VanEck Bitcoin ETF與iShares EtherETF成本與績效比較解析

Adé Hennis, The Motley Fool

2026年2月14日 晚上10:00 CST

Both VanEck Bitcoin ETF (NYSEMKT:HODL) and iShares Ethereum Trust ETF (NASDAQ:ETHA) are designed for investors seeking direct exposure to the price movements of leading cryptocurrencies without owning the tokens themselves. This comparison focuses on their costs, performance, risk, and structural differences to help clarify which may appeal more to those weighing Bitcoin (CRYPTO:BTC) versus Ethereum (CRYPTO:ETH) exposure.

Both VanEck Bitcoin ETF (NYSEMKT:HODL) 和 iShares Ether Trust ETF (NASDAQ:ETHA) 旨在為那些希望在不直接持有代幣的情況下，取得領先加密貨幣價格波動的投資人提供服務。本文比較旨在從費用、表現、風險與結構差異等面向，說明哪個產品可能更吸引那些在比特幣 (CRYPTO:BTC) 與以太坊 (CRYPTO:ETH) 之間尋求曝險的投資者。

Metric

HODL

ETHA

Issuer

VanEck

iShares

Expense ratio

0.25%

0.25%

1-yr return (as of Feb. 14, 2026)

-29.18%

-23.90%

AUM

$1.1 billion

$6.29 billion

The 1-yr return represents total return over the trailing 12 months.

Both have similar expense ratios and one-year price declines, but HODL’s smaller assets under management (AUM) may matter for investors who prioritize scale.

Metric

HODL

ETHA

Max drawdown (1 y)

-49.25%

-61.57%

HODL was launched by VanEck on Jan. 4, 2024, and only holds Bitcoin. Six months later, BlackRock launched ETHA, which only holds Ether. Both funds offer direct exposure to the crypto market and share high volatility.

For more guidance on ETF investing, check out the full guide at this link.

Both Bitcoin and Ethereum posted negative returns in 2025, marking the first annual decline since 2022. It was a wake-up call for many investors who thought the returns on Bitcoin and other top cryptocurrencies would be endless. Although governments and institutional entities continue to invest in the crypto space, it will still experience ups and downs just like the stock market.

Cryptocurrency should also not be viewed as a reliable hedge against the U.S. dollar, despite the impact of tariffs and geopolitical tensions on the fiat currency.

With that being said, investors must be cautious when investing in crypto-holding funds, as even though people may not have to worry about digital wallet hacks, the market is very volatile, and it will directly impact the performance of funds such as HODL and ETHA.

Throughout the entire existence of both funds, HODL has increased nearly 40%, while ETHA has fallen 41%, but it’s still too soon to say whether HODL will perform better than ETHA over the long term. For now, though, HODL shows better promise and holds a cryptocurrency that’s much more included in institutional and government development than Ether.

Before you buy stock in iShares Ethereum Trust - iShares Ethereum Trust ETF, consider this:


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