LIVE
FBTC
Fidelity Wise Origin Bitcoin Fund · Crypto ETF
$54.77
-18.03% this month
VERSUS
⟷
COMPARE
IBIT
iShares Bitcoin Trust ETF · Crypto ETF
$35.62
-18.11% this month
Scoreboard verdict
Across expense ratio, momentum, yield, fund size, risk
FBTC
1
IBIT
1
Comparison scoreboard
MIXED SETUPExp. Ratio
FBTC 0.25%
IBIT 0.25%
1Y Return
FBTC ✓-39.57%
IBIT -39.60%
Div. Yield
FBTC 0.00%
IBIT 0.00%
AUM
FBTC $13.4B
IBIT ✓$58.12B
Beta
FBTC N/A
IBIT 1.71
Metrics last refreshed: 6/20/2026
Quick take
FBTC vs IBIT ETF Comparison: AI Score, Valuation, Performance and Upside
FBTC and IBIT are the two highest-quality spot Bitcoin ETFs — both at 0.25% expense ratio, both with $10B+ AUM, and both backed by leading financial institutions. The primary differentiators are custody model (Fidelity self-custody vs Coinbase for IBIT) and ecosystem (Fidelity retail clients prefer FBTC; institutional advisors prefer IBIT). Performance will be essentially identical. The choice is driven by where you hold your accounts.
FBTC vs IBIT — Fidelity Wise Origin Bitcoin Fund (Fidelity's self-custodied spot Bitcoin ETF with massive retail distribution through Fidelity's brokerage and retirement platforms at 0.25%) versus iShares Bitcoin Trust (BlackRock's spot Bitcoin ETF with Coinbase custody that became the world's largest Bitcoin fund via institutional advisor adoption at 0.25%).
Live analysis · updated 6/20/2026
FBTC and IBIT are closely matched — they split the tracked metrics evenly. FBTC has delivered stronger 1-year price return (-39.57% vs -39.60% for IBIT).
Normalized 1Y performance
FBTC
IBIT
Recent returns
FBTC
IBIT
Who should consider this stock?
FBTC may suit investors who:
- →hold accounts at Fidelity brokerage or Fidelity 401k plans where FBTC is the natural Bitcoin ETF integration — commission-free trading and seamless portfolio integration within the Fidelity platform
- →prefer Fidelity's self-custody model for Bitcoin — Fidelity Digital Assets holding Bitcoin internally avoids Coinbase counterparty dependency for investors with strong views on custody counterparties
- →are Fidelity retail clients who use Fidelity's research, portfolio planning, and automatic investment tools that feature FBTC in their Bitcoin allocation recommendations
- →want the institutional credibility of a Fidelity-branded Bitcoin fund with identical 0.25% cost to IBIT — Fidelity's $10T+ AUM firm backing FBTC provides comparable institutional assurance to BlackRock/IBIT
IBIT may suit investors who:
- →invest through financial advisors and RIAs who have standardized on IBIT as the Bitcoin allocation vehicle in institutional model portfolios — BlackRock's advisor channel distribution makes IBIT the de facto institutional Bitcoin ETF
- →need maximum Bitcoin ETF liquidity for large institutional positions where IBIT's $30B+ AUM and highest daily volume create the most liquid options market for hedging
- →prefer BlackRock's Coinbase custody pairing as the recognized institutional Bitcoin custody standard — Coinbase's regulated Prime Trust custodian is more familiar to institutional compliance teams
- →are investing through non-Fidelity brokerages where IBIT's iShares branding and BlackRock relationships ensure the best institutional support and research access
Performance & AI score
| Metric | FBTC | IBIT |
|---|---|---|
| ETF score | 41.0 | 52.0 |
| Latest close | $54.77 | $35.62 |
| 1M return | -18.03% | -18.11% |
| 6M return | -26.83% | -26.87% |
| 1Y return | -39.57% | -39.60% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | FBTC | IBIT |
|---|---|---|
| 1Y ago | $6.04K (-39.6%) started 2025-06-18 | $6.04K (-39.6%) started 2025-06-18 |
| 5Y ago | $13.4K (+34.0%) started 2024-01-11 | $13.38K (+33.8%) started 2024-01-11 |
| 10Y ago | $13.4K (+34.0%) started 2024-01-11 | $13.38K (+33.8%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
Fund characteristics
| Metric | FBTC | IBIT |
|---|---|---|
| Expense ratio | 0.25% | 0.25% |
| Total assets (AUM) | $13.4B | $58.12B |
| Dividend yield | 0.00% | 0.00% |
| Trailing P/E | N/A | N/A |
| Beta | N/A | 1.71 |
| 52-week change | -39.57% | -39.60% |
