SPBC vs. FBTC
SPBC (Simplify US Equity PLUS GBTC ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. SPBC is actively managed, while FBTC is passively managed. Over the past year, SPBC returned 21.45% vs -38.65% for FBTC. A 0.65 correlation means they provide meaningful diversification when combined. SPBC charges 0.50%/yr vs 0.25%/yr for FBTC.
Performance
SPBC vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 7.71% return, which is significantly higher than FBTC's -25.34% return.
SPBC
- 1D
- -0.90%
- 1M
- 3.04%
- YTD
- 7.71%
- 6M
- 7.18%
- 1Y
- 21.45%
- 3Y*
- 28.29%
- 5Y*
- 15.96%
- 10Y*
- —
FBTC
- 1D
- -2.65%
- 1M
- -18.37%
- YTD
- -25.34%
- 6M
- -29.78%
- 1Y
- -38.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPBC vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 7.71% | 16.83% | 33.91% |
FBTC Fidelity Wise Origin Bitcoin Fund | -25.34% | -6.56% | 99.56% |
Correlation
The correlation between SPBC and FBTC is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.65 |
The correlation between SPBC and FBTC has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
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Return for Risk
SPBC vs. FBTC — Risk / Return Rank
SPBC
FBTC
SPBC vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.
| SPBC | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.38 | ||
| Sortino ratioReturn per unit of downside risk | +3.30 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.86 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.79 | +2.55 |
| Martin ratioReturn relative to average drawdown | 6.38 | -1.36 | +7.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPBC | FBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | -0.89 | +2.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.30 | +0.49 |
Drawdowns
SPBC vs. FBTC - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum FBTC drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for SPBC and FBTC.
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Drawdown Indicators
| SPBC | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -49.33% | +15.34% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -49.33% | +37.09% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | — | — |
Current DrawdownCurrent decline from peak | -1.28% | -48.00% | +46.72% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -16.01% | +7.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 28.41% | -25.04% |
Volatility
SPBC vs. FBTC - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 3.38%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 9.39%. This indicates that SPBC 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
| SPBC | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 9.39% | -6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.92% | 34.38% | -23.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 43.61% | -29.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 50.13% | -29.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 50.13% | -29.74% |
SPBC vs. FBTC - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is higher than FBTC's 0.25% expense ratio.
Dividends
SPBC vs. FBTC - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.83%, while FBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FBTC Fidelity Wise Origin Bitcoin Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.83% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% |
Frequently Asked Questions
SPBC and FBTC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (9.39%) compared to SPBC (3.38%). In terms of maximum drawdown, SPBC dropped -33.99% vs FBTC's -49.33%.
On 1-year performance, SPBC leads with 21.45% vs -38.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, SPBC has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPBC has performed better with a 21.45% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBTC is cheaper with a 0.25% expense ratio, compared with 0.50% for SPBC.
SPBC has the higher dividend yield at 0.83%, compared with 0.00% for FBTC.
SPBC is categorized as Diversified Portfolio, while FBTC is Cryptocurrency. They also come from different issuers: Simplify and Fidelity. Their fees differ too: 0.50% for SPBC and 0.25% for FBTC.
SPBC currently has the higher Sharpe Ratio (1.49 vs -0.89), 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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