SPTL vs. FBTC

Last updated Jun 14, 2026

SPTL (SPDR Portfolio Long Term Treasury ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, SPTL returned 4.20% vs -39.70% for FBTC. At a 0.02 correlation, their price movements are largely independent. SPTL charges 0.03%/yr vs 0.25%/yr for FBTC.

Performance

SPTL vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Long Term Treasury ETF (SPTL) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPTL

• 1D: -0.31%
• 1M: 2.61%
• YTD: 0.00%
• 6M: 0.43%
• 1Y: 4.20%
• 3Y*: -0.28%
• 5Y*: -5.55%
• 10Y*: -1.24%

FBTC

• 1D: 0.11%
• 1M: -19.60%
• YTD: -27.39%
• 6M: -29.64%
• 1Y: -39.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPTL vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTL SPDR Portfolio Long Term Treasury ETF	0.00%	5.28%	-3.85%
FBTC Fidelity Wise Origin Bitcoin Fund	-27.39%	-6.56%	94.28%

Correlation

The correlation between SPTL and FBTC is 0.08, 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	0.08
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.02

Return for Risk

SPTL vs. FBTC — Risk / Return Rank

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

SPTL

SPTL Risk / Return Rank: 15
SPTL Sharpe Ratio Rank: 15
SPTL Sortino Ratio Rank: 15
SPTL Omega Ratio Rank: 14
SPTL Calmar Ratio Rank: 16
SPTL Martin Ratio Rank: 15

FBTC

FBTC Risk / Return Rank: 3
FBTC Sharpe Ratio Rank: 2
FBTC Sortino Ratio Rank: 3
FBTC Omega Ratio Rank: 3
FBTC Calmar Ratio Rank: 3
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.

SPTL vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) 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.

	SPTL	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.37	-0.93	+1.30
Sortino ratio: Return per unit of downside risk	0.60	-1.31	+1.90
Omega ratio: Gain probability vs. loss probability	1.07	0.85	+0.21
Calmar ratio: Return relative to maximum drawdown	0.46	-0.78	+1.25
Martin ratio: Return relative to average drawdown	1.17	-1.37	+2.54

SPTL vs. FBTC - Sharpe Ratio Comparison

The current SPTL Sharpe Ratio is 0.37, which is higher than the FBTC Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of SPTL 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

SPTL vs. FBTC - Drawdown Comparison

The maximum SPTL drawdown since its inception was -46.20%, smaller than the maximum FBTC drawdown of -52.07%. Use the drawdown chart below to compare losses from any high point for SPTL and FBTC.

Drawdown Indicators

	SPTL	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-52.07%	+5.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-52.07%	+45.03%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	-36.63%	-49.42%	+12.79%
Average Drawdown Average peak-to-trough decline	-14.27%	-16.46%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	29.61%	-26.82%

Volatility

SPTL vs. FBTC - Volatility Comparison

The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.73%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 11.97%. This indicates that SPTL 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

	SPTL	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	11.97%	-9.24%
Volatility (6M) Calculated over the trailing 6-month period	6.12%	34.39%	-28.27%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	43.98%	-35.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	50.13%	-35.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.95%	50.13%	-36.18%

SPTL vs. FBTC - Expense Ratio Comparison

SPTL has a 0.03% 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

SPTL vs. FBTC - Dividend Comparison

SPTL's dividend yield for the trailing twelve months is around 4.20%, 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%
SPTL SPDR Portfolio Long Term Treasury ETF	4.20%	4.12%	4.03%	3.24%	2.75%	1.68%	1.71%	2.45%	2.69%	2.53%	2.56%	2.60%

Frequently Asked Questions

Can I hold both SPTL and FBTC in my portfolio?

SPTL and FBTC have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTL or FBTC?

FBTC has higher volatility (11.97%) compared to SPTL (2.73%). In terms of maximum drawdown, SPTL dropped -46.20% vs FBTC's -52.07%.

Which ETF is better, SPTL or FBTC?

On 1-year performance, SPTL leads with 4.20% vs -39.70% for FBTC. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTL or FBTC?

Over the 1-year period, SPTL has performed better with a 4.20% return vs -39.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTL or FBTC?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.25% for FBTC.

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

SPTL has the higher dividend yield at 4.20%, compared with 0.00% for FBTC.

What is the main difference between SPTL and FBTC?

SPTL is categorized as Government Bonds, while FBTC is Cryptocurrency. SPTL tracks Bloomberg Long U.S. Treasury Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.03% for SPTL and 0.25% for FBTC.

Which has better risk-adjusted returns?

SPTL currently has the higher Sharpe Ratio (0.37 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.