FMET vs. FBTC

Last updated Jul 12, 2026

FMET (Fidelity Metaverse ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FMET is a Communications Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FMET is actively managed, while FBTC is passively managed. Over the past year, FMET returned 12.56% vs -46.09% for FBTC. At a 0.42 correlation, their price movements are largely independent. FMET charges 0.39%/yr vs 0.25%/yr for FBTC.

Performance

FMET vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Metaverse ETF (FMET) 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, FMET achieves a 5.19% return, which is significantly higher than FBTC's -27.04% return.

FMET

• 1D: 0.31%
• 1M: 2.88%
• 6M: 4.29%
• YTD: 5.19%
• 1Y: 12.56%
• 3Y*: 13.86%
• 5Y*: —
• 10Y*: —

FBTC

• 1D: 1.19%
• 1M: 0.48%
• 6M: -29.23%
• YTD: -27.04%
• 1Y: -46.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMET vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMET Fidelity Metaverse ETF	5.19%	21.93%	8.74%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.04%	-6.56%	94.28%

Correlation

The correlation between FMET and FBTC is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.42

Return for Risk

FMET vs. FBTC — Risk / Return Rank

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

FMET

FMET Risk / Return Rank: 19
FMET Sharpe Ratio Rank: 21
FMET Sortino Ratio Rank: 20
FMET Omega Ratio Rank: 20
FMET Calmar Ratio Rank: 16
FMET Martin Ratio Rank: 17

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 1
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.

FMET vs. FBTC - Risk-Adjusted Trends Comparison

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

	FMET	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.57	-0.99	+1.56
Sortino ratio: Return per unit of downside risk	0.90	-1.45	+2.35
Omega ratio: Gain probability vs. loss probability	1.11	0.84	+0.27
Calmar ratio: Return relative to maximum drawdown	0.52	-0.82	+1.34
Martin ratio: Return relative to average drawdown	1.32	-1.35	+2.67

FMET vs. FBTC - Sharpe Ratio Comparison

The current FMET Sharpe Ratio is 0.57, which is higher than the FBTC Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of FMET 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

FMET vs. FBTC - Drawdown Comparison

The maximum FMET drawdown since its inception was -29.94%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FMET and FBTC.

Drawdown Indicators

	FMET	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-53.35%	+23.41%
Max Drawdown (1Y) Largest decline over 1 year	-23.00%	-53.35%	+30.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.02%	—	—
Current Drawdown Current decline from peak	-5.63%	-49.18%	+43.55%
Average Drawdown Average peak-to-trough decline	-7.71%	-17.44%	+9.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.97%	32.53%	-23.56%

Volatility

FMET vs. FBTC - Volatility Comparison

The current volatility for Fidelity Metaverse ETF (FMET) is 7.67%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.02%. This indicates that FMET 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

	FMET	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	11.02%	-3.35%
Volatility (6M) Calculated over the trailing 6-month period	17.28%	34.63%	-17.35%
Volatility (1Y) Calculated over the trailing 1-year period	20.97%	44.36%	-23.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.38%	49.85%	-25.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	49.85%	-25.47%

FMET vs. FBTC - Expense Ratio Comparison

FMET has a 0.39% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

FMET vs. FBTC - Dividend Comparison

FMET's dividend yield for the trailing twelve months is around 0.50%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%
FMET Fidelity Metaverse ETF	0.50%	0.81%	0.44%	0.40%	0.18%

Frequently Asked Questions

Can I hold both FMET and FBTC in my portfolio?

FMET and FBTC have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMET or FBTC?

FBTC has higher volatility (11.02%) compared to FMET (7.67%). In terms of maximum drawdown, FMET dropped -29.94% vs FBTC's -53.35%.

Which ETF is better, FMET or FBTC?

On 1-year performance, FMET leads with 12.56% vs -46.09% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FMET has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMET or FBTC?

Over the 1-year period, FMET has performed better with a 12.56% return vs -46.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMET or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.39% for FMET.

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

FMET has the higher dividend yield at 0.50%, compared with 0.00% for FBTC.

What is the main difference between FMET and FBTC?

FMET is categorized as Communications Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.39% for FMET and 0.25% for FBTC.

Which has better risk-adjusted returns?

FMET currently has the higher Sharpe Ratio (0.57 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.