FBTC vs. ETHA: Is Bitcoin or Ethereum the Better Choice for Crypto Exposure?
Key Points
ETHA has outperformed FBTC over the past year and experienced deeper drawdowns
Both funds charge the same expense ratio and offer direct exposure to a single cryptocurrency, with no sector diversification
FBTC holds more assets under management while ETHA had a positive return over the trailing 12 months
- 10 stocks we like better than iShares Ethereum Trust - iShares Ethereum Trust ETF ›
Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) and iShares Ethereum Trust ETF (NASDAQ:ETHA) both offer pure-play access to a leading cryptocurrency, ETHA posted a larger drawdown than FBTC over the same horizon, reflecting ether’s higher historical volatility. FBTC remains the larger fund by assets under management.
Both Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) and iShares Ethereum Trust ETF (NASDAQ:ETHA) aim to track the price of a single digital asset: bitcoin and ether, respectively. They provide mainstream brokerage access to crypto exposure without requiring direct wallet management.
This ETF comparison looks at cost, performance, risk, and portfolio focus to help investors weigh the tradeoffs between these highly concentrated, high-volatility funds.
Snapshot (cost & size)
| Metric | FBTC | ETHA |
|---|---|---|
| Issuer | Fidelity | IShares |
| Expense ratio | 0.25% | 0.25% |
| 1-yr return (as of 2026-03-26) | -21.4% | 2.18% |
| AUM | $12.3 billion | $6.7 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
Performance & risk comparison
| Metric | FBTC | ETHA |
|---|---|---|
| Max drawdown (1 y) | -49.33% | -61.66% |
| Growth of $1,000 over 1 year | $783 | $1,009 |
What's inside
ETHA is a single-asset trust that tracks the price performance of ether, the native token of the Ethereum blockchain. The fund holds just one asset—100% Ether—with no sector diversification or yield component. Launched in 2024, ETHA is designed for investors seeking direct exposure to Ethereum without handling wallets or private keys.
FBTC also provides pure-play exposure, but to bitcoin, allocating nearly all its assets to Bitcoin and a negligible cash position. Sector breakdown is not reported, but the fund is similarly undiversified. Both funds are not registered under the Investment Company Act of 1940, meaning they may lack certain investor protections typical of traditional exchange-traded funds.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
The Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Ethereum Trust ETF (ETHA) allow investors to access cryptocurrency through a brokerage account, eliminating the need to manage wallets or private keys. Each fund is a single-asset exchange-traded vehicle that tracks the price of a major digital asset.
FBTC tracks bitcoin, widely considered the benchmark crypto asset, and is influenced by institutional flows, macro liquidity, and overall sentiment toward digital assets. ETHA tracks ether, whose price depends more on the Ethereum network and expectations for blockchain usage, decentralized applications, and ecosystem growth. Both funds are highly volatile, but their returns are driven by different factors.
For investors, the key question is not which fund structure is superior, but which crypto thesis aligns with your goals. FBTC reflects exposure to the asset that has become the market’s primary benchmark, while ETHA is more closely tied to the growth and usage of the Ethereum network. The choice ultimately comes down to whether crypto exposure is meant to track the broader market’s anchor or to lean into a platform whose value relies on continued adoption.
Should you buy stock in iShares Ethereum Trust - iShares Ethereum Trust ETF right now?
Before you buy stock in iShares Ethereum Trust - iShares Ethereum Trust ETF, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and iShares Ethereum Trust - iShares Ethereum Trust ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $503,268!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,049,793!*
Now, it’s worth noting Stock Advisor’s total average return is 898% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of March 27, 2026.
Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Recommended Articles
