FMNA.NEO vs. FBTC.TO
FMNA.NEO (Fidelity Market Neutral Alternative Fund ETF Series) and FBTC.TO (Fidelity Advantage Bitcoin ETF) are both exchange-traded funds - FMNA.NEO is a Equity Market Neutral fund actively managed by Fidelity, while FBTC.TO is a Cryptocurrency fund actively managed by Fidelity. Both are actively managed. Over the past year, FMNA.NEO returned 3.73% vs -37.95% for FBTC.TO. At a 0.02 correlation, their price movements are largely independent. FMNA.NEO charges 1.50%/yr vs 0.40%/yr for FBTC.TO.
Performance
FMNA.NEO vs. FBTC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FMNA.NEO achieves a 2.42% return, which is significantly higher than FBTC.TO's -24.39% return.
FMNA.NEO
- 1D
- 0.00%
- 1M
- 0.09%
- YTD
- 2.42%
- 6M
- 3.94%
- 1Y
- 3.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBTC.TO
- 1D
- -2.22%
- 1M
- -16.83%
- YTD
- -24.39%
- 6M
- -30.03%
- 1Y
- -37.95%
- 3Y*
- 34.59%
- 5Y*
- —
- 10Y*
- —
FMNA.NEO vs. FBTC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FMNA.NEO Fidelity Market Neutral Alternative Fund ETF Series | 2.42% | 0.59% | 2.50% |
FBTC.TO Fidelity Advantage Bitcoin ETF | -24.39% | -10.85% | 131.72% |
Correlation
The correlation between FMNA.NEO and FBTC.TO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024 | 0.02 |
The correlation between FMNA.NEO and FBTC.TO shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMNA.NEO vs. FBTC.TO — Risk / Return Rank
FMNA.NEO
FBTC.TO
FMNA.NEO vs. FBTC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) and Fidelity Advantage Bitcoin ETF (FBTC.TO). 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.
| FMNA.NEO | FBTC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 0.86 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | -0.76 | +2.07 |
| Martin ratioReturn relative to average drawdown | 3.89 | -1.30 | +5.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMNA.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | -0.89 | +1.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.08 | +0.32 |
Drawdowns
FMNA.NEO vs. FBTC.TO - Drawdown Comparison
The maximum FMNA.NEO drawdown since its inception was -5.37%, smaller than the maximum FBTC.TO drawdown of -70.77%. Use the drawdown chart below to compare losses from any high point for FMNA.NEO and FBTC.TO.
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Drawdown Indicators
| FMNA.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.37% | -70.77% | +65.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -50.22% | +47.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.22% | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.38% | +48.38% |
Average DrawdownAverage peak-to-trough decline | -1.47% | -30.94% | +29.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 29.18% | -28.22% |
Volatility
FMNA.NEO vs. FBTC.TO - Volatility Comparison
The current volatility for Fidelity Market Neutral Alternative Fund ETF Series (FMNA.NEO) is 0.40%, while Fidelity Advantage Bitcoin ETF (FBTC.TO) has a volatility of 9.72%. This indicates that FMNA.NEO experiences smaller price fluctuations and is considered to be less risky than FBTC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNA.NEO | FBTC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 9.72% | -9.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 33.63% | -30.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 42.84% | -38.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 52.37% | -46.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 52.37% | -46.44% |
FMNA.NEO vs. FBTC.TO - Expense Ratio Comparison
FMNA.NEO has a 1.50% expense ratio, which is higher than FBTC.TO's 0.40% expense ratio.
Dividends
FMNA.NEO vs. FBTC.TO - Dividend Comparison
Neither FMNA.NEO nor FBTC.TO has paid dividends to shareholders.
Frequently Asked Questions
FMNA.NEO and FBTC.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBTC.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBTC.TO is cheaper with a 0.40% expense ratio, compared with 1.50% for FMNA.NEO.
FMNA.NEO is categorized as Equity Market Neutral, while FBTC.TO is Cryptocurrency. Their fees differ too: 1.50% for FMNA.NEO and 0.40% for FBTC.TO.
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