%	+49.16%
Average Drawdown Average peak-to-trough decline	-2.24%	-18.22%	+15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	34.76%	-31.75%

Volatility

FENI vs. FBTC - Volatility Comparison

The current volatility for Fidelity Enhanced International ETF (FENI) is 4.76%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 8.89%. This indicates that FENI 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

	FENI	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	8.89%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	33.75%	-19.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	44.38%	-28.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	49.44%	-33.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	49.44%	-33.66%

FENI vs. FBTC - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

FENI vs. FBTC - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.88%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%
FENI Fidelity Enhanced International ETF	2.88%	2.99%	3.02%

Frequently Asked Questions

Can I hold both FENI and FBTC in my portfolio?

FENI and FBTC have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENI or FBTC?

FBTC has higher volatility (8.89%) compared to FENI (4.76%). In terms of maximum drawdown, FENI dropped -14.20% vs FBTC's -53.35%.

Which ETF is better, FENI or FBTC?

On 1-year performance, FENI leads with 28.63% vs -43.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FENI has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or FBTC?

Over the 1-year period, FENI has performed better with a 28.63% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.28% for FENI.

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

FENI has the higher dividend yield at 2.88%, compared with 0.00% for FBTC.

What is the main difference between FENI and FBTC?

FENI is categorized as Foreign Large Cap Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.28% for FENI and 0.25% for FBTC.

Which has better risk-adjusted returns?

FENI currently has the higher Sharpe Ratio (1.76 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.