BITX vs. FETH

Last updated Aug 4, 2026

BITX (2x Bitcoin Strategy ETF) and FETH (Fidelity Ethereum Fund) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while FETH tracks the Fidelity Ethereum Reference Rate Index. Both are passively managed. Over the past year, BITX returned -77.31% vs -46.78% for FETH. Their correlation of 0.82 means they have usually moved in the same direction. BITX charges 2.38%/yr vs 0.25%/yr for FETH.

Performance

BITX vs. FETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Fidelity Ethereum Fund (FETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITX achieves a -56.44% return, which is significantly lower than FETH's -37.15% return.

BITX

• 1D: 2.83%
• 1M: 6.13%
• 6M: -43.47%
• YTD: -56.44%
• 1Y: -77.31%
• 3Y*: 6.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.89%

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITX 2x Bitcoin Strategy ETF	$88.24M	$96.85M	$117.71M
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M

BITX vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-56.44%	-38.71%	43.23%
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%

Correlation

The correlation between BITX and FETH is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BITX and FETH has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

BITX vs. FETH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 2

FETH

FETH Risk / Return Rank: 4
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 4
FETH Omega Ratio Rank: 4
FETH Calmar Ratio Rank: 4
FETH Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITX vs. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Fidelity Ethereum Fund (FETH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BITX	FETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.70	-0.18
Sortino ratio: Return per unit of downside risk	-1.65	-0.85	-0.80
Omega ratio: Gain probability vs. loss probability	0.82	0.91	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.69	-0.24
Martin ratio: Return relative to average drawdown	-1.30	-1.03	-0.27

BITX vs. FETH - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.88, which is comparable to the FETH Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of BITX and FETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITX vs. FETH - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, which is greater than FETH's maximum drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for BITX and FETH.

Drawdown Indicators

	BITX	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-67.94%	-15.51%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-67.94%	-15.51%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-80.75%	-61.55%	-19.20%
Average Drawdown Average peak-to-trough decline	-34.25%	-35.30%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.65%	45.61%	+14.04%

Volatility

BITX vs. FETH - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.57% compared to Fidelity Ethereum Fund (FETH) at 12.28%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than FETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	12.28%	+5.29%
Volatility (6M) Calculated over the trailing 6-month period	67.80%	45.60%	+22.20%
Volatility (1Y) Calculated over the trailing 1-year period	88.21%	67.10%	+21.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.14%	71.16%	+25.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.14%	71.16%	+25.98%

BITX vs. FETH - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than FETH's 0.25% expense ratio.

Dividends

BITX vs. FETH - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.12%, while FETH has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	27.12%	21.69%	10.70%
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and FETH in my portfolio?

With a correlation of 0.91, BITX and FETH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITX or FETH?

BITX has higher volatility (17.57%) compared to FETH (12.28%). In terms of maximum drawdown, BITX dropped -83.45% vs FETH's -67.94%.

Which ETF is better, BITX or FETH?

On 1-year performance, FETH leads with -46.78% vs -77.31% for BITX. On fees, FETH is cheaper at 0.25% per year. On volatility, FETH has been the lower-risk option at 12.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or FETH?

Over the 1-year period, FETH has performed better with a -46.78% return vs -77.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or FETH?

FETH is cheaper with a 0.25% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, BITX or FETH?

BITX has the higher dividend yield at 27.12%, compared with 0.00% for FETH.

What is the main difference between BITX and FETH?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while FETH tracks Fidelity Ethereum Reference Rate Index. They also come from different issuers: Volatility Shares and Fidelity. Their fees differ too: 2.38% for BITX and 0.25% for FETH.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.70 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.