IBLC vs. FBTC

Last updated Jul 14, 2026

IBLC (iShares Blockchain and Tech ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds - IBLC tracks the ICE FactSet Global Blockchain Technologies Index while FBTC tracks the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, IBLC returned 13.40% vs -47.53% for FBTC. A 0.69 correlation means they provide meaningful diversification when combined. IBLC charges 0.47%/yr vs 0.25%/yr for FBTC.

Performance

IBLC vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Blockchain and Tech ETF (IBLC) 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, IBLC achieves a 8.78% return, which is significantly higher than FBTC's -28.99% return.

IBLC

• 1D: -3.55%
• 1M: -13.91%
• 6M: -4.85%
• YTD: 8.78%
• 1Y: 13.40%
• 3Y*: 26.36%
• 5Y*: —
• 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)

IBLC vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBLC iShares Blockchain and Tech ETF	8.78%	27.05%	20.96%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.99%	-6.56%	94.28%

Correlation

The correlation between IBLC and FBTC is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.69

The correlation between IBLC and FBTC has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

IBLC vs. FBTC — Risk / Return Rank

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

IBLC

IBLC Risk / Return Rank: 14
IBLC Sharpe Ratio Rank: 13
IBLC Sortino Ratio Rank: 17
IBLC Omega Ratio Rank: 16
IBLC Calmar Ratio Rank: 13
IBLC Martin Ratio Rank: 13

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.

IBLC vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Blockchain and Tech ETF (IBLC) 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.

	IBLC	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.24	-1.08	+1.32
Sortino ratio: Return per unit of downside risk	0.73	-1.66	+2.38
Omega ratio: Gain probability vs. loss probability	1.08	0.82	+0.27
Calmar ratio: Return relative to maximum drawdown	0.30	-0.89	+1.19
Martin ratio: Return relative to average drawdown	0.57	-1.46	+2.03

IBLC vs. FBTC - Sharpe Ratio Comparison

The current IBLC Sharpe Ratio is 0.24, which is higher than the FBTC Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of IBLC 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

IBLC vs. FBTC - Drawdown Comparison

The maximum IBLC drawdown since its inception was -62.54%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for IBLC and FBTC.

Drawdown Indicators

	IBLC	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-62.54%	-53.35%	-9.19%
Max Drawdown (1Y) Largest decline over 1 year	-44.94%	-53.35%	+8.41%
Max Drawdown (3Y) Largest decline over 3 years	-51.68%	—	—
Current Drawdown Current decline from peak	-28.48%	-50.54%	+22.06%
Average Drawdown Average peak-to-trough decline	-25.74%	-17.49%	-8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.54%	32.68%	-9.14%

Volatility

IBLC vs. FBTC - Volatility Comparison

iShares Blockchain and Tech ETF (IBLC) has a higher volatility of 14.26% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 11.38%. This indicates that IBLC's price experiences larger fluctuations and is considered to be riskier than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBLC	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.26%	11.38%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	41.30%	34.71%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	55.60%	44.27%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.34%	49.84%	+14.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.34%	49.84%	+14.50%

IBLC vs. FBTC - Expense Ratio Comparison

IBLC has a 0.47% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

IBLC vs. FBTC - Dividend Comparison

IBLC's dividend yield for the trailing twelve months is around 5.75%, while FBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FBTC Fidelity Wise Origin Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%
IBLC iShares Blockchain and Tech ETF	5.75%	6.31%	1.60%	1.79%	0.84%

Frequently Asked Questions

Can I hold both IBLC and FBTC in my portfolio?

IBLC and FBTC have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBLC or FBTC?

IBLC has higher volatility (14.26%) compared to FBTC (11.38%). In terms of maximum drawdown, IBLC dropped -62.54% vs FBTC's -53.35%.

Which ETF is better, IBLC or FBTC?

On 1-year performance, IBLC leads with 13.40% vs -47.53% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBLC or FBTC?

Over the 1-year period, IBLC has performed better with a 13.40% return vs -47.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBLC or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 0.47% for IBLC.

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

IBLC has the higher dividend yield at 5.75%, compared with 0.00% for FBTC.

What is the main difference between IBLC and FBTC?

IBLC tracks ICE FactSet Global Blockchain Technologies Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.47% for IBLC and 0.25% for FBTC.

Which has better risk-adjusted returns?

IBLC currently has the higher Sharpe Ratio (0.24 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.