FESM vs. FBTC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Enhanced Small Cap ETF (FESM) and Fidelity Wise Origin Bitcoin Trust (FBTC).

FESM and FBTC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007. 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

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 Trust (FBTC). The values are adjusted to include any dividend payments, if applicable.

FESM vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FESM Fidelity Enhanced Small Cap ETF	1.59%	17.88%	20.21%
FBTC Fidelity Wise Origin Bitcoin Trust	-22.13%	-6.56%	99.56%

Returns By Period

In the year-to-date period, FESM achieves a 1.59% return, which is significantly higher than FBTC's -22.13% return.

FESM

• 1D: 0.76%
• 1M: -4.92%
• YTD: 1.59%
• 6M: 5.19%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBTC

• 1D: 0.56%
• 1M: -1.49%
• YTD: -22.13%
• 6M: -42.09%
• 1Y: -20.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FESM vs. FBTC - Expense Ratio Comparison

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

FESM

Fidelity Enhanced Small Cap ETF

FBTC

Fidelity Wise Origin Bitcoin Trust

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: 73
FESM Sharpe Ratio Rank: 72
FESM Sortino Ratio Rank: 73
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 79
FESM Martin Ratio Rank: 77

FBTC

FBTC Risk / Return Rank: 6
FBTC Sharpe Ratio Rank: 5
FBTC Sortino Ratio Rank: 5
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.

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 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.

	FESM	FBTC	Difference
Sharpe ratio Return per unit of total volatility	1.34	-0.44	+1.78
Sortino ratio Return per unit of downside risk	1.91	-0.37	+2.28
Omega ratio Gain probability vs. loss probability	1.25	0.96	+0.29
Calmar ratio Return relative to maximum drawdown	2.27	-0.36	+2.62
Martin ratio Return relative to average drawdown	8.66	-0.75	+9.41
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 1.34, which is higher than the FBTC Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of FESM 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

	FESM	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	-0.44	+1.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.36	+0.62

Correlation

The correlation between FESM and FBTC is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FESM vs. FBTC - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.63%, while FBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%
FBTC Fidelity Wise Origin Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

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	-13.54%	-49.33%	+35.79%
Current Drawdown Current decline from peak	-6.52%	-45.76%	+39.24%
Average Drawdown Average peak-to-trough decline	-5.04%	-14.18%	+9.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	23.23%	-19.68%

Volatility

FESM vs. FBTC - Volatility Comparison

The current volatility for Fidelity Enhanced Small Cap ETF (FESM) is 7.30%, while Fidelity Wise Origin Bitcoin Trust (FBTC) has a volatility of 12.91%. 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	7.30%	12.91%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	36.78%	-22.51%
Volatility (1Y) Calculated over the trailing 1-year period	22.99%	45.27%	-22.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	51.16%	-29.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	51.16%	-29.68%