FSMD vs. FBTC

Last updated Jul 14, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, FSMD returned 22.98% vs -47.53% for FBTC. At a 0.37 correlation, their price movements are largely independent. FSMD charges 0.15%/yr vs 0.25%/yr for FBTC.

Performance

FSMD vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) 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, FSMD achieves a 16.35% return, which is significantly higher than FBTC's -28.99% return.

FSMD

• 1D: -1.18%
• 1M: -1.05%
• 6M: 12.13%
• YTD: 16.35%
• 1Y: 22.98%
• 3Y*: 16.17%
• 5Y*: 10.44%
• 10Y*: —

FBTC

• 1D: -2.67%
• 1M: -2.20%
• 6M: -32.07%
• YTD: -28.99%
• 1Y: -47.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMD vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSMD Fidelity Small-Mid Multifactor ETF	16.35%	8.70%	17.15%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.99%	-6.56%	94.28%

Correlation

The correlation between FSMD and FBTC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.37

Return for Risk

FSMD vs. FBTC — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 59
FSMD Sharpe Ratio Rank: 53
FSMD Sortino Ratio Rank: 57
FSMD Omega Ratio Rank: 50
FSMD Calmar Ratio Rank: 69
FSMD Martin Ratio Rank: 67

FBTC

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

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.

FSMD vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) 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.

	FSMD	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.45	-1.08	+2.53
Sortino ratio: Return per unit of downside risk	2.16	-1.66	+3.82
Omega ratio: Gain probability vs. loss probability	1.26	0.82	+0.44
Calmar ratio: Return relative to maximum drawdown	2.74	-0.89	+3.63
Martin ratio: Return relative to average drawdown	9.67	-1.46	+11.13

FSMD vs. FBTC - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.45, which is higher than the FBTC Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of FSMD 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

FSMD vs. FBTC - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FSMD and FBTC.

Drawdown Indicators

	FSMD	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-53.35%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-53.35%	+44.91%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.54%	-50.54%	+47.00%
Average Drawdown Average peak-to-trough decline	-5.93%	-17.49%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	32.68%	-30.30%

Volatility

FSMD vs. FBTC - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 5.39%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.38%. This indicates that FSMD 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

	FSMD	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	11.38%	-5.99%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	34.71%	-22.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	44.27%	-28.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	49.84%	-31.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	49.84%	-28.46%

FSMD vs. FBTC - Expense Ratio Comparison

FSMD has a 0.15% 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

FSMD vs. FBTC - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMD Fidelity Small-Mid Multifactor ETF	1.25%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both FSMD and FBTC in my portfolio?

FSMD and FBTC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMD or FBTC?

FBTC has higher volatility (11.38%) compared to FSMD (5.39%). In terms of maximum drawdown, FSMD dropped -40.67% vs FBTC's -53.35%.

Which ETF is better, FSMD or FBTC?

On 1-year performance, FSMD leads with 22.98% vs -47.53% for FBTC. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or FBTC?

Over the 1-year period, FSMD has performed better with a 22.98% return vs -47.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or FBTC?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.

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

FSMD has the higher dividend yield at 1.25%, compared with 0.00% for FBTC.

What is the main difference between FSMD and FBTC?

FSMD is categorized as Small Cap Blend Equities, while FBTC is Cryptocurrency. FSMD tracks Fidelity Small-Mid Multifactor Index, while FBTC tracks Fidelity Bitcoin Reference Rate. Their fees differ too: 0.15% for FSMD and 0.25% for FBTC.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.45 vs -1.08), 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.