The Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) and the iShares Ethereum Trust ETF (NASDAQ:ETHA) both offer single-asset crypto exposure, but differ in underlying asset, recent performance, and drawdown severity. The Fidelity Wise Origin Bitcoin Fund and the iShares Ethereum Trust ETF give investors a way to access Bitcoin and Ether, respectively, through traditional brokerage accounts. Both ETFs are designed for high-risk tolerance, with each ETF tracking just one cryptocurrency and exposing holders to the unique price swings of their underlying digital asset. The iShares Ethereum Trust ETF is a pure play on Ether, with 100% of its portfolio in Ether and a negligible cash balance.
The ETF, managed by iShares, has just one holding and is classified entirely within financial services. With $10.0 billion in assets under management (AUM) and a fund age of 1.5 years, it is a relatively new entrant focused exclusively on tracking Ether’s price movements.
The Fidelity Wise Origin Bitcoin Fund, on the other hand, is a bitcoin-only ETF, with 99.98% of assets in Bitcoin and a tiny fraction in other assets. Its sector breakdown is not reported, but the single-asset approach means price moves will closely follow Bitcoin itself. Neither ETF incorporates leverage, currency hedging, or other structural quirks.
The iShares Ethereum Trust ETF is down by 39.5% from a peak it reached in August. This spring, it was down by more than half from the peak it set in late 2024. The Fidelity Wise Origin Bitcoin Fund has been less volatile, it’s down by 30.3% from its previous peak. This is the third time it’s fallen more than 25% since its inception in the first half of 2024.
1-yr return (as of Dec. 18, 2025): FBTC 16.1%, ETHA 24.9%. AUM was about $18.2 billion for FBTC and $10.0 billion for ETHA. Expense ratio for both funds is 0.25%. Max drawdown over five years was 32.64% for FBTC and 64.02% for ETHA. Growth of $1,000 over five years would have grown to about $1,804 for FBTC and $800 for ETHA.
What this means for investors: Crypto ETFs offer exposure to single assets without requiring a crypto wallet, but they do not shield investors from the assets’ volatility. The Fidelity Wise Origin Bitcoin Fund tracks the Fidelity Bitcoin Reference Rate, while the iShares Ethereum Trust ETF measures itself against the Chicago Mercantile Exchange’s CF Ether-Dollar Reference Rate. Neither ETF uses leverage, currency hedging, or other structural quirks. Overall, the funds provide access to Bitcoin and Ether in traditional accounts, but their performance profiles highlight the challenges of crypto investing.
Two single-asset crypto ETFs, FBTC and ETHA, provide exposure to Bitcoin and Ether respectively, but they diverge in underlying asset, recent performance, and drawdown. Both funds charge 0.25% annually and neither pays a dividend, simplifying comparisons for long-term holders. ETHA has around $10 billion in assets under management and about 1.5 years of track record; FBTC has about $18.2 billion in AUM, with more history.
ETHA is a pure Ether fund, holding 100% Ether with minimal cash, while FBTC is a Bitcoin-only ETF with 99.98% in Bitcoin. The ETF’s holdings reflect a straightforward approach, and both funds lack leverage or currency hedging. From a performance perspective over the past five years, ETHA has endured a larger drawdown than FBTC, with max declines of about 64.02% versus 32.64%.
A $1,000 investment over five years would have grown to roughly $800 in ETHA compared with about $1,804 in FBTC. ETHA’s peak drawdown and declines include a drop of about 39.5% from an August peak, and a spring period when the price was down more than half from its late-2024 peak. By contrast, FBTC has been less volatile, down roughly 30.3% from its previous peak.
Investors should note that crypto ETFs provide exposure without the need for self-custody, but they remain exposed to the inherent volatility of Bitcoin and Ether. FBTC tracks Fidelity’s Bitcoin Reference Rate, while ETHA uses the CF Ether-Dollar Reference Rate, and neither employs leverage or hedging. The takeaway is that while these funds offer convenient access to single-asset crypto exposure in traditional accounts, their performance patterns underscore the ongoing volatility and risk of the crypto market.
FBTC vs ETHA: Five-Year Outlook for Bitcoin and Ether ETFs. FBTC and ETHA are single-asset crypto ETFs that offer exposure to Bitcoin and Ether, respectively, without requiring direct crypto custody. Both charge a 0.25% annual fee and do not pay dividends, but they differ in underlying holdings, track records, and recent drawdowns. ETHA is a pure Ether fund with roughly 100% exposure to Ether, while FBTC is a Bitcoin-only ETF with about 99.98% in Bitcoin. Neither fund employs leverage or currency hedging, providing straightforward access through traditional investment accounts.
Over the past five years, ETHA endured a larger drawdown than FBTC, highlighting Ether’s higher volatility. A $1,000 investment in ETHA would have grown to about $800, compared with roughly $1,804 for FBTC. ETHA’s peak drawdown and interim declines include a drop of about 39.5% from an August peak and a spring period when price was more than half off its late-2024 high. In contrast, FBTC has been less volatile, down about 30.3% from its previous peak, and its five-year max drawdown stands at around 32.64%.
Investors should note that crypto ETFs provide access to single-asset exposure without self-custody, but they remain exposed to the inherent volatility of Bitcoin and Ether. FBTC tracks Fidelity’s Bitcoin Reference Rate, while ETHA follows the CF Ether-Dollar Reference Rate, and neither employs leverage or hedging. The take-away is that while these funds offer convenient access to Bitcoin and Ether in traditional accounts, their performance patterns underscore the ongoing volatility and risk inherent in the crypto market.
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