Risk & fund metrics
| Metric | FBTC | IBIT |
|---|---|---|
| 1Y return | -39.57% | -39.60% |
| 6M return | -26.83% | -26.87% |
| 1M return | -18.03% | -18.11% |
| 1Y Sharpe ratio | -1.03 | -1.03 |
| Beta | N/A | 1.71 |
| Dividend yield | 0.00% | 0.00% |
| 5Y CAGR | +12.77% | +12.69% |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
FBTC max drawdown52.07%
IBIT max drawdown52.11%
FBTC max wkly drop24.20%
IBIT max wkly drop24.16%
5Y risk snapshot
FBTC max drawdown52.07%
IBIT max drawdown52.11%
FBTC max wkly drop24.20%
IBIT max wkly drop24.16%
10Y risk snapshot
FBTC max drawdown52.07%
IBIT max drawdown52.11%
FBTC max wkly drop24.20%
IBIT max wkly drop24.16%
Performance metrics by period
| Period | Metric | FBTC | IBIT |
|---|---|---|---|
| 1Y | Growth | -39.57% | -39.60% |
| CAGR | -39.59% | -39.62% | |
| Sharpe ratio | -1.03 | -1.03 | |
| Max drawdown | 52.07% | 52.11% | |
| Max daily drop | 13.22% | 13.16% | |
| Max wkly drop | 24.20% | 24.16% | |
| 5Y | Growth | +33.98% | +33.76% |
| CAGR | +12.77% | +12.69% | |
| Sharpe ratio | 0.40 | 0.40 | |
| Max drawdown | 52.07% | 52.11% | |
| Max daily drop | 14.41% | 14.41% | |
| Max wkly drop | 24.20% | 24.16% | |
| 10Y | Growth | +33.98% | +33.76% |
| CAGR | +12.77% | +12.69% | |
| Sharpe ratio | 0.40 | 0.40 | |
| Max drawdown | 52.07% | 52.11% | |
| Max daily drop | 14.41% | 14.41% | |
| Max wkly drop | 24.20% | 24.16% |
Fund overview
| Category | FBTC | IBIT |
|---|---|---|
| Fund name | Fidelity Wise Origin Bitcoin Fund | iShares Bitcoin Trust ETF |
| Type | ETF | ETF |
| Expense ratio | 0.25% | 0.25% |
| Total assets (AUM) | $13.4B | $58.12B |
| Dividend yield | 0.00% | 0.00% |
FBTC strengths
- →Fidelity self-custody of Bitcoin: Fidelity Digital Assets manages Bitcoin custody internally — investors who prefer not having Coinbase as counterparty risk can hold Bitcoin exposure through Fidelity's proprietary custody infrastructure
- →Fidelity retail distribution advantage: Fidelity's tens of millions of retail and retirement accounts create massive natural distribution for FBTC — the fund is featured prominently in Fidelity's investment recommendations
- →0.25% expense ratio matching IBIT: FBTC offers identical cost to IBIT — the Bitcoin ETF expense war has converged to a near-commodity 0.25% among top-tier funds
IBIT strengths
- →World's largest Bitcoin fund at $30B+: IBIT's dominant AUM creates unmatched Bitcoin ETF liquidity — most liquid options market among Bitcoin ETFs for institutional hedging
- →BlackRock + Coinbase custody pairing: the combination of BlackRock management and Coinbase's regulated crypto custody provides the most recognizable institutional counterparty combination in Bitcoin ETFs
- →Financial advisor adoption: BlackRock's relationships with RIAs and wirehouse advisors have driven IBIT into advisor model portfolios — financial advisor channel provides IBIT with structural distribution advantage vs FBTC
Risks to watch — FBTC
- →Lower AUM than IBIT limits some institutional liquidity: FBTC has $15B+ vs IBIT's $30B+ — IBIT's deeper market depth marginally reduces bid-ask spreads for very large institutional Bitcoin trades
- →Fidelity custody introduces counterparty concentration: using Fidelity Digital Assets for custody creates counterparty concentration with a single institution vs IBIT's Coinbase-external custody separation
- →Both track Bitcoin price identically: FBTC and IBIT will perform essentially identically before costs — expense ratio and custody are the only meaningful differentiation factors
Risks to watch — IBIT
- →Coinbase single-custodian concentration: IBIT's reliance on Coinbase for Bitcoin custody creates counterparty risk if Coinbase faced regulatory or operational issues
- →Same 0.25% expense as FBTC: IBIT has no fee advantage over FBTC — the two are near-equivalent in cost for the individual investor
- →Bitcoin volatility is the primary risk: IBIT's institutional backing doesn't reduce Bitcoin's inherent 50-80% bear market drawdown potential — the asset itself is the dominant risk factor
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