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GBTC vs. FBTC
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between GBTC and FBTC is 0.36, 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.

GBTC vs. FBTC

Last updated May 24, 2025

Compare and contrast key facts about Grayscale Bitcoin Trust (BTC) (GBTC) and Fidelity Wise Origin Bitcoin Trust (FBTC).

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.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: GBTC or FBTC.

Performance

GBTC vs. FBTC - Performance Comparison

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

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Key characteristics

Sharpe Ratio

GBTC:

1.17

FBTC:

1.18

Sortino Ratio

GBTC:

1.70

FBTC:

1.71

Omega Ratio

GBTC:

1.20

FBTC:

1.20

Calmar Ratio

GBTC:

1.97

FBTC:

2.01

Martin Ratio

GBTC:

4.37

FBTC:

4.41

Ulcer Index

GBTC:

12.83%

FBTC:

12.88%

Daily Std Dev

GBTC:

52.99%

FBTC:

53.12%

Max Drawdown

GBTC:

-89.91%

FBTC:

-28.21%

Current Drawdown

GBTC:

-2.23%

FBTC:

-2.14%

Returns By Period

The year-to-date returns for both investments are quite close, with GBTC having a 15.86% return and FBTC slightly higher at 16.43%.

GBTC

YTD

15.86%

1M

16.14%

6M

8.74%

1Y

61.09%

3Y*

72.86%

5Y*

55.26%

10Y*

75.32%

FBTC

YTD

16.43%

1M

16.31%

6M

9.51%

1Y

61.75%

3Y*

N/A

5Y*

N/A

10Y*

N/A

*Annualized

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Grayscale Bitcoin Trust (BTC)

Fidelity Wise Origin Bitcoin Trust

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

GBTC vs. FBTC — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBTC
The Risk-Adjusted Performance Rank of GBTC is 8585
Overall Rank
The Sharpe Ratio Rank of GBTC is 8787
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 8181
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7878
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 9393
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 8484
Martin Ratio Rank
FBTC
The Risk-Adjusted Performance Rank of FBTC is 8686
Overall Rank
The Sharpe Ratio Rank of FBTC is 8686
Sharpe Ratio Rank
The Sortino Ratio Rank of FBTC is 8787
Sortino Ratio Rank
The Omega Ratio Rank of FBTC is 8282
Omega Ratio Rank
The Calmar Ratio Rank of FBTC is 9494
Calmar Ratio Rank
The Martin Ratio Rank of FBTC is 8383
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

GBTC vs. FBTC - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust (BTC) (GBTC) 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.

The current GBTC Sharpe Ratio is 1.17, which is comparable to the FBTC Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of GBTC 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.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

GBTC vs. FBTC - Dividend Comparison

Neither GBTC nor FBTC has paid dividends to shareholders.

TTM20242023202220212020201920182017
GBTC
Grayscale Bitcoin Trust (BTC)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.26%
FBTC
Fidelity Wise Origin Bitcoin Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

GBTC vs. FBTC - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than FBTC's maximum drawdown of -28.21%. Use the drawdown chart below to compare losses from any high point for GBTC and FBTC.

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Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

GBTC vs. FBTC - Volatility Comparison

Grayscale Bitcoin Trust (BTC) (GBTC) and Fidelity Wise Origin Bitcoin Trust (FBTC) have volatilities of 8.80% and 8.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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