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ETHA vs ETHW

iShares Ethereum Trust ETF

ETHABNasdaq

Bitwise Ethereum ETF

ETHWBNYSE Arca

Overlap

Expense ratio

ETHW −0.05pt a year

ETHA0.25%ETHW0.20%

Avg volume · 30D

ETHA 15.4×the volume

ETHA11.6METHW754K

ETHA vs ETHW Performance

Oct 31, 2025 – Oct 30, 2026

−42.8%ETHA−42.6%ETHW

Oct 31, 2025 to Oct 30, 2026. ETHA −42.8%. ETHW −42.6%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHA 0.25%
ETHW 0.20%, better
Fund size
ETHA $6.98B
ETHW $244M
1Y total return
ETHA −42.8%
ETHW −42.6%, better
Holdings
ETHA 2
ETHW 1
Avg volume (30D)
ETHA 11.6M sh, better
ETHW 754K sh
NAV per share
ETHA $50.42
ETHW $16.66
52W range

ETF.net Grade

ETHA: Cost 30, Risk 38, Mission 100, Tradability 59, Holdings not scored, Durability 87. ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47.
Pillar letters and Scores for ETHA, ETHW, with each pillar’s weight
PillarETHAETHW
Cost30% weightD30A70Higher
Mission25% weightA100A100
Risk15% weightD38D38
Tradability15% weightB59HigherD38
Holdings10% weightNot scoredNot scored
Durability5% weightA87HigherC47

Rank among Spot Ether funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETHA and ETHW are both graded against the same 11 Spot Ether funds, so their Grades compare head to head.

Spot Ether⁠

Category · 11 funds
See all 11 ›

ETHW ranks 4th and ETHA 8th of 11 funds in the Spot Ether Category.

  1. Rank 1AETHGrayscale Ethereum Mini Trust ETFScore 83
  2. Rank 2AMSSEMorgan Stanley Ethereum TrustScore 77
  3. Rank 3BETHVVanEck Ethereum ETFScore 67
  4. Rank 4BETHWBitwise Ethereum ETFScore 66
  5. Rank 5BEZETFranklin Ethereum ETFScore 63
  6. Rank 7BFETHFidelity Ethereum FundScore 59
  7. Rank 8BETHAiShares Ethereum Trust ETFScore 58
  8. Rank 9CQETHInvesco Galaxy Ethereum ETFScore 54

Our read on each fund

ETF.net Research

ETHABiShares Ethereum Trust ETF

ETHWBBitwise Ethereum ETF

In short

ETHA The iShares take on ether: hold the actual coin, track its price, skip the wallet and the seed phrase. Launched in 2024, it has grown into a multi-billion-dollar fund and one of the most heavily traded ways to own ether in a brokerage account.

ETHW Spot ether with a conscience clause: Bitwise pledged 10% of the fund's profits to Ethereum's open-source developers. It holds ether directly, no derivatives, at a fee below the spot-ether norm.

Stated mandate

ETHA The fund seeks to track the price performance of ether, the native token of the Ethereum network.

ETHW The Trust seeks exposure to the value of ether held by it, less operating expenses and liabilities. It holds ether directly, values its assets using an ether pricing benchmark, and does not use derivatives.

Why people hold it

  • ETHA Spot, not futures. The trust holds ether itself and tracks the ETHUSDNY reference rate, so there is no futures roll and no self-custody to manage.ishares.com
  • A multi-billion-dollar fund that trades very actively, which generally translates into tight spreads and easy entries and exits.
  • It has stayed tight to the ether price it targets. Tracking is the entire product here, and this one delivers it about as closely as the category gets.
  • The 0.25% fee is a fraction of what Grayscale's legacy ETHE trust (2.50%) charges for the same spot ether exposure.
  • ETHW Holds ether outright and values it off an ether pricing benchmark. No futures, no swaps, no leverage layered on top.
  • The 0.20% fee undercuts the 0.25% that is typical across spot-ether ETFs.
  • Bitwise committed to donating 10% of the fund's profits to Ethereum open-source developers and to publishing the trust's blockchain addresses.bitwiseinvestments.combusinesswire.com
  • Launched July 2024 in the first wave of US spot-ether ETFs, and it grades in the upper half of that peer group.bitwiseinvestments.com

Worth knowing

  • ETHA That 0.25% sits right at the category median. The same ether exposure costs less at EZET (0.00%), ETH (0.15%) and ETHW (0.20%).
  • No income. The trust holds ether and nothing else, so it makes no distributions and moves with a notoriously volatile asset in both directions.
  • Short history: trading began in 2024, so the record does not yet span a full crypto cycle.
  • ETHW Cheaper spot-ether options exist: Franklin's EZET at 0% and Grayscale's ETH at 0.15%.
  • Structured as a grantor trust, not a registered fund, so the usual fund-level protections do not apply.
  • Ether is a volatile asset, and this is a single-asset fund with no diversification and no income distributions.

Full ETHA profile⁠

Full ETHW profile⁠

ETHA vs ETHW Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ETHA vs ETHW Cost

Overpaying ETHA vs ETHW

$1,004

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ETHA 0.25%

    $5,159

  • ETHW 0.20%

    $4,155

$10,000
30 years

Cost over time

  • ETHA 0.25%
  • ETHW 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530ETHA $5,159ETHW $4,155

Year by year

YearETHAETHWOverpaying
10$455$365$90
20$1,769$1,421$348
30$5,159$4,155$1,004

Expense ratio

  • 0.25%ETHA
  • 0.20%ETHW, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

ETHW 4th cheapest of 11 funds

ETHA 7th cheapest of 11 funds

ETHA vs ETHW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHA None
ETHW None

Distribution history

ETHAAll ETHA payments⁠

No distribution history available.

ETHWAll ETHW payments⁠

No distribution history available.

ETHA vs ETHW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHA 75.4%since Aug 2024ETHW 75.5%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHA 0.06since Aug 2024ETHW 0.06since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
ETHA −67.9%since Jul 2024ETHW −67.9%since Jul 2024Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ETHA 2.54ETHW 2.55

ETHA and ETHW in the news

All news⁠

Popular comparisons

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