FBTC vs BITO: returns, risk and drawdowns compared
Fidelity Wise Origin Bitcoin Fund against ProShares Bitcoin Strategy ETF, over the same 2 years (February 2024 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2024 to October 2026, FBTC returned 28.0% a year and BITO 21.3% a year on average, so FBTC came out ahead by 6.7% a year. FBTC was the more volatile of the two (53.3% against 52.8% a year), and the deepest falls from a month-end high were 49.9% for FBTC and 51.5% for BITO.
The correlation of monthly returns was 1.00: they moved almost in lockstep.
Side by side
| FBTC | BITO | |
|---|---|---|
| Annual return (CAGR) | +28.0% | +21.3% |
| Total return | +97% | +70% |
| Annual volatility | 53.3% | 52.8% |
| Maximum drawdown (month-end) | −49.9% | −51.5% |
| Worst month | −22.6% | −21.8% |
| Best month | +45.9% | +45.0% |
| Positive months | 58% | 58% |
| Best year | 2025: −6.6% | 2025: −11.2% |
| Worst year | 2025: −6.6% | 2025: −11.2% |
| 1-year return | −24.7% | −27.1% |
| 5 years, a year | — | +0.7% |
| 10 years, a year | — | — |
| Trading currency | USD | USD |
First nine rows: the same 33 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: FBTC vs BITO
Returns by calendar year
| Year | FBTC | BITO |
|---|---|---|
| 2025 | −6.6% | −11.2% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, FBTC or BITO?
From February 2024 to October 2026, FBTC returned +28.0% a year and BITO +21.3% a year, with dividends reinvested. Past returns do not predict future returns.
Which is riskier, FBTC or BITO?
Over the same months annual volatility was 53.3% for FBTC and 52.8% for BITO; the deepest fall from a month-end high was 49.9% and 51.5%, and the worst single month −22.6% and −21.8%.
How correlated are FBTC and BITO?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.