FBTC vs. ETHA: Bitcoin and Ethereum ETFs Compared on Cost, Risk, and Portfolio Structure
FBTC and ETHA both offer single-crypto exposure—bitcoin or ether—with similarly low costs, but differ in asset size, risk profile, and historical drawdowns.
Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) and iShares Ethereum Trust ETF (ETHA +4.83%) both provide direct access to leading cryptocurrencies through regulated brokerage accounts. Each fund focuses on a single asset—bitcoin for FBTC, ether for ETHA—making them appealing to investors with strong convictions about either token. Here is how these ETFs compare on cost, performance, risk, and portfolio structure.
Snapshot (cost & size)
| Metric | FBTC | ETHA |
|---|---|---|
| Issuer | Fidelity | IShares |
| Expense ratio | 0.25% | 0.25% |
| 1-yr return (as of Oct. 31, 2025) | 56.7% | 54.4% |
| Beta | 2.63 | (0.05) |
| AUM | $23.2 billion | $15.5 billion |
Beta measures price volatility relative to the S&P 500; figures use five-year weekly returns.
Both funds are priced identically at 0.25%, so neither stands out as more affordable. Yield is not a consideration here, as neither ETF distributes dividends.
Performance & risk comparison
| Metric | FBTC | ETHA |
|---|---|---|
| Max drawdown (5 y) | (28.21%) | (64.02%) |
| Growth of $1,000 over 5 years | $2,341 | $1,119 |
What's inside
iShares Ethereum Trust ETF (ETHA +4.83%) focuses solely on ether, with 100% of assets in the Financial Services sector and just one holding: Ether (AMEX:ETH). As of Nov. 3, 2025, it manages $15.5 billion in assets under management (AUM) and has a fund age of 1.4 years. The fund’s structure is straightforward, with no leverage, derivatives, or overlays, offering pure-play exposure to ether’s price movements.
FBTC, in contrast, tracks the price of bitcoin directly. It holds only Bitcoin (XBTUSD), with net other assets at zero, and does not report a sector breakdown. Like ETHA, FBTC avoids structural quirks such as leverage resets, currency hedges, or ESG overlays, keeping exposures simple and direct for investors seeking single-asset crypto exposure.
Foolish take
Bitcoin and Ethereum often share the same spotlight, yet the ETFs built around them can carry very different intentions. The Fidelity Wise Origin Bitcoin Fund provides access to bitcoin, an asset that has shaped by its predictable supply and a transparent network that continues to attract interest across the market. Bitcoin is also widely recognized and supported by a level of institutional interest that continues to grow. iShares Ethereum Trust ETF holds Ether, a more evolving and experimental asset whose value is tied to the growth of the applications and activity built on the Ethereum network. One speaks to resilience and simplicity, while the other speaks to innovation and possibility.
These differences become even clearer when you examine how each ETF manages risk. FBTC has delivered stronger long-term results with far less severe drawdowns, which reflects bitcoin’s maturing role and the steadier confidence that surrounds it. ETHA has also produced impressive rallies, but sharper declines have often accompanied those gains. That is the nature of an asset that is still defining its long-term purpose and remains closely tied to the shifts and changes of a growing ecosystem. The ones that have lived through a crypto cycle will recognize the contrast between an asset that has settled into its identity and one that continues to evolve.
For investors, the choice between the Fidelity Wise Origin Bitcoin Fund or iShares Ethereum Trust ETF comes down to the role you wish crypto to play in your portfolio. If you want something established and grounded in a clear scarcity narrative, FBTC will fit that view. If you wish to invest in the broader world being built on Ethereum and can tolerate the swings that come with it, ETHA offers a clear way to be part of that story. Both funds provide regulated access to their underlying assets, and the choice becomes clearer once you decide how you want to participate in the future of crypto.
Glossary
ETF: Exchange-traded fund; a pooled investment that trades on stock exchanges like a single stock.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges to cover operating costs.
Beta: A measure of a fund’s volatility compared to the overall market, typically the S&P 500.
Max drawdown: The largest observed loss from a fund’s peak value to its lowest point over a specific period.
AUM (Assets Under Management): The total market value of assets that a fund manages on behalf of investors.
Sector diversification: The practice of spreading investments across different industry sectors to reduce risk.
Yield: The income return on an investment, such as interest or dividends, expressed as a percentage of its price.
Dividend: A payment made by a company or fund to its shareholders, usually from profits.
Leverage reset: The process of adjusting a leveraged fund’s exposure back to its target level, often daily.
Currency hedge: A strategy to reduce the impact of currency fluctuations on investment returns.
ESG overlay: Incorporating environmental, social, and governance criteria into an investment strategy.
Pure-play exposure: Investment focused solely on a single asset or sector, with no diversification.
For more guidance on ETF investing, check out the full guide at this link.
