FPFD vs. FBTC

Last updated Jun 4, 2026

FPFD (Fidelity Preferred Securities & Income ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FPFD is a Preferred Stock/Convertible Bonds fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FPFD is actively managed, while FBTC is passively managed. Over the past year, FPFD returned 6.27% vs -38.65% for FBTC. At a 0.27 correlation, their price movements are largely independent. FPFD charges 0.59%/yr vs 0.25%/yr for FBTC.

Performance

FPFD vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Preferred Securities & Income ETF (FPFD) 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, FPFD achieves a 0.73% return, which is significantly higher than FBTC's -25.34% return.

FPFD

• 1D: -0.23%
• 1M: -0.51%
• YTD: 0.73%
• 6M: 0.81%
• 1Y: 6.27%
• 3Y*: 7.66%
• 5Y*: —
• 10Y*: —

FBTC

• 1D: -2.65%
• 1M: -18.37%
• YTD: -25.34%
• 6M: -29.78%
• 1Y: -38.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPFD vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPFD Fidelity Preferred Securities & Income ETF	0.73%	6.46%	8.16%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.34%	-6.56%	99.56%

Correlation

The correlation between FPFD and FBTC is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.27

The correlation between FPFD and FBTC shifts across timeframes, from 0.27 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FPFD vs. FBTC — Risk / Return Rank

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

FPFD

FPFD Risk / Return Rank: 59
FPFD Sharpe Ratio Rank: 63
FPFD Sortino Ratio Rank: 68
FPFD Omega Ratio Rank: 69
FPFD Calmar Ratio Rank: 47
FPFD Martin Ratio Rank: 51

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.

FPFD vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Preferred Securities & Income ETF (FPFD) 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.

	FPFD	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.14	-0.89	+3.03
Sortino ratio: Return per unit of downside risk	3.14	-1.23	+4.36
Omega ratio: Gain probability vs. loss probability	1.42	0.86	+0.56
Calmar ratio: Return relative to maximum drawdown	2.29	-0.79	+3.08
Martin ratio: Return relative to average drawdown	8.64	-1.36	+10.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPFD vs. FBTC - Sharpe Ratio Comparison

The current FPFD Sharpe Ratio is 2.14, which is higher than the FBTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of FPFD 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.

Sharpe Ratios by Period

	FPFD	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	-0.89	+3.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.30	+0.03

Drawdowns

FPFD vs. FBTC - Drawdown Comparison

The maximum FPFD drawdown since its inception was -20.83%, smaller than the maximum FBTC drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FPFD and FBTC.

Drawdown Indicators

	FPFD	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-49.33%	+28.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-49.33%	+46.58%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	—	—
Current Drawdown Current decline from peak	-1.23%	-48.00%	+46.77%
Average Drawdown Average peak-to-trough decline	-6.82%	-16.01%	+9.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	28.41%	-27.68%

Volatility

FPFD vs. FBTC - Volatility Comparison

The current volatility for Fidelity Preferred Securities & Income ETF (FPFD) is 1.00%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.39%. This indicates that FPFD 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

	FPFD	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	9.39%	-8.39%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	34.38%	-32.14%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	43.61%	-40.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	50.13%	-44.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	50.13%	-44.81%

FPFD vs. FBTC - Expense Ratio Comparison

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

Dividends

FPFD vs. FBTC - Dividend Comparison

FPFD's dividend yield for the trailing twelve months is around 5.15%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPFD Fidelity Preferred Securities & Income ETF	5.15%	5.04%	4.89%	5.09%	5.22%	1.59%

Frequently Asked Questions

Can I hold both FPFD and FBTC in my portfolio?

FPFD and FBTC have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPFD or FBTC?

FBTC has higher volatility (9.39%) compared to FPFD (1.00%). In terms of maximum drawdown, FPFD dropped -20.83% vs FBTC's -49.33%.

Which ETF is better, FPFD or FBTC?

On 1-year performance, FPFD leads with 6.27% vs -38.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FPFD has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPFD or FBTC?

Over the 1-year period, FPFD has performed better with a 6.27% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPFD or FBTC?

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

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

FPFD has the higher dividend yield at 5.15%, compared with 0.00% for FBTC.

What is the main difference between FPFD and FBTC?

FPFD is categorized as Preferred Stock/Convertible Bonds, while FBTC is Cryptocurrency. Their fees differ too: 0.59% for FPFD and 0.25% for FBTC.

Which has better risk-adjusted returns?

FPFD currently has the higher Sharpe Ratio (2.14 vs -0.89), 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.