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%).
IBIT holds the edge across 3 of 5 key metrics in this comparison. IBIT has delivered stronger 1-year price return (-20.72% vs -20.74% for FBTC).
- 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
- 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
| Metric | FBTC | IBIT |
|---|---|---|
| ETF scorei | 23.4 | 23.4 |
| Latest closei | $69.60 | $45.33 |
| 1M returni | -6.64% | -6.65% |
| 3M returni | +23.36% | +23.38% |
| 6M returni | -1.86% | -1.86% |
| 1Y returni | -20.74% | -20.72% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
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 | $7.93K (-20.7%) started 2025-11-04 | $7.93K (-20.7%) started 2025-11-04 |
| 5Y ago | $17.03K (+70.3%) started 2024-01-11 | $17.02K (+70.2%) started 2024-01-11 |
| 10Y ago | $17.03K (+70.3%) started 2024-01-11 | $17.02K (+70.2%) started 2024-01-11 |
Hypothetical — past performance does not guarantee future results.
| Metric | FBTC | IBIT |
|---|---|---|
| Expense ratioi | 0.25% | 0.25% |
| Total assets (AUM)i | $13.47B | $62.3B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 2.22 | 1.74 |
| 52-week change | -20.74% | -20.72% |
| Metric | FBTC | IBIT |
|---|---|---|
| 1Y returni | -20.74% | -20.72% |
| 6M returni | -1.86% | -1.86% |
| 3M returni | +23.36% | +23.38% |
| 1M returni | -6.64% | -6.65% |
| 1Y Sharpe ratio | -0.41 | -0.40 |
| Betai | 2.22 | 1.74 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +20.81% | +20.80% |
Over the past year, FBTC and IBIT have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | FBTC | IBIT |
|---|---|---|---|
| 1Y | Growthi | -20.74% | -20.72% |
| CAGRi | -20.75% | -20.74% | |
| Volatilityi | 44.32% | 44.47% | |
| Sharpe ratioi | -0.41 | -0.40 | |
| Sortino ratioi | -0.57 | -0.57 | |
| Max drawdowni | 44.77% | 44.69% | |
| Current drawdowni | 24.70% | 24.69% | |
| Avg drawdowni | 27.52% | 27.55% | |
| Ulcer Indexi | 29.36% | 29.38% | |
| Max daily dropi | 13.22% | 13.16% | |
| Max wkly dropi | 24.20% | 24.16% | |
| 5Y | Growthi | +70.25% | +70.22% |
| CAGRi | +20.81% | +20.80% | |
| Volatilityi | 48.44% | 48.52% | |
| Sharpe ratioi | 0.54 | 0.54 | |
| Sortino ratioi | 0.81 | 0.81 | |
| Max drawdowni | 53.35% | 53.30% | |
| Current drawdowni | 36.40% | 36.41% | |
| Avg drawdowni | 20.01% | 20.03% | |
| Ulcer Indexi | 25.57% | 25.59% | |
| Max daily dropi | 14.41% | 14.41% | |
| Max wkly dropi | 24.20% | 24.16% | |
| 10Y | Growthi | +70.25% | +70.22% |
| CAGRi | +20.81% | +20.80% | |
| Volatilityi | 48.44% | 48.52% | |
| Sharpe ratioi | 0.54 | 0.54 | |
| Sortino ratioi | 0.81 | 0.81 | |
| Max drawdowni | 53.35% | 53.30% | |
| Current drawdowni | 36.40% | 36.41% | |
| Avg drawdowni | 20.01% | 20.03% | |
| Ulcer Indexi | 25.57% | 25.59% | |
| Max daily dropi | 14.41% | 14.41% | |
| Max wkly dropi | 24.20% | 24.16% |
| Category | FBTC | IBIT |
|---|---|---|
| Fund name | Fidelity Wise Origin Bitcoin Fund | iShares Bitcoin Trust ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.25% | 0.25% |
| Total assets (AUM)i | $13.47B | $62.3B |
| Dividend yieldi | 0.00% | 0.00% |
- 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
- 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
- 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
- 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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