IEF vs. FBTC
IEF (iShares 7-10 Year Treasury Bond ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, IEF returned 3.39% vs -40.63% for FBTC. At a 0.01 correlation, their price movements are largely independent. IEF charges 0.15%/yr vs 0.25%/yr for FBTC.
Performance
IEF vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.47% return, which is significantly higher than FBTC's -27.39% return.
IEF
- 1D
- -0.17%
- 1M
- 0.19%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.39%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
FBTC
- 1D
- 0.11%
- 1M
- -20.13%
- YTD
- -27.39%
- 6M
- -29.64%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEF vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | 0.33% |
FBTC Fidelity Wise Origin Bitcoin Fund | -27.39% | -6.56% | 94.28% |
Correlation
The correlation between IEF and FBTC is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.01 |
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Return for Risk
IEF vs. FBTC — Risk / Return Rank
IEF
FBTC
IEF vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.85 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.78 | +1.62 |
| Martin ratioReturn relative to average drawdown | 2.35 | -1.37 | +3.72 |
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Drawdowns
IEF vs. FBTC - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum FBTC drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for IEF and FBTC.
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Drawdown Indicators
| IEF | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -52.07% | +28.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -52.07% | +48.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.18% | -49.42% | +38.24% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -16.46% | +11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 29.61% | -28.16% |
Volatility
IEF vs. FBTC - Volatility Comparison
The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.62%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.97%. This indicates that IEF 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
| IEF | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 11.97% | -10.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 34.39% | -30.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 43.98% | -39.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 50.13% | -42.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 50.13% | -43.50% |
IEF vs. FBTC - Expense Ratio Comparison
IEF 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
IEF vs. FBTC - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.89%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
IEF and FBTC have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (11.97%) compared to IEF (1.62%). In terms of maximum drawdown, IEF dropped -23.93% vs FBTC's -52.07%.
On 1-year performance, IEF leads with 3.39% vs -40.63% for FBTC. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IEF has performed better with a 3.39% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.25% for FBTC.
IEF has the higher dividend yield at 3.89%, compared with 0.00% for FBTC.
IEF is categorized as Government Bonds, while FBTC is Cryptocurrency. IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.15% for IEF and 0.25% for FBTC.
IEF currently has the higher Sharpe Ratio (0.72 vs -0.93), 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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