FESM vs. FBTC

Last updated Jun 4, 2026

FESM (Fidelity Enhanced Small Cap ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FESM is a Small Cap Blend Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FESM is actively managed, while FBTC is passively managed. Over the past year, FESM returned 46.73% vs -38.65% for FBTC. At a 0.44 correlation, their price movements are largely independent. FESM charges 0.28%/yr vs 0.25%/yr for FBTC.

Performance

FESM vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap ETF (FESM) 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, FESM achieves a 19.64% return, which is significantly higher than FBTC's -25.34% return.

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBTC

• 1D: -2.65%
• 1M: -18.37%
• YTD: -25.34%
• 6M: -29.78%
• 1Y: -38.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FESM vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FESM Fidelity Enhanced Small Cap ETF	19.64%	17.88%	20.21%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.34%	-6.56%	99.56%

Correlation

The correlation between FESM and FBTC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.44

Return for Risk

FESM vs. FBTC — Risk / Return Rank

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

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

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: 2

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.

FESM vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) 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.

	FESM	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.48	-0.89	+3.37
Sortino ratio: Return per unit of downside risk	3.34	-1.23	+4.57
Omega ratio: Gain probability vs. loss probability	1.41	0.86	+0.55
Calmar ratio: Return relative to maximum drawdown	4.61	-0.79	+5.40
Martin ratio: Return relative to average drawdown	16.60	-1.36	+17.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESM vs. FBTC - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.48, which is higher than the FBTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of FESM 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.

Sharpe Ratios by Period

	FESM	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	-0.89	+3.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.30	+0.99

Drawdowns

FESM vs. FBTC - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum FBTC drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FESM and FBTC.

Drawdown Indicators

	FESM	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-49.33%	+22.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-49.33%	+39.15%
Current Drawdown Current decline from peak	-1.59%	-48.00%	+46.41%
Average Drawdown Average peak-to-trough decline	-4.79%	-16.01%	+11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	28.41%	-25.59%

Volatility

FESM vs. FBTC - Volatility Comparison

The current volatility for Fidelity Enhanced Small Cap ETF (FESM) is 5.64%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.39%. This indicates that FESM 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

	FESM	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	9.39%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	34.38%	-21.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	43.61%	-24.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	50.13%	-28.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	50.13%	-28.87%

FESM vs. FBTC - Expense Ratio Comparison

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

Dividends

FESM vs. FBTC - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.53%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%

Frequently Asked Questions

Can I hold both FESM and FBTC in my portfolio?

FESM and FBTC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FESM or FBTC?

FBTC has higher volatility (9.39%) compared to FESM (5.64%). In terms of maximum drawdown, FESM dropped -26.93% vs FBTC's -49.33%.

Which ETF is better, FESM or FBTC?

On 1-year performance, FESM leads with 46.73% vs -38.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FESM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FESM or FBTC?

Over the 1-year period, FESM has performed better with a 46.73% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FESM or FBTC?

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

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

FESM has the higher dividend yield at 0.53%, compared with 0.00% for FBTC.

What is the main difference between FESM and FBTC?

FESM is categorized as Small Cap Blend Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.28% for FESM and 0.25% for FBTC.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.48 vs -0.89), 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.