FETH vs. BTC

Last updated Aug 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 -46.78% vs -43.60% for BTC. Their correlation of 0.82 means they have usually moved in the same direction. FETH charges 0.25%/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 -37.15% return, which is significantly lower than BTC's -27.11% return.

FETH

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

BTC

• 1D: 1.51%
• 1M: 3.86%
• 6M: -18.15%
• YTD: -27.11%
• 1Y: -43.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

*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)
BTC Grayscale Bitcoin Mini Trust ETF	$40.45M	$40.65M	$54.59M
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M

FETH vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	2.05%
BTC Grayscale Bitcoin Mini Trust ETF	-27.11%	-7.50%	41.93%

Correlation

The correlation between FETH and BTC 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 31, 2024	0.82

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

Return for Risk

FETH vs. BTC — Risk / Return Rank

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

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

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: 3

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.

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.

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.

	FETH	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-0.99	+0.29
Sortino ratio: Return per unit of downside risk	-0.85	-1.44	+0.59
Omega ratio: Gain probability vs. loss probability	0.91	0.84	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.82	+0.13
Martin ratio: Return relative to average drawdown	-1.03	-1.26	+0.23

FETH vs. BTC - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.70, which is comparable to the BTC Sharpe Ratio of -0.99. 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.

Drawdowns

FETH vs. BTC - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.94%, which is greater than BTC's maximum drawdown of -53.30%. 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	-67.94%	-53.30%	-14.64%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-53.30%	-14.64%
Current Drawdown Current decline from peak	-61.55%	-49.20%	-12.35%
Average Drawdown Average peak-to-trough decline	-35.30%	-19.45%	-15.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.61%	34.74%	+10.87%

Volatility

FETH vs. BTC - Volatility Comparison

Fidelity Ethereum Fund (FETH) has a higher volatility of 12.28% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 8.87%. 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	12.28%	8.87%	+3.41%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	33.76%	+11.84%
Volatility (1Y) Calculated over the trailing 1-year period	67.10%	44.40%	+22.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.16%	47.49%	+23.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.16%	47.49%	+23.67%

FETH vs. BTC - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is higher than BTC's 0.15% expense ratio. However, 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?

With a correlation of 0.91, FETH and BTC 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, FETH or BTC?

FETH has higher volatility (12.28%) compared to BTC (8.87%). In terms of maximum drawdown, FETH dropped -67.94% vs BTC's -53.30%.

Which ETF is better, FETH or BTC?

On 1-year performance, BTC leads with -43.60% vs -46.78% for FETH. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 8.87%. 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, BTC has performed better with a -43.60% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for FETH.

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: 0.25% for FETH and 0.15% for BTC.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.70 vs -0.99), 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.