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ETF Comparison

FBTC vs IBIT: Which Is the Better Pick in 2026?

A head-to-head comparison of Fidelity Wise Origin Bitcoin Fund and iShares Bitcoin Trust ETF covering yield, cost, risk, and income potential.

Updated October 16, 2026

How these figures are calculated: methodology.

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

FBTC has lagged IBIT over the trailing twelve months, posting a -24.92% total return against -24.87%. Measured from Jan 2024 — the start of shared available history — FBTC has compounded at 22.03% a year versus 22.02% for IBIT. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Jan 2024Volatility Sharpe Sortino Max drawdown
FBTC-7.06%-24.92%22.03%45.2%-0.73-1.00-49.1%
IBIT-7.05%-24.87%22.02%45.3%-0.73-1.00-49.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 11, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Not a distribution payer

FBTC (Fidelity Wise Origin Bitcoin Fund) has no distribution rate on file and its distribution frequency is None. FBTC is not a payer. The blank yield is not a zero yield. IBIT (iShares Bitcoin Trust ETF) has no distribution rate on file and its distribution frequency is None. IBIT is not a payer. The blank yield is not a zero yield.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFBTCIBIT
Full nameFidelity Wise Origin Bitcoin FundiShares Bitcoin Trust ETF
IssuerFidelity InvestmentsiShares
Last Close$70.85 as of October 16, 2026$46.15 as of October 16, 2026
Distribution rate——
Distribution Safety Score™ ——
Expense ratio0.25%0.25%
AUM$14.7B$66.3B
Distribution frequencyNoneNone
Underlying indexBitcoinBitcoin
ObjectiveBitcoin spot exposure through an exchange-traded bitcoin fund structure.Provide exposure to bitcoin price performance through a physically backed trust structure.
Asset classCurrencyEquity
Inception date01/10/202401/11/2024
Beta1.87791.8887

Bottom lineFBTC and IBIT are nearly interchangeable — both offer very similar bitcoin spot exposure with very similar cost and risk. Fees are effectively identical, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Crypto volatility. FBTC and IBIT sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Fidelity Investments
ETFs85
Total AUM$210B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FBTC.

See all ETFs from Fidelity Investments
iShares
ETFs468
Total AUM$4.70T

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.

See our curated list of related YouTube videos on IBIT.

See all ETFs from iShares

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Quick verdict

FBTC (Fidelity Wise Origin Bitcoin Fund) and IBIT (iShares Bitcoin Trust ETF) are both ETFs, but they take different approaches.

IBIT is the larger fund by assets ($66.3B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FBTC has no reported distribution yield yet, so a cash estimate is not available, while IBIT has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

FBTC yield—
IBIT yield—

Cost & efficiency

Over 10 years on $10,000, FBTC would cost approximately $250 in fees vs $250 for IBIT (simplified, not compounded). Both charge the same expense ratio.

FBTC ER0.25%
IBIT ER0.25%

Strategy & risk

Both FBTC and IBIT wrap Bitcoin with similar strategies (crypto and crypto). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.8779 for FBTC and 1.8887 for IBIT — effectively similar market sensitivity.

FBTC beta1.8779
IBIT beta1.8887

Fund details

FBTC is managed by Fidelity Investments (launched 01/10/2024) with $14.7B in assets. IBIT is managed by iShares (launched 01/11/2024) with $66.3B in assets.

FBTC AUM$14.7B
IBIT AUM$66.3B
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Frequently asked questions

Which of FBTC or IBIT pays more dividend income?

Neither FBTC nor IBIT currently reports a distribution yield, so neither is an income fund today. Compare them on holdings, cost, and total return instead.

What is the difference between FBTC and IBIT?

Both FBTC (Fidelity Wise Origin Bitcoin Fund) and IBIT (iShares Bitcoin Trust ETF) track Bitcoin with similar approaches — the labels "crypto" and "crypto" describe closely related mechanics. The real differences show up in yield target (— vs —), expense ratio (0.25% vs 0.25%), and issuer (Fidelity Investments vs iShares).

Can I hold both FBTC and IBIT?

You can, but expect significant overlap. Both funds use similar strategies on Bitcoin, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, FBTC or IBIT?

FBTC and IBIT both charge the same expense ratio of 0.25%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.

How much income does $10,000 in FBTC vs IBIT generate?

At current rates, FBTC does not pay distributions, so there is no cash income to estimate. IBIT does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, FBTC or IBIT?

FBTC has lagged IBIT over the trailing twelve months, posting a -24.92% total return against -24.87%. Measured from Jan 2024 — the start of shared available history — FBTC has compounded at 22.03% a year versus 22.02% for IBIT. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FBTC vs IBIT — at a glance

Generated October 17, 2026.

Overview

FBTC and IBIT are both spot bitcoin ETFs launched within a day of each other in January 2024, offering direct exposure to bitcoin's price without leverage or derivatives. The funds are structurally identical—both hold physical bitcoin and charge the same 0.25% expense ratio—but differ significantly in asset size, with IBIT holding $66.3B in assets versus FBTC's $14.7B.

How they differ

The single biggest difference is scale: IBIT has accumulated $66.3B compared to $14.7B, more than four times larger. Both charge 0.25% in annual fees and offer identical distribution structures—neither pays distributions. Their betas are nearly matched at 1.8779 and 1.8887, reflecting the same underlying bitcoin volatility. This distinction may influence which custodians or platforms offer easier access. Share price also differs—FBTC trades at $70.85 per share versus $46.15 for IBIT—but this reflects only the fund's share structure and does not affect the economic exposure to bitcoin.

Who each is best for

FBTC: Fits investors with existing Fidelity brokerage relationships or platforms that feature Fidelity products prominently, where account integration may streamline bitcoin exposure.

Key risks to know

  • Bitcoin volatility and price movement. Both funds track bitcoin directly, exposing holders to sharp price swings. The 1.8779 and 1.8887 betas indicate sensitivity roughly double that of broad equities during market moves.
  • Regulatory and custody risk. Bitcoin's regulatory status remains uncertain in many jurisdictions. Custody arrangements—how bitcoin is stored and secured against theft or loss—differ between operators and warrant independent verification.
  • Spot price tracking divergence. While both hold physical bitcoin, small deviations between the fund's net asset value and the real-time spot price can occur due to custody fees, deposit/withdrawal mechanics, or trading spreads, potentially reducing returns over time.
  • Adoption and liquidity risk. Bitcoin's price depends heavily on demand and adoption by institutions and retail investors. A sustained decline in adoption interest or regulatory crackdowns could suppress demand and prices.

Bottom line

If you already use Fidelity's ecosystem, FBTC offers seamless integration at an identical fee to IBIT. Both charge 0.25% and track the same underlying with similar volatility—the choice hinges on platform convenience and confidence in bitcoin's long-term role as an investable asset class. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Crypto covered-call funds, explained How to read a fund's stats NAV erosion, explained

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These comparisons follow the Dividend Vision methodology.