FMDE vs. FBTC

Last updated Aug 4, 2026

FMDE (Fidelity Enhanced Mid Cap Core ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FMDE is actively managed, while FBTC is passively managed. Over the past year, FMDE returned 22.24% vs -43.65% for FBTC. Their 0.40 correlation means their historical movements had little consistent relationship. FMDE charges 0.23%/yr vs 0.25%/yr for FBTC.

Performance

FMDE vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Core ETF (FMDE) 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, FMDE achieves a 14.77% return, which is significantly higher than FBTC's -27.08% return.

FMDE

• 1D: 1.00%
• 1M: 2.82%
• 6M: 12.69%
• YTD: 14.77%
• 1Y: 22.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.97%

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
FMDE Fidelity Enhanced Mid Cap Core ETF	$37.82M	$35.65M	$34.81M

FMDE vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMDE Fidelity Enhanced Mid Cap Core ETF	14.77%	12.19%	21.85%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.08%	-6.56%	94.28%

Correlation

The correlation between FMDE and FBTC is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.40

Return for Risk

FMDE vs. FBTC — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 72
FMDE Sharpe Ratio Rank: 69
FMDE Sortino Ratio Rank: 70
FMDE Omega Ratio Rank: 66
FMDE Calmar Ratio Rank: 74
FMDE Martin Ratio Rank: 80

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.

FMDE vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Core ETF (FMDE) 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.

	FMDE	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.63	-0.99	+2.62
Sortino ratio: Return per unit of downside risk	2.34	-1.45	+3.79
Omega ratio: Gain probability vs. loss probability	1.29	0.84	+0.45
Calmar ratio: Return relative to maximum drawdown	2.68	-0.82	+3.50
Martin ratio: Return relative to average drawdown	10.61	-1.26	+11.87

FMDE vs. FBTC - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.63, which is higher than the FBTC Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of FMDE 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

FMDE vs. FBTC - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FMDE and FBTC.

Drawdown Indicators

	FMDE	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-53.35%	+32.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-53.35%	+45.02%
Current Drawdown Current decline from peak	0.00%	-49.21%	+49.21%
Average Drawdown Average peak-to-trough decline	-2.52%	-18.22%	+15.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	34.76%	-32.66%

Volatility

FMDE vs. FBTC - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap Core ETF (FMDE) is 2.56%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 8.89%. This indicates that FMDE 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

	FMDE	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	8.89%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	33.75%	-23.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	44.38%	-30.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	49.44%	-33.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	49.44%	-33.51%

FMDE vs. FBTC - Expense Ratio Comparison

FMDE has a 0.23% 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

FMDE vs. FBTC - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.05%, 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%
FMDE Fidelity Enhanced Mid Cap Core ETF	1.05%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FMDE and FBTC in my portfolio?

FMDE and FBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMDE or FBTC?

FBTC has higher volatility (8.89%) compared to FMDE (2.56%). In terms of maximum drawdown, FMDE dropped -21.10% vs FBTC's -53.35%.

Which ETF is better, FMDE or FBTC?

On 1-year performance, FMDE leads with 22.24% vs -43.65% for FBTC. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or FBTC?

Over the 1-year period, FMDE has performed better with a 22.24% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or FBTC?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.25% for FBTC.

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

FMDE has the higher dividend yield at 1.05%, compared with 0.00% for FBTC.

What is the main difference between FMDE and FBTC?

FMDE is categorized as Mid Cap Blend Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.23% for FMDE and 0.25% for FBTC.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.63 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.