Bitcoin vs. Ethereum ETFs: Price Upside or Network Growth
Key Points
Both FBTC and ETHA charge the same 0.25% expense ratio, but FBTC is larger by assets under management
ETHA posted a smaller one-year loss than FBTC, yet saw a much steeper maximum drawdown
Both funds track the price of a single crypto asset, with FBTC focused on bitcoin and ETHA on ether
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FIDELITY WISE ORIGIN BITCOIN FUND (NYSEMKT:FBTC) and iShares Ethereum Trust ETF (NASDAQ:ETHA) both offer pure-play crypto exposure at identical expense ratios, but differ in asset focus, risk profile, and scale.
Both FIDELITY WISE ORIGIN BITCOIN FUND (FBTC) and iShares Ethereum Trust ETF (ETHA) aim to provide investors with straightforward access to the price movements of a single cryptocurrency—bitcoin for FBTC, ether for ETHA—without the need to hold the digital assets directly. This comparison looks at cost, recent returns, risk, and what is inside to help investors decide which may better fit their portfolio objectives.
Snapshot (cost & size)
| Metric | FBTC | ETHA |
|---|---|---|
| Issuer | Fidelity | IShares |
| Expense ratio | 0.25% | 0.25% |
| 1-yr return (as of 2026-01-23) | -13.70% | -9.72% |
| AUM | $17.68 billion | $10.3 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
With both funds priced at a 0.25% expense ratio, neither offers a clear cost advantage, so the decision comes down to differences in exposure, risk, and scale rather than fees.
Performance & risk comparison
| Metric | FBTC | ETHA |
|---|---|---|
| Max drawdown (1 y) | (32.64%) | (56.16%) |
| Growth of $1,000 over 1 year | $863 | $903 |
What's inside
ETHA delivers direct exposure to ether, with 100% of its portfolio allocated to Ether (CRYPTO:ETH) and no other assets or sector tilts. This single-asset focus means performance is entirely tethered to ether’s price, and the fund has been in operation for 1.6 years. Its top holdings are Ether (CRYPTO:ETH) 100.00% and USD Cash (CASH:USD) 0.00%.
FBTC, in contrast, tracks bitcoin nearly exclusively, holding 99.98% in Bitcoin (CRYPTO:BTC) and a negligible amount in Net Other Assets. Like ETHA, FBTC does not diversify across sectors or asset classes, but it is larger by assets under management and has a longer trading history. Both funds lack additional quirks or overlays and do not currently track a stated index.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Bitcoin and Ethereum can trade like the same risk asset for stretches, but the resemblance breaks when the market starts pricing fundamentals instead of momentum. That is the real choice behind the Fidelity Wise Origin Bitcoin Fund and the iShares Ethereum Trust ETF . Both offer single-asset crypto exposure at the same fee, but they tie your portfolio to very different forces once the market stops moving in sync.
Fidelity Wise Origin Bitcoin Fund is a direct bet on Bitcoin’s price. There is no internal cushion and no secondary lever. If Bitcoin rallies, FBTC rallies. If Bitcoin sells off, FBTC takes the full hit. iShares Ethereum Trust ETF is also a single-asset vehicle, but Ether is tied more closely to what happens on the Ethereum network itself. That means ETHA carries an added layer of adoption and ecosystem dependence that can change how it behaves across crypto cycles.
For investors, FBTC fits those who want the cleanest possible exposure to a single asset with a clear narrative. ETHA fits those willing to accept added complexity in exchange for tying returns to a living network. Neither fund offers shelter in a sell-off, and both can draw down sharply when risk appetite fades. In strong crypto phases, bitcoin exposure often tracks broad momentum, while Ethereum exposure can diverge when network activity accelerates or stalls.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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