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.