ONEQ vs. FBTC

Last updated Jul 15, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, ONEQ returned 27.78% vs -46.31% for FBTC. At a 0.43 correlation, their price movements are largely independent. ONEQ charges 0.21%/yr vs 0.25%/yr for FBTC.

Performance

ONEQ vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) 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, ONEQ achieves a 13.26% return, which is significantly higher than FBTC's -26.25% return.

ONEQ

• 1D: 0.94%
• 1M: 1.09%
• 6M: 11.11%
• YTD: 13.26%
• 1Y: 27.78%
• 3Y*: 23.87%
• 5Y*: 13.60%
• 10Y*: 19.15%

FBTC

• 1D: 3.86%
• 1M: 1.57%
• 6M: -31.71%
• YTD: -26.25%
• 1Y: -46.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEQ vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ONEQ Fidelity Nasdaq Composite Index ETF	13.26%	20.89%	29.78%
FBTC Fidelity Wise Origin Bitcoin Fund	-26.25%	-6.56%	94.28%

Correlation

The correlation between ONEQ and FBTC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.43

Return for Risk

ONEQ vs. FBTC — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 57
ONEQ Sharpe Ratio Rank: 59
ONEQ Sortino Ratio Rank: 56
ONEQ Omega Ratio Rank: 56
ONEQ Calmar Ratio Rank: 55
ONEQ Martin Ratio Rank: 58

FBTC

FBTC Risk / Return Rank: 2
FBTC Sharpe Ratio Rank: 1
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.

ONEQ vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) 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.

	ONEQ	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.58	-1.05	+2.63
Sortino ratio: Return per unit of downside risk	2.16	-1.59	+3.75
Omega ratio: Gain probability vs. loss probability	1.28	0.83	+0.45
Calmar ratio: Return relative to maximum drawdown	2.21	-0.87	+3.08
Martin ratio: Return relative to average drawdown	8.01	-1.41	+9.42

ONEQ vs. FBTC - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.58, which is higher than the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of ONEQ 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

ONEQ vs. FBTC - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, roughly equal to the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for ONEQ and FBTC.

Drawdown Indicators

	ONEQ	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-53.35%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-53.35%	+40.71%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-3.32%	-48.63%	+45.31%
Average Drawdown Average peak-to-trough decline	-7.93%	-17.54%	+9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	32.83%	-29.35%

Volatility

ONEQ vs. FBTC - Volatility Comparison

The current volatility for Fidelity Nasdaq Composite Index ETF (ONEQ) is 6.39%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.72%. This indicates that ONEQ 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

	ONEQ	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	11.72%	-5.33%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	34.95%	-20.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	44.37%	-26.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	49.86%	-27.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	49.86%	-28.08%

ONEQ vs. FBTC - Expense Ratio Comparison

ONEQ has a 0.21% 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

ONEQ vs. FBTC - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.86%, 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%
ONEQ Fidelity Nasdaq Composite Index ETF	0.86%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Frequently Asked Questions

Can I hold both ONEQ and FBTC in my portfolio?

ONEQ and FBTC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEQ or FBTC?

FBTC has higher volatility (11.72%) compared to ONEQ (6.39%). In terms of maximum drawdown, ONEQ dropped -55.09% vs FBTC's -53.35%.

Which ETF is better, ONEQ or FBTC?

On 1-year performance, ONEQ leads with 27.78% vs -46.31% for FBTC. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or FBTC?

Over the 1-year period, ONEQ has performed better with a 27.78% return vs -46.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or FBTC?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.25% for FBTC.

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

ONEQ has the higher dividend yield at 0.86%, compared with 0.00% for FBTC.

What is the main difference between ONEQ and FBTC?

ONEQ is categorized as Large Cap Growth Equities, while FBTC is Cryptocurrency. ONEQ tracks Nasdaq Composite Index, while FBTC tracks Fidelity Bitcoin Reference Rate. Their fees differ too: 0.21% for ONEQ and 0.25% for FBTC.

Which has better risk-adjusted returns?

ONEQ currently has the higher Sharpe Ratio (1.58 vs -1.05), 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.