Both the VanEck Bitcoin ETF (HODL 0.80%) and the iShares Ethereum Trust ETF (ETHA 1.15%) are designed for investors seeking direct exposure to the price movements of leading cryptocurrencies without owning the tokens themselves. This comparison focuses on their costs, performance, risk, and structural differences to help clarify which may appeal more to those weighing Bitcoin (BTC 0.86%) versus Ethereum (ETH 0.73%) exposure.
Snapshot (cost & size)
| Metric | HODL | ETHA |
|---|---|---|
| Issuer | VanEck | iShares |
| Expense ratio | 0.25% | 0.25% |
| 1-yr return (as of Feb. 14, 2026) | -29.18% | -23.90% |
| AUM | $1.1 billion | $6.29 billion |
The 1-yr return represents total return over the trailing 12 months.
Both have similar expense ratios and one-year price declines, but HODL’s smaller assets under management (AUM) may matter for investors who prioritize scale.
Performance & risk comparison
| Metric | HODL | ETHA |
|---|---|---|
| Max drawdown (1 y) | -49.25% | -61.57% |
What's inside
HODL was launched by VanEck on Jan. 4, 2024, and only holds Bitcoin. Six months later, BlackRock launched ETHA, which only holds Ether. Both funds offer direct exposure to the crypto market and share high volatility.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Both Bitcoin and Ethereum posted negative returns in 2025, marking the first annual decline since 2022. It was a wake-up call for many investors who thought the returns on Bitcoin and other top cryptocurrencies would be endless. Although governments and institutional entities continue to invest in the crypto space, it will still experience ups and downs just like the stock market.
Cryptocurrency should also not be viewed as a reliable hedge against the U.S. dollar, despite the impact of tariffs and geopolitical tensions on the fiat currency.
With that being said, investors must be cautious when investing in crypto-holding funds, as even though people may not have to worry about digital wallet hacks, the market is very volatile, and it will directly impact the performance of funds such as HODL and ETHA.
Throughout the entire existence of both funds, HODL has increased nearly 40%, while ETHA has fallen 41%, but it’s still too soon to say whether HODL will perform better than ETHA over the long term. For now, though, HODL shows better promise and holds a cryptocurrency that’s much more included in institutional and government development than Ether.
