IBIT vs. ETHV: A Tale of Two Cryptos
Key Points
Both IBIT and ETHV are single-asset crypto funds, but one is a Bitcoin fund while the other is dedicated to Ethereum.
IBIT offers much higher assets under management and liquidity than ETHV.
Bitcoin outperformed Ethereum this year, and that's reflected in the funds' performances.
- These 10 stocks could mint the next wave of millionaires ›
The big difference between the VanEck Ethereum ETF (NYSEMKT:ETHV) and the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is what they contain. That impacts both their scale and recent performance.
Both funds are designed to mirror the price movements of their respective cryptocurrencies -- Ethereum (CRYPTO:ETH) for ETHV and Bitcoin (CRYPTO:BTC) for IBIT. They are spot crypto ETFs, which offer investors a way to access crypto returns without holding coins directly.
IBIT commands far greater assets under management and a smaller recent loss. This comparison looks at their costs, risks, and key structural details to help investors decide which might suit their portfolios.
Snapshot (cost & size)
ETHV is slightly more affordable on fees, but IBIT’s higher expense ratio comes with dramatically greater assets under management and trading volume. Neither fund pays dividends or crypto staking rewards.
| Metric | ETHV | IBIT |
|---|---|---|
| Issuer | VanEck | IShares |
| Expense ratio | 0.20% | 0.25% |
| 1-yr return (as of Dec. 15, 2025) | (20.89%) | (10.05%) |
| Beta (1 year) | (10.28) | (3.59) |
| AUM | $175.83 million | $66.8 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from one-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
Performance & risk comparison
Crypto ETFs are relatively new investments. ETHV launched in Jun. 2024, and IBIT launched in Jan. 2024. To get an idea about historical prices, look at the performance of the assets themselves.
| Metric | ETHV | IBIT |
|---|---|---|
| Max drawdown (1 y) | (64.02%) | (32.71) |
| Growth of $1,000 over 1 year | $723.04 | $808.04 |
What's inside
The iShares Bitcoin Trust holds only Bitcoin, with a small amount of U.S. dollars in cash. It has been operating for nearly two years. With just one holding, IBIT is as concentrated as a fund can be, and there are no unique structural quirks or special features noted.
The VanEck Ethereum ETF is also a single-asset product, tracking only Ethereum with a negligible cash component. Like IBIT, it is intended as a pure play on its underlying cryptocurrency. Both funds are passive vehicles, with no additional strategy or overlays.
Check out our full guide for more on ETF investing.
What this means for investors
Cryptocurrency prices -- particularly Bitcoin -- soared this year. Both Ethereum and Bitcoin set new all-time highs. Record inflows to spot crypto ETFs, such as IBIT and ETHV, played a large part in driving prices upwards.
A direct comparison of the two funds doesn't tell us a lot, since the real question is whether you want to include Bitcoin or Ethereum (or both) in your portfolio.
- Bitcoin is by far the biggest cryptocurrency by market capitalization. It may have a role as a form of digital gold, an institutional investment, or currency in emerging markets. Some governments, including the U.S., have added Bitcoin to their balance sheets.
- Ethereum was the first-ever programmable cryptocurrency, and it still dominates this space. Programmable blockchains act as ecosystems where other applications, including other cryptocurrencies and decentralized finance projects, can be built. For example, Ethereum may be the engine behind many stablecoins run.
IBIT is the biggest spot Bitcoin ETF available. It also has the highest trading volumes. That makes the fund less likely to fail and also contributes to liquidity, which can be important if you want to sell. It's worth noting that the iShares Ethereum Trust ETF (NASDAQ:ETHA) is far bigger than other spot Ethereum ETFs, including VanEck's.
If you are new to cryptocurrency investing, it is important to understand that these are volatile and relatively unproven assets. Make sure that they only make up a small portion of your portfolio. When choosing a crypto ETF, pay attention to which firm will manage the custody of the crypto assets. IBIT and ETHV both have reputable crypto custodians.
Glossary
ETF: Exchange-traded fund; a fund traded on stock exchanges, holding assets like stocks, bonds, or commodities.
Assets under management (AUM): The total market value of assets a fund manages on behalf of investors.
Liquidity: How easily an asset or security can be bought or sold without affecting its price.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges to cover operating costs.
Beta: A measure of an asset's volatility compared to the overall market, often the S&P 500.
Drawdown: The decline from a fund's peak value to its lowest point over a specific period.
Passive vehicle: An investment fund that aims to replicate the performance of a specific index or asset, without active management.
Single-asset fund: A fund that invests in only one type of asset, such as Bitcoin or Ether.
Total return: The overall return from an investment, including price changes and any income, such as dividends.
Sector exposure: The proportion of a fund's assets allocated to specific industries or sectors.
Concentrated fund: A fund that invests in a small number of holdings, increasing exposure to those assets.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 962%* — a market-crushing outperformance compared to 193% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
See the stocks »
*Stock Advisor returns as of December 16, 2025.
Emma Newbery has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and iShares Bitcoin Trust. The Motley Fool has a disclosure policy.
Recommended Articles
