SPYM vs. FBTC
SPYM (State Street SPDR Portfolio S&P 500 ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - SPYM 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, SPYM returned 19.65% vs -44.68% for FBTC. At a 0.40 correlation, their price movements are largely independent. SPYM charges 0.02%/yr vs 0.25%/yr for FBTC.
Performance
SPYM vs. FBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SPYM achieves a 9.47% return, which is significantly higher than FBTC's -25.63% return.
SPYM
- 1D
- -0.14%
- 1M
- -0.60%
- 6M
- 7.91%
- YTD
- 9.47%
- 1Y
- 19.65%
- 3Y*
- 19.52%
- 5Y*
- 12.89%
- 10Y*
- 15.03%
- ALL TIME*
- 11.15%
FBTC
- 1D
- 1.56%
- 1M
- 3.51%
- 6M
- -31.89%
- YTD
- -25.63%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.64%
SPYM vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPYM State Street SPDR Portfolio S&P 500 ETF | 9.47% | 17.79% | 24.64% |
FBTC Fidelity Wise Origin Bitcoin Fund | -25.63% | -6.56% | 94.28% |
Correlation
The correlation between SPYM and FBTC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.40 |
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Return for Risk
SPYM vs. FBTC — Risk / Return Rank
SPYM
FBTC
SPYM vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.
| SPYM | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.69 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.83 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | -0.84 | +3.06 |
| Martin ratioReturn relative to average drawdown | 9.63 | -1.34 | +10.97 |
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Drawdowns
SPYM vs. FBTC - Drawdown Comparison
The maximum SPYM drawdown since its inception was -54.46%, roughly equal to the maximum FBTC drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for SPYM and FBTC.
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Drawdown Indicators
| SPYM | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.46% | -53.35% | -1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -53.35% | +44.45% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.87% | — | — |
Current DrawdownCurrent decline from peak | -2.01% | -48.20% | +46.19% |
Average DrawdownAverage peak-to-trough decline | -7.12% | -17.73% | +10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 33.39% | -31.34% |
Volatility
SPYM vs. FBTC - Volatility Comparison
The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 3.43%, while Fidelity Wise Origin Bitcoin Fund (FBTC) has a volatility of 10.58%. This indicates that SPYM 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
| SPYM | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.43% | 10.58% | -7.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.04% | 34.53% | -24.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.60% | 44.30% | -31.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 49.71% | -32.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 49.71% | -31.71% |
SPYM vs. FBTC - Expense Ratio Comparison
SPYM has a 0.02% 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
SPYM vs. FBTC - Dividend Comparison
SPYM's dividend yield for the trailing twelve months is around 1.04%, 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% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 1.04% | 1.13% | 1.28% | 1.44% | 1.69% | 1.25% | 1.54% | 1.79% | 2.23% | 1.75% | 1.97% | 1.98% |
Frequently Asked Questions
SPYM and FBTC have a correlation of 0.47, 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 SPYM (3.43%). In terms of maximum drawdown, SPYM dropped -54.46% vs FBTC's -53.35%.
On 1-year performance, SPYM leads with 19.65% vs -44.68% for FBTC. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPYM has performed better with a 19.65% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYM is cheaper with a 0.02% expense ratio, compared with 0.25% for FBTC.
SPYM has the higher dividend yield at 1.04%, compared with 0.00% for FBTC.
SPYM is categorized as S&P 500, while FBTC is Cryptocurrency. SPYM 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: 0.02% for SPYM and 0.25% for FBTC.
SPYM currently has the higher Sharpe Ratio (1.57 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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