GFOF vs. FBTC

Last updated Jun 5, 2026

GFOF (Grayscale Future of Finance ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. GFOF charges 0.70%/yr vs 0.25%/yr for FBTC.

Performance

GFOF vs. FBTC - Performance Comparison

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

Returns By Period

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBTC

• 1D: -2.88%
• 1M: -22.24%
• YTD: -27.50%
• 6M: -31.48%
• 1Y: -39.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GFOF vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	77.69%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.50%	-6.56%	99.56%

Correlation

The correlation between GFOF and FBTC is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.42

Return for Risk

GFOF vs. FBTC — Risk / Return Rank

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

FBTC

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

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.

GFOF vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Future of Finance ETF (GFOF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GFOF	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.27	—

Drawdowns

Drawdown Indicators

	GFOF	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	—	-49.50%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-49.50%	—
Current Drawdown Current decline from peak	—	-49.50%	—
Average Drawdown Average peak-to-trough decline	—	-16.06%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.58%	—

Volatility

Volatility by Period

	GFOF	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	43.65%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	50.12%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	50.12%	—

GFOF vs. FBTC - Expense Ratio Comparison

GFOF has a 0.70% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

GFOF vs. FBTC - Dividend Comparison

Neither GFOF nor FBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%

Frequently Asked Questions

Can I hold both GFOF and FBTC in my portfolio?

GFOF and FBTC have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFOF or FBTC?

On fees, FBTC is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFOF or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.70% for GFOF.

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

GFOF and FBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between GFOF and FBTC?

GFOF is categorized as Blockchain, while FBTC is Cryptocurrency. GFOF tracks Bloomberg Grayscale Future of Finance Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: Grayscale and Fidelity. Their fees differ too: 0.70% for GFOF and 0.25% for FBTC.