FSMD vs. FBTC
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 24.59% vs -44.55% for FBTC. Their 0.37 correlation means their historical movements had little consistent relationship. FSMD charges 0.15%/yr vs 0.25%/yr for FBTC.
Performance
FSMD vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, FSMD achieves a 15.80% return, which is significantly higher than FBTC's -28.23% return.
FSMD
- 1D
- -0.12%
- 1M
- -1.72%
- 6M
- 11.82%
- YTD
- 15.80%
- 1Y
- 24.59%
- 3Y*
- 15.14%
- 5Y*
- 9.94%
- 10Y*
- —
- ALL TIME*
- 11.65%
FBTC
- 1D
- -2.93%
- 1M
- 2.22%
- 6M
- -25.08%
- YTD
- -28.23%
- 1Y
- -44.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $183.96M | $200.45M | $239.07M | |
| $4.61M | $5.11M | $5.82M |
FSMD vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 15.80% | 8.70% | 17.15% |
FBTC Fidelity Wise Origin Bitcoin Fund | -28.23% | -6.56% | 94.28% |
Correlation
The correlation between FSMD and FBTC is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.37 |
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Return for Risk
FSMD vs. FBTC — Risk / Return Rank
FSMD
FBTC
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 ratioReturn per unit of total volatility | +2.49 | ||
| Sortino ratioReturn per unit of downside risk | +3.75 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | -0.87 | +3.58 |
| Martin ratioReturn relative to average drawdown | 9.08 | -1.34 | +10.42 |
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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.
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Drawdown Indicators
| FSMD | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.99% | -50.01% | +46.02% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -18.17% | +12.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 34.63% | -32.11% |
Volatility
FSMD vs. FBTC - Volatility Comparison
The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.05%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.07%. 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.
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Volatility by Period
| FSMD | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 9.07% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 12.33% | 33.70% | -21.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 44.36% | -28.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 49.47% | -30.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.32% | 49.47% | -28.15% |
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
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.
FBTC has higher volatility (9.07%) compared to FSMD (4.05%). In terms of maximum drawdown, FSMD dropped -40.67% vs FBTC's -53.35%.
On 1-year performance, FSMD leads with 24.59% vs -44.55% for FBTC. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FSMD has performed better with a 24.59% return vs -44.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMD is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.
FSMD has the higher dividend yield at 1.25%, compared with 0.00% for 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.
FSMD currently has the higher Sharpe Ratio (1.44 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.
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