FSEC vs. FBTC

Last updated Aug 2, 2026

FSEC (Fidelity Investment Grade Securitized ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FSEC is a Intermediate Core Bond fund actively managed by Fidelity, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. FSEC is actively managed, while FBTC is passively managed. Over the past year, FSEC returned 3.56% vs -44.55% for FBTC. Their 0.03 correlation means their historical movements had little consistent relationship. FSEC charges 0.36%/yr vs 0.25%/yr for FBTC.

Performance

FSEC vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Investment Grade Securitized ETF (FSEC) 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, FSEC achieves a 0.23% return, which is significantly higher than FBTC's -28.23% return.

FSEC

• 1D: -0.30%
• 1M: -0.94%
• 6M: -0.25%
• YTD: 0.23%
• 1Y: 3.56%
• 3Y*: 4.91%
• 5Y*: 0.26%
• 10Y*: —
• ALL TIME*: 0.29%

FBTC

• 1D: -2.93%
• 1M: 2.22%
• 6M: -25.08%
• YTD: -28.23%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBTC Fidelity Wise Origin Bitcoin Fund	$183.96M	$200.45M	$239.07M
FSEC Fidelity Investment Grade Securitized ETF	$14.78M	$11.92M	$14.34M

FSEC vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSEC Fidelity Investment Grade Securitized ETF	0.23%	8.33%	3.23%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.23%	-6.56%	94.28%

Correlation

The correlation between FSEC and FBTC is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.03

Return for Risk

FSEC vs. FBTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSEC

FSEC Risk / Return Rank: 42
FSEC Sharpe Ratio Rank: 40
FSEC Sortino Ratio Rank: 39
FSEC Omega Ratio Rank: 37
FSEC Calmar Ratio Rank: 52
FSEC Martin Ratio Rank: 43

FBTC

FBTC Risk / Return Rank: 1
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSEC vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Securitized ETF (FSEC) 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.

	FSEC	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.99	-1.05	+2.03
Sortino ratio: Return per unit of downside risk	1.45	-1.58	+3.04
Omega ratio: Gain probability vs. loss probability	1.18	0.83	+0.35
Calmar ratio: Return relative to maximum drawdown	1.84	-0.87	+2.71
Martin ratio: Return relative to average drawdown	4.77	-1.34	+6.10

FSEC vs. FBTC - Sharpe Ratio Comparison

The current FSEC Sharpe Ratio is 0.99, which is higher than the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of FSEC 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

FSEC vs. FBTC - Drawdown Comparison

The maximum FSEC drawdown since its inception was -17.97%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FSEC and FBTC.

Drawdown Indicators

	FSEC	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-53.35%	+35.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-53.35%	+50.83%
Max Drawdown (3Y) Largest decline over 3 years	-6.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	—	—
Current Drawdown Current decline from peak	-1.82%	-50.01%	+48.19%
Average Drawdown Average peak-to-trough decline	-6.47%	-18.17%	+11.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	34.63%	-33.66%

Volatility

FSEC vs. FBTC - Volatility Comparison

The current volatility for Fidelity Investment Grade Securitized ETF (FSEC) is 1.17%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.07%. This indicates that FSEC 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

	FSEC	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	9.07%	-7.90%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	33.70%	-30.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	44.36%	-39.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	49.47%	-42.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.56%	49.47%	-42.91%

FSEC vs. FBTC - Expense Ratio Comparison

FSEC has a 0.36% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

FSEC vs. FBTC - Dividend Comparison

FSEC's dividend yield for the trailing twelve months is around 4.49%, 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%
FSEC Fidelity Investment Grade Securitized ETF	4.49%	4.22%	3.22%	3.41%	2.21%	0.96%

Frequently Asked Questions

Can I hold both FSEC and FBTC in my portfolio?

FSEC and FBTC have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEC or FBTC?

FBTC has higher volatility (9.07%) compared to FSEC (1.17%). In terms of maximum drawdown, FSEC dropped -17.97% vs FBTC's -53.35%.

Which ETF is better, FSEC or FBTC?

On 1-year performance, FSEC leads with 3.56% vs -44.55% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FSEC has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSEC or FBTC?

Over the 1-year period, FSEC has performed better with a 3.56% return vs -44.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSEC or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.36% for FSEC.

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

FSEC has the higher dividend yield at 4.49%, compared with 0.00% for FBTC.

What is the main difference between FSEC and FBTC?

FSEC is categorized as Intermediate Core Bond, while FBTC is Cryptocurrency. Their fees differ too: 0.36% for FSEC and 0.25% for FBTC.

Which has better risk-adjusted returns?

FSEC currently has the higher Sharpe Ratio (0.99 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.