FETH vs. BTC

Last updated Jun 4, 2026

FETH (Fidelity Ethereum Fund) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. FETH is passively managed, while BTC is actively managed. Over the past year, FETH returned -31.75% vs -38.61% for BTC. Their correlation of 0.82 suggests significant overlap in exposure. FETH charges 0.00%/yr vs 0.15%/yr for BTC.

Performance

FETH vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, FETH achieves a -39.45% return, which is significantly lower than BTC's -25.36% return.

FETH

• 1D: -5.78%
• 1M: -23.67%
• YTD: -39.45%
• 6M: -42.77%
• 1Y: -31.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FETH vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-39.45%	-11.37%	2.23%
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%

Correlation

The correlation between FETH and BTC is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.82

The correlation between FETH and BTC has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

FETH vs. BTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FETH

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

BTC

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FETH vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	FETH	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	-0.89	+0.42
Sortino ratio: Return per unit of downside risk	-0.32	-1.22	+0.91
Omega ratio: Gain probability vs. loss probability	0.97	0.86	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.78	+0.28
Martin ratio: Return relative to average drawdown	-0.84	-1.36	+0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FETH vs. BTC - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.47, which is higher than the BTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of FETH and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FETH	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.89	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	-0.00	-0.41

Drawdowns

FETH vs. BTC - Drawdown Comparison

The maximum FETH drawdown since its inception was -64.00%, which is greater than BTC's maximum drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for FETH and BTC.

Drawdown Indicators

	FETH	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-64.00%	-49.34%	-14.66%
Max Drawdown (1Y) Largest decline over 1 year	-62.95%	-49.34%	-13.61%
Current Drawdown Current decline from peak	-62.95%	-47.98%	-14.97%
Average Drawdown Average peak-to-trough decline	-32.73%	-16.61%	-16.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.82%	28.38%	+9.44%

Volatility

FETH vs. BTC - Volatility Comparison

Fidelity Ethereum Fund (FETH) has a higher volatility of 9.99% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 9.40%. This indicates that FETH's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FETH	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	9.40%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	46.01%	34.45%	+11.56%
Volatility (1Y) Calculated over the trailing 1-year period	68.50%	43.69%	+24.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.27%	48.30%	+23.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.27%	48.30%	+23.97%

FETH vs. BTC - Expense Ratio Comparison

FETH has a 0.00% expense ratio, which is lower than BTC's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FETH vs. BTC - Dividend Comparison

Neither FETH nor BTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FETH and BTC in my portfolio?

FETH and BTC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FETH or BTC?

FETH has higher volatility (9.99%) compared to BTC (9.40%). In terms of maximum drawdown, FETH dropped -64.00% vs BTC's -49.34%.

Which ETF is better, FETH or BTC?

On 1-year performance, FETH leads with -31.75% vs -38.61% for BTC. On fees, FETH is cheaper at 0.00% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or BTC?

Over the 1-year period, FETH has performed better with a -31.75% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or BTC?

FETH is cheaper with a 0.00% expense ratio, compared with 0.15% for BTC.

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

FETH and BTC have nearly identical dividend yields, around 0.00%.

What is the main difference between FETH and BTC?

They also come from different issuers: Fidelity and Grayscale. Their fees differ too: 0.00% for FETH and 0.15% for BTC.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.47 vs -0.89), 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.