FBTC vs GBTC: returns, risk and drawdowns compared
Fidelity Wise Origin Bitcoin Fund against Grayscale Bitcoin Trust ETF, over the same 2 years (February 2024 to October 2026) with dividends reinvested.
Data updated October 2026
FBTC
Fidelity Wise Origin Bitcoin Fund
10,000 became
19,729
- A year on average
- +28.0%
- Annual volatility
- 53.3%
- Deepest fall
- −49.9%
- Worst month
- −22.6%
GBTC
Grayscale Bitcoin Trust ETF
10,000 became
15,562
- A year on average
- +17.4%
- Annual volatility
- 53.3%
- Deepest fall
- −50.4%
- Worst month
- −21.8%
FBTC came out ahead by 10.6 percentage points a year from February 2024 to October 2026. FBTC swung more (53.3% against 53.3% a year). The correlation of monthly returns was 0.99: they moved almost in lockstep.
Growth of 10,000: FBTC vs GBTC
Falls from the previous high
Month-end values. Deepest fall: FBTC −49.9%, GBTC −50.4%.
All the figures
| FBTC | GBTC | |
|---|---|---|
| Annual return (CAGR) | +28.0% | +17.4% |
| Total return | +97% | +56% |
| Annual volatility | 53.3% | 53.3% |
| Deepest fall (month-end) | −49.9% | −50.4% |
| Worst month | −22.6% | −21.8% |
| Best month | +45.9% | +45.7% |
| Positive months | 58% | 52% |
| Best year | 2025: −6.6% | 2025: −7.6% |
| Worst year | 2025: −6.6% | 2025: −7.6% |
| 1-year return | −24.7% | −27.9% |
| 5 years, a year | — | +3.9% |
| 10 years, a year | — | +11.9% |
| Trading currency | USD | USD |
First nine rows: the same 33 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half FBTC, half GBTC
| FBTC alone | GBTC alone | 50/50 | |
|---|---|---|---|
| A year on average | +28.0% | +17.4% | +22.8% |
| Annual volatility | 53.3% | 53.3% | 53.1% |
| Deepest fall (month-end) | −49.9% | −50.4% | −50.1% |
| Worst month | −22.6% | −21.8% | −21.8% |
With a correlation of 0.99 the mix behaved almost like either fund alone: its volatility of 53.1% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, FBTC or GBTC?
From February 2024 to October 2026, FBTC returned +28.0% a year and GBTC +17.4% a year, with dividends reinvested. Past returns do not predict future returns.
Which is riskier, FBTC or GBTC?
Over the same months annual volatility was 53.3% for FBTC and 53.3% for GBTC; the deepest fall from a month-end high was 49.9% and 50.4%, and the worst single month −22.6% and −21.8%.
How correlated are FBTC and GBTC?
The correlation of their monthly returns was 0.99: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both FBTC and GBTC?
Half in each, rebalanced every month, returned +22.8% a year over the same period, with 53.1% annual volatility and a deepest month-end fall of 50.1%.
More comparisons
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.
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.