FNCL vs. FBTC

Last updated Jun 24, 2026

FNCL (Fidelity MSCI Financials Index ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FNCL is a Financials Equities fund tracking the MSCI USA IMI Financials Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, FNCL returned 8.95% vs -39.80% for FBTC. At a 0.30 correlation, their price movements are largely independent. FNCL charges 0.08%/yr vs 0.25%/yr for FBTC.

Performance

FNCL vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) 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, FNCL achieves a -0.31% return, which is significantly higher than FBTC's -28.83% return.

FNCL

• 1D: 0.46%
• 1M: 4.20%
• YTD: -0.31%
• 6M: -1.64%
• 1Y: 8.95%
• 3Y*: 20.96%
• 5Y*: 10.07%
• 10Y*: 13.45%

FBTC

• 1D: -3.16%
• 1M: -17.78%
• YTD: -28.83%
• 6M: -28.94%
• 1Y: -39.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNCL vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNCL Fidelity MSCI Financials Index ETF	-0.31%	14.94%	30.49%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.83%	-6.56%	94.28%

Correlation

The correlation between FNCL and FBTC is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.30

Return for Risk

FNCL vs. FBTC — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 17
FNCL Sharpe Ratio Rank: 19
FNCL Sortino Ratio Rank: 17
FNCL Omega Ratio Rank: 17
FNCL Calmar Ratio Rank: 16
FNCL Martin Ratio Rank: 16

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: 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.

FNCL vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) 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.

	FNCL	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.60	-0.90	+1.51
Sortino ratio: Return per unit of downside risk	0.91	-1.26	+2.17
Omega ratio: Gain probability vs. loss probability	1.11	0.86	+0.25
Calmar ratio: Return relative to maximum drawdown	0.61	-0.77	+1.37
Martin ratio: Return relative to average drawdown	1.58	-1.30	+2.88

FNCL vs. FBTC - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.60, which is higher than the FBTC Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of FNCL 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

FNCL vs. FBTC - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum FBTC drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for FNCL and FBTC.

Drawdown Indicators

	FNCL	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-52.07%	+7.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-52.07%	+37.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	—	—
Current Drawdown Current decline from peak	-3.35%	-50.43%	+47.08%
Average Drawdown Average peak-to-trough decline	-6.90%	-16.77%	+9.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	30.54%	-24.86%

Volatility

FNCL vs. FBTC - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 4.22%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 13.04%. This indicates that FNCL 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

	FNCL	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	13.04%	-8.82%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	34.56%	-23.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	44.18%	-29.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	50.08%	-30.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	50.08%	-27.78%

FNCL vs. FBTC - Expense Ratio Comparison

FNCL has a 0.08% 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

FNCL vs. FBTC - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.64%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNCL Fidelity MSCI Financials Index ETF	1.64%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Frequently Asked Questions

Can I hold both FNCL and FBTC in my portfolio?

FNCL and FBTC have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNCL or FBTC?

FBTC has higher volatility (13.04%) compared to FNCL (4.22%). In terms of maximum drawdown, FNCL dropped -44.38% vs FBTC's -52.07%.

Which ETF is better, FNCL or FBTC?

On 1-year performance, FNCL leads with 8.95% vs -39.80% for FBTC. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or FBTC?

Over the 1-year period, FNCL has performed better with a 8.95% return vs -39.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or FBTC?

FNCL is cheaper with a 0.08% expense ratio, compared with 0.25% for FBTC.

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

FNCL has the higher dividend yield at 1.64%, compared with 0.00% for FBTC.

What is the main difference between FNCL and FBTC?

FNCL is categorized as Financials Equities, while FBTC is Cryptocurrency. FNCL tracks MSCI USA IMI Financials Index, while FBTC tracks Fidelity Bitcoin Reference Rate. Their fees differ too: 0.08% for FNCL and 0.25% for FBTC.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.60 vs -0.90), 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.