FMAG vs. FBTC

Last updated Jun 26, 2026

FMAG (Fidelity Magellan ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FMAG is a Global Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FMAG is actively managed, while FBTC is passively managed. Over the past year, FMAG returned 6.98% vs -45.32% for FBTC. At a 0.37 correlation, their price movements are largely independent. FMAG charges 0.59%/yr vs 0.25%/yr for FBTC.

Performance

FMAG vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) 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, FMAG achieves a 4.69% return, which is significantly higher than FBTC's -32.48% return.

FMAG

• 1D: 0.06%
• 1M: -2.24%
• YTD: 4.69%
• 6M: 3.18%
• 1Y: 6.98%
• 3Y*: 19.25%
• 5Y*: 10.30%
• 10Y*: —

FBTC

• 1D: -1.11%
• 1M: -22.09%
• YTD: -32.48%
• 6M: -32.29%
• 1Y: -45.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAG vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMAG Fidelity Magellan ETF	4.69%	10.40%	28.02%
FBTC Fidelity Wise Origin Bitcoin Fund	-32.48%	-6.56%	94.28%

Correlation

The correlation between FMAG and FBTC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.37

Return for Risk

FMAG vs. FBTC — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 16
FMAG Sharpe Ratio Rank: 16
FMAG Sortino Ratio Rank: 15
FMAG Omega Ratio Rank: 15
FMAG Calmar Ratio Rank: 15
FMAG Martin Ratio Rank: 18

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 1

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.

FMAG vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) 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.

	FMAG	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.46	-1.03	+1.49
Sortino ratio: Return per unit of downside risk	0.74	-1.54	+2.28
Omega ratio: Gain probability vs. loss probability	1.09	0.83	+0.26
Calmar ratio: Return relative to maximum drawdown	0.50	-0.86	+1.36
Martin ratio: Return relative to average drawdown	1.74	-1.47	+3.21

FMAG vs. FBTC - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.46, which is higher than the FBTC Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of FMAG 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

FMAG vs. FBTC - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, smaller than the maximum FBTC drawdown of -52.97%. Use the drawdown chart below to compare losses from any high point for FMAG and FBTC.

Drawdown Indicators

	FMAG	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-52.97%	+20.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-52.97%	+39.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	—	—
Current Drawdown Current decline from peak	-3.77%	-52.97%	+49.20%
Average Drawdown Average peak-to-trough decline	-8.91%	-16.89%	+7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	30.90%	-26.88%

Volatility

FMAG vs. FBTC - Volatility Comparison

The current volatility for Fidelity Magellan ETF (FMAG) is 6.66%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 13.28%. This indicates that FMAG 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

	FMAG	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	13.28%	-6.62%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	34.52%	-21.81%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	44.28%	-28.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	50.08%	-30.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	50.08%	-30.32%

FMAG vs. FBTC - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

FMAG vs. FBTC - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%

Frequently Asked Questions

Can I hold both FMAG and FBTC in my portfolio?

FMAG and FBTC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAG or FBTC?

FBTC has higher volatility (13.28%) compared to FMAG (6.66%). In terms of maximum drawdown, FMAG dropped -32.93% vs FBTC's -52.97%.

Which ETF is better, FMAG or FBTC?

On 1-year performance, FMAG leads with 6.98% vs -45.32% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FMAG has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or FBTC?

Over the 1-year period, FMAG has performed better with a 6.98% return vs -45.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.59% for FMAG.

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

FMAG has the higher dividend yield at 0.08%, compared with 0.00% for FBTC.

What is the main difference between FMAG and FBTC?

FMAG is categorized as Global Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.59% for FMAG and 0.25% for FBTC.

Which has better risk-adjusted returns?

FMAG currently has the higher Sharpe Ratio (0.46 vs -1.03), 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.