FBTC vs. ETHA: Is Bitcoin or Ethereum the Better Choice for Crypto Exposure?

By Eric Trie – Mar 27, 2026 at 12:33PM ESTKey PointsETHA has outperformed FBTC over the past year and experienced deeper drawdownsBoth funds charge the same expense ratio and offer direct exposure to a single cryptocurrency, with no sector diversificationFBTC holds more assets under management while ETHA had a positive return over the trailing 12 monthsFidelity 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)MetricFBTCETHAIssuerFidelityISharesExpense ratio0.25%0.25%1-yr return (as of 2026-03-26)-21.4%2.18%AUM$12.3 billion$6.7 billionBeta 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 comparisonMetricFBTCETHAMax drawdown (1 y)-49.33%-61.66%Growth of $1,000 over 1 year$783$1,009What's insideETHA 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 investorsThe 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.Read NextMar 11, 2026 •By Jonathan PoncianoThis Fund Dumped a $23 Million Ether ETF Stake Last Quarter but Held Onto Other Crypto PositionsMar 11, 2026 •By Jonathan PoncianoInvestor Dumps $19 Million Ethereum ETF Stake, but Here's Why It Still Seems Very Bullish on CryptoMar 10, 2026 •By Eric TrieSchonfeld Strategic Advisors Trims ETHA Stake as Ethereum ETFs Expand Regulated Access to EtherMar 5, 2026 •By Jonathan PoncianoThis Investor Dumped a $3 Million Ethereum ETF, but Added to a Bitcoin Position Last QuarterMar 27, 2026 •By Matthew BenjaminWhat Happened to the "Sell America" Trade?Mar 27, 2026 •By Dave KovaleskiGlobal Climate ETF or Emerging Markets: Which Has Better Returns?About the AuthorEric Trie is a Motley Fool contributing stock analyst covering technology and semiconductors, healthcare, financial services, and consumer sectors. Previously, he worked in investment analysis and financial writing. He holds a B.A. in Philosophy from Rutgers University. Eric lives in New York City and is an avid sports fan.CMFIdeaMachineStocks MentionediShares Ethereum Trust - iShares Ethereum Trust ETFNASDAQ: ETHA$14.94(-3.40%)-$0.53Fidelity Wise Origin Bitcoin FundNYSEMKT: FBTC$57.27(-4.01%)-$2.39*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.