FMIL vs. FBTC

Last updated Jul 15, 2026

FMIL (Fidelity New Millennium ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FMIL is a Large Cap Blend Equities fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FMIL is actively managed, while FBTC is passively managed. Over the past year, FMIL returned 21.32% vs -46.31% for FBTC. At a 0.40 correlation, their price movements are largely independent. FMIL charges 0.59%/yr vs 0.25%/yr for FBTC.

Performance

FMIL vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium ETF (FMIL) 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, FMIL achieves a 11.52% return, which is significantly higher than FBTC's -26.25% return.

FMIL

• 1D: 0.63%
• 1M: 1.97%
• 6M: 9.08%
• YTD: 11.52%
• 1Y: 21.32%
• 3Y*: 21.58%
• 5Y*: 16.90%
• 10Y*: —

FBTC

• 1D: 3.86%
• 1M: 1.57%
• 6M: -31.71%
• YTD: -26.25%
• 1Y: -46.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMIL vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMIL Fidelity New Millennium ETF	11.52%	17.67%	27.72%
FBTC Fidelity Wise Origin Bitcoin Fund	-26.25%	-6.56%	94.28%

Correlation

The correlation between FMIL and FBTC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.40

Return for Risk

FMIL vs. FBTC — Risk / Return Rank

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

FMIL

FMIL Risk / Return Rank: 58
FMIL Sharpe Ratio Rank: 59
FMIL Sortino Ratio Rank: 57
FMIL Omega Ratio Rank: 57
FMIL Calmar Ratio Rank: 53
FMIL Martin Ratio Rank: 66

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.

FMIL vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium ETF (FMIL) 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.

	FMIL	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-1.05	+2.62
Sortino ratio: Return per unit of downside risk	2.19	-1.59	+3.77
Omega ratio: Gain probability vs. loss probability	1.28	0.83	+0.46
Calmar ratio: Return relative to maximum drawdown	2.15	-0.87	+3.02
Martin ratio: Return relative to average drawdown	9.45	-1.41	+10.86

FMIL vs. FBTC - Sharpe Ratio Comparison

The current FMIL Sharpe Ratio is 1.57, which is higher than the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of FMIL 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

FMIL vs. FBTC - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FMIL and FBTC.

Drawdown Indicators

	FMIL	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-53.35%	+33.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-53.35%	+43.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Current Drawdown Current decline from peak	-0.40%	-48.63%	+48.23%
Average Drawdown Average peak-to-trough decline	-2.96%	-17.54%	+14.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	32.83%	-30.57%

Volatility

FMIL vs. FBTC - Volatility Comparison

The current volatility for Fidelity New Millennium ETF (FMIL) is 4.37%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.72%. This indicates that FMIL 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

	FMIL	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	11.72%	-7.35%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	34.95%	-24.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	44.37%	-30.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	49.86%	-32.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	49.86%	-32.22%

FMIL vs. FBTC - Expense Ratio Comparison

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

Dividends

FMIL vs. FBTC - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 0.98%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMIL Fidelity New Millennium ETF	0.98%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%

Frequently Asked Questions

Can I hold both FMIL and FBTC in my portfolio?

FMIL and FBTC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIL or FBTC?

FBTC has higher volatility (11.72%) compared to FMIL (4.37%). In terms of maximum drawdown, FMIL dropped -19.72% vs FBTC's -53.35%.

Which ETF is better, FMIL or FBTC?

On 1-year performance, FMIL leads with 21.32% vs -46.31% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FMIL has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMIL or FBTC?

Over the 1-year period, FMIL has performed better with a 21.32% return vs -46.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMIL or FBTC?

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

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

FMIL has the higher dividend yield at 0.98%, compared with 0.00% for FBTC.

What is the main difference between FMIL and FBTC?

FMIL is categorized as Large Cap Blend Equities, while FBTC is Cryptocurrency. Their fees differ too: 0.59% for FMIL and 0.25% for FBTC.

Which has better risk-adjusted returns?

FMIL currently has the higher Sharpe Ratio (1.57 vs -1.05), 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.