FVAL vs. FBTC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Value Factor ETF (FVAL) and Fidelity Wise Origin Bitcoin Trust (FBTC).

FVAL and FBTC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FVAL is a passively managed fund by Fidelity that tracks the performance of the Fidelity U.S. Value Factor Index. It was launched on Sep 12, 2016. FBTC is a passively managed fund by Fidelity that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 11, 2024. Both FVAL and FBTC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FVAL vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Factor ETF (FVAL) and Fidelity Wise Origin Bitcoin Trust (FBTC). The values are adjusted to include any dividend payments, if applicable.

FVAL vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FVAL Fidelity Value Factor ETF	-3.56%	19.56%	18.36%
FBTC Fidelity Wise Origin Bitcoin Trust	-22.56%	-6.56%	99.56%

Returns By Period

In the year-to-date period, FVAL achieves a -3.56% return, which is significantly higher than FBTC's -22.56% return.

FVAL

• 1D: 2.86%
• 1M: -4.78%
• YTD: -3.56%
• 6M: 1.74%
• 1Y: 18.50%
• 3Y*: 16.89%
• 5Y*: 10.83%
• 10Y*: —

FBTC

• 1D: 1.97%
• 1M: 3.29%
• YTD: -22.56%
• 6M: -40.86%
• 1Y: -17.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FVAL vs. FBTC - Expense Ratio Comparison

FVAL 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%.

FBTC

Fidelity Wise Origin Bitcoin Trust

FVAL

Fidelity Value Factor ETF

Return for Risk

FVAL vs. FBTC — Risk / Return Rank

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

FVAL

FVAL Risk / Return Rank: 66
FVAL Sharpe Ratio Rank: 60
FVAL Sortino Ratio Rank: 65
FVAL Omega Ratio Rank: 67
FVAL Calmar Ratio Rank: 66
FVAL Martin Ratio Rank: 73

FBTC

FBTC Risk / Return Rank: 6
FBTC Sharpe Ratio Rank: 5
FBTC Sortino Ratio Rank: 6
FBTC Omega Ratio Rank: 6
FBTC Calmar Ratio Rank: 6
FBTC Martin Ratio Rank: 6

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.

FVAL vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Factor ETF (FVAL) and Fidelity Wise Origin Bitcoin Trust (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.

	FVAL	FBTC	Difference
Sharpe ratio Return per unit of total volatility	1.02	-0.40	+1.42
Sortino ratio Return per unit of downside risk	1.58	-0.29	+1.88
Omega ratio Gain probability vs. loss probability	1.24	0.97	+0.27
Calmar ratio Return relative to maximum drawdown	1.60	-0.39	+1.99
Martin ratio Return relative to average drawdown	7.26	-0.84	+8.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVAL vs. FBTC - Sharpe Ratio Comparison

The current FVAL Sharpe Ratio is 1.02, which is higher than the FBTC Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of FVAL and FBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FVAL	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	-0.40	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.35	+0.37

Correlation

The correlation between FVAL and FBTC is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FVAL vs. FBTC - Dividend Comparison

FVAL's dividend yield for the trailing twelve months is around 1.71%, while FBTC has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FVAL Fidelity Value Factor ETF	1.71%	1.61%	1.60%	1.69%	1.79%	1.41%	1.61%	1.77%	2.06%	1.62%	0.45%
FBTC Fidelity Wise Origin Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FVAL vs. FBTC - Drawdown Comparison

The maximum FVAL drawdown since its inception was -37.26%, smaller than the maximum FBTC drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for FVAL and FBTC.

Drawdown Indicators

	FVAL	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-49.33%	+12.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-49.33%	+37.33%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	—	—
Current Drawdown Current decline from peak	-6.32%	-46.06%	+39.74%
Average Drawdown Average peak-to-trough decline	-4.65%	-14.12%	+9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	23.05%	-20.40%

Volatility

FVAL vs. FBTC - Volatility Comparison

The current volatility for Fidelity Value Factor ETF (FVAL) is 5.12%, while Fidelity Wise Origin Bitcoin Trust (FBTC) has a volatility of 12.97%. This indicates that FVAL 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

	FVAL	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	12.97%	-7.85%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	36.77%	-27.52%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	45.30%	-27.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	51.21%	-34.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	51.21%	-33.00%