FOCPX vs. GBTC

Last updated Jun 9, 2026

FOCPX (Fidelity OTC Portfolio) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - FOCPX is a Large Cap Growth Equities fund actively managed by Fidelity, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. FOCPX is actively managed, while GBTC is passively managed. Over the past 10 years, FOCPX returned 22.02%/yr vs 49.25%/yr for GBTC. At a 0.26 correlation, their price movements are largely independent. FOCPX charges 0.73%/yr vs 1.50%/yr for GBTC.

Performance

FOCPX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity OTC Portfolio (FOCPX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOCPX achieves a 21.95% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, FOCPX has underperformed GBTC with an annualized return of 22.02%, while GBTC has yielded a comparatively higher 49.25% annualized return.

FOCPX

• 1D: -5.07%
• 1M: 0.14%
• YTD: 21.95%
• 6M: 20.43%
• 1Y: 51.59%
• 3Y*: 32.83%
• 5Y*: 18.08%
• 10Y*: 22.02%

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

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

FOCPX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOCPX Fidelity OTC Portfolio	21.95%	22.21%	38.95%	42.64%	-32.08%	24.94%	46.75%	39.20%	-3.30%	38.61%
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between FOCPX and GBTC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.26

The correlation between FOCPX and GBTC shifts across timeframes, from 0.26 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FOCPX vs. GBTC — Risk / Return Rank

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

FOCPX

FOCPX Risk / Return Rank: 86
FOCPX Sharpe Ratio Rank: 90
FOCPX Sortino Ratio Rank: 77
FOCPX Omega Ratio Rank: 78
FOCPX Calmar Ratio Rank: 92
FOCPX Martin Ratio Rank: 95

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 3
GBTC 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.

FOCPX vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity OTC Portfolio (FOCPX) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	FOCPX	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.92	-0.91	+3.83
Sortino ratio: Return per unit of downside risk	3.58	-1.28	+4.86
Omega ratio: Gain probability vs. loss probability	1.50	0.86	+0.64
Calmar ratio: Return relative to maximum drawdown	4.77	-0.77	+5.54
Martin ratio: Return relative to average drawdown	20.93	-1.38	+22.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOCPX vs. GBTC - Sharpe Ratio Comparison

The current FOCPX Sharpe Ratio is 2.92, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of FOCPX and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FOCPX	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	-0.91	+3.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.17	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.60	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.65	0.00

Drawdowns

FOCPX vs. GBTC - Drawdown Comparison

The maximum FOCPX drawdown since its inception was -70.25%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FOCPX and GBTC.

Drawdown Indicators

	FOCPX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-70.25%	-89.91%	+19.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-52.45%	+41.16%
Max Drawdown (3Y) Largest decline over 3 years	-24.82%	-52.45%	+27.63%
Max Drawdown (5Y) Largest decline over 5 years	-37.05%	-85.42%	+48.37%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-89.91%	+52.86%
Current Drawdown Current decline from peak	-5.07%	-50.05%	+44.98%
Average Drawdown Average peak-to-trough decline	-17.00%	-43.44%	+26.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	29.16%	-26.59%

Volatility

FOCPX vs. GBTC - Volatility Comparison

The current volatility for Fidelity OTC Portfolio (FOCPX) is 7.39%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that FOCPX experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOCPX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.39%	11.75%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	14.89%	34.55%	-19.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	44.19%	-25.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	62.40%	-39.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.49%	82.22%	-59.73%

FOCPX vs. GBTC - Expense Ratio Comparison

FOCPX has a 0.73% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

FOCPX vs. GBTC - Dividend Comparison

FOCPX's dividend yield for the trailing twelve months is around 6.38%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.38%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOCPX and GBTC in my portfolio?

FOCPX and GBTC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOCPX or GBTC?

GBTC has higher volatility (11.75%) compared to FOCPX (7.39%). In terms of maximum drawdown, FOCPX dropped -70.25% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (2.92 vs -0.91), 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.