FENY vs. FBTC
FENY (Fidelity MSCI Energy Index ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, FENY returned 41.70% vs -44.18% for FBTC. Their 0.11 correlation means their historical movements had little consistent relationship. FENY charges 0.08%/yr vs 0.25%/yr for FBTC.
Performance
FENY vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, FENY achieves a 32.87% return, which is significantly higher than FBTC's -26.68% return.
FENY
- 1D
- -0.40%
- 1M
- 9.72%
- 6M
- 15.12%
- YTD
- 32.87%
- 1Y
- 41.70%
- 3Y*
- 14.17%
- 5Y*
- 23.48%
- 10Y*
- 9.47%
- ALL TIME*
- 5.49%
FBTC
- 1D
- 0.54%
- 1M
- 4.43%
- 6M
- -16.06%
- YTD
- -26.68%
- 1Y
- -44.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $183.38M | $199.65M | $236.97M | |
| $48.28M | $43.61M | $52.27M |
FENY vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 32.87% | 7.27% | 9.76% |
FBTC Fidelity Wise Origin Bitcoin Fund | -26.68% | -6.56% | 94.28% |
Correlation
The correlation between FENY and FBTC is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.11 |
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Return for Risk
FENY vs. FBTC — Risk / Return Rank
FENY
FBTC
FENY vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) 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.
| FENY | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.01 | ||
| Sortino ratioReturn per unit of downside risk | +4.06 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.84 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | -0.83 | +3.63 |
| Martin ratioReturn relative to average drawdown | 7.52 | -1.27 | +8.79 |
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Drawdowns
FENY vs. FBTC - Drawdown Comparison
The maximum FENY drawdown since its inception was -74.35%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FENY and FBTC.
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Drawdown Indicators
| FENY | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.35% | -53.35% | -21.00% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -53.35% | +38.39% |
Max Drawdown (3Y)Largest decline over 3 years | -21.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -69.07% | — | — |
Current DrawdownCurrent decline from peak | -5.93% | -48.93% | +43.00% |
Average DrawdownAverage peak-to-trough decline | -22.94% | -18.27% | -4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 34.90% | -29.34% |
Volatility
FENY vs. FBTC - Volatility Comparison
The current volatility for Fidelity MSCI Energy Index ETF (FENY) is 6.24%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 8.19%. This indicates that FENY 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
| FENY | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.24% | 8.19% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 16.54% | 33.00% | -16.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 44.30% | -23.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.17% | 49.40% | -23.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 49.40% | -19.62% |
FENY vs. FBTC - Expense Ratio Comparison
FENY has a 0.08% expense ratio, which is lower than FBTC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FENY vs. FBTC - Dividend Comparison
FENY's dividend yield for the trailing twelve months is around 2.39%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FENY Fidelity MSCI Energy Index ETF | 2.39% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
Frequently Asked Questions
FENY and FBTC have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (8.19%) compared to FENY (6.24%). In terms of maximum drawdown, FENY dropped -74.35% vs FBTC's -53.35%.
On 1-year performance, FENY leads with 41.70% vs -44.18% for FBTC. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FENY has performed better with a 41.70% return vs -44.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FENY is cheaper with a 0.08% expense ratio, compared with 0.25% for FBTC.
FENY has the higher dividend yield at 2.39%, compared with 0.00% for FBTC.
FENY is categorized as Energy Equities, while FBTC is Cryptocurrency. FENY tracks MSCI USA IMI Energy 25/50 Index, while FBTC tracks Fidelity Bitcoin Reference Rate. Their fees differ too: 0.08% for FENY and 0.25% for FBTC.
FENY currently has the higher Sharpe Ratio (2.01 vs -1.00), 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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