SPY vs. FBTC

Last updated Jul 21, 2026

SPY (State Street SPDR S&P 500 ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, SPY returned 19.56% vs -44.68% for FBTC. At a 0.40 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.25%/yr for FBTC.

Performance

SPY vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 9.40% return, which is significantly higher than FBTC's -25.63% return.

SPY

• 1D: -0.16%
• 1M: -0.62%
• 6M: 7.86%
• YTD: 9.40%
• 1Y: 19.56%
• 3Y*: 19.43%
• 5Y*: 12.81%
• 10Y*: 14.90%
• ALL TIME*: 10.78%

FBTC

• 1D: 1.56%
• 1M: 3.51%
• 6M: -31.89%
• YTD: -25.63%
• 1Y: -44.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.64%

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

SPY vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	9.40%	17.72%	24.56%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.63%	-6.56%	94.28%

Correlation

The correlation between SPY and FBTC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.40

Return for Risk

SPY vs. FBTC — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 63
SPY Sharpe Ratio Rank: 63
SPY Sortino Ratio Rank: 61
SPY Omega Ratio Rank: 62
SPY Calmar Ratio Rank: 59
SPY Martin Ratio Rank: 72

FBTC

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

SPY vs. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	1.56	-1.01	+2.57
Sortino ratio: Return per unit of downside risk	2.17	-1.50	+3.67
Omega ratio: Gain probability vs. loss probability	1.28	0.83	+0.45
Calmar ratio: Return relative to maximum drawdown	2.21	-0.84	+3.05
Martin ratio: Return relative to average drawdown	9.59	-1.34	+10.93

SPY vs. FBTC - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.56, which is higher than the FBTC Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of SPY 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

SPY vs. FBTC - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for SPY and FBTC.

Drawdown Indicators

	SPY	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-53.35%	-1.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-53.35%	+44.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.05%	-48.20%	+46.15%
Average Drawdown Average peak-to-trough decline	-9.02%	-17.73%	+8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	33.39%	-31.35%

Volatility

SPY vs. FBTC - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 3.45%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 10.58%. This indicates that SPY 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

	SPY	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	10.58%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	34.53%	-24.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	44.30%	-31.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	49.71%	-32.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	49.71%	-31.77%

SPY vs. FBTC - Expense Ratio Comparison

SPY has a 0.09% 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

SPY vs. FBTC - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.01%, 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and FBTC in my portfolio?

SPY and FBTC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or FBTC?

FBTC has higher volatility (10.58%) compared to SPY (3.45%). In terms of maximum drawdown, SPY dropped -55.19% vs FBTC's -53.35%.

Which ETF is better, SPY or FBTC?

On 1-year performance, SPY leads with 19.56% vs -44.68% for FBTC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or FBTC?

Over the 1-year period, SPY has performed better with a 19.56% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or FBTC?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for FBTC.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for FBTC.

What is the main difference between SPY and FBTC?

SPY is categorized as S&P 500, while FBTC is Cryptocurrency. SPY tracks S&P 500 Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.09% for SPY and 0.25% for FBTC.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.56 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.