SPDW vs. FBTC
SPDW (SPDR Portfolio World ex-US ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, SPDW returned 25.96% vs -44.68% for FBTC. At a 0.35 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 0.25%/yr for FBTC.
Performance
SPDW vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SPDW achieves a 12.05% return, which is significantly higher than FBTC's -25.63% return.
SPDW
- 1D
- -0.63%
- 1M
- -3.99%
- 6M
- 7.53%
- YTD
- 12.05%
- 1Y
- 25.96%
- 3Y*
- 17.27%
- 5Y*
- 9.46%
- 10Y*
- 9.88%
- ALL TIME*
- 4.99%
FBTC
- 1D
- 1.56%
- 1M
- 3.51%
- 6M
- -31.89%
- YTD
- -25.63%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.64%
SPDW vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 12.05% | 34.75% | 4.53% |
FBTC Fidelity Wise Origin Bitcoin Fund | -25.63% | -6.56% | 94.28% |
Correlation
The correlation between SPDW and FBTC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.35 |
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Return for Risk
SPDW vs. FBTC — Risk / Return Rank
SPDW
FBTC
SPDW vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.
| SPDW | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.83 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | -0.84 | +3.10 |
| Martin ratioReturn relative to average drawdown | 8.53 | -1.34 | +9.87 |
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Drawdowns
SPDW vs. FBTC - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for SPDW and FBTC.
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Drawdown Indicators
| SPDW | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -53.35% | -6.67% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -53.35% | +41.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | — | — |
Current DrawdownCurrent decline from peak | -4.05% | -48.20% | +44.15% |
Average DrawdownAverage peak-to-trough decline | -12.84% | -17.73% | +4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 33.39% | -30.34% |
Volatility
SPDW vs. FBTC - Volatility Comparison
The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 5.22%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 10.58%. This indicates that SPDW 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
| SPDW | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 10.58% | -5.36% |
Volatility (6M)Calculated over the trailing 6-month period | 14.97% | 34.53% | -19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 44.30% | -27.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 49.71% | -32.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.10% | 49.71% | -32.61% |
SPDW vs. FBTC - Expense Ratio Comparison
SPDW has a 0.04% 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
SPDW vs. FBTC - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 3.09%, 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% |
SPDW SPDR Portfolio World ex-US ETF | 3.09% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
SPDW and FBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTC has higher volatility (10.58%) compared to SPDW (5.22%). In terms of maximum drawdown, SPDW dropped -60.02% vs FBTC's -53.35%.
On 1-year performance, SPDW leads with 25.96% vs -44.68% for FBTC. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPDW has performed better with a 25.96% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.25% for FBTC.
SPDW has the higher dividend yield at 3.09%, compared with 0.00% for FBTC.
SPDW is categorized as Foreign Large Cap Equities, while FBTC is Cryptocurrency. SPDW tracks S&P Developed Ex-U.S. BMI Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.04% for SPDW and 0.25% for FBTC.
SPDW currently has the higher Sharpe Ratio (1.54 vs -1.01), 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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