Bilbo and Frodo are both amazing hobbits - there’s no question about that. They both went on a perilous adventure, and endured many hardships… and they both survived! Their stories are very similar, yet very different.
In both cases, their story starts with a care-free life in The Shire. Then they are introduced to a very different life full of dangers outside The Shire.
Bilbo went off with some dwarves (who didn’t even appreciate the many times he saved them) to find some treasure. He found the One Ring in Gollum’s dark cave, and brought it out into the world. No-one knew then just how dangerous the ring was. Frodo ‘inherited’ the Ring from Bilbo. It was then discovered that this is indeed the One Ring, forged by the evil Sauron himself. Frodo’s quest is now clear - he must destroy the Ring at all costs.
Bilbo faced off against goblins, giant spiders, Gollum, Smaug the dragon, and many more nasties. He defeats them all (sometimes with the help of Gandalf), and the dwarves reclaim their treasure in The Lonely Mountain. A grand battle between dwarves, men, elves, goblins and wargs ensued, and the good guys won! The dwarves stay with their treasure in The Lonely Mountain, and Bilbo returns home to his old life in The Shire.
Frodo faces a very different challenge. He has to destroy the One Ring in order to save not only his beloved Shire, but also the world as he knew it. He has his friends with him, who are a lot more supportive than the dwarves were for Bilbo, but he also faces much greater enemies. He must fight against trolls, Ringwraiths, Shelob the spider and even Sauron himself. He is seriously injured by the Ringwraiths, but is saved by the elves in Rivendell. Unfortunately, the wound never fully heals. He carries on to Mount Doom to destroy the Ring, but the power of the Ring is too much for him. Gollum snatches the Ring from Frodo (biting off his finger in the process), but then falls into the fiery pits below. The Ring is destroyed, but Frodo still suffers from his injuries, and is haunted by memories of all he has been through.
Both hobbits have suffered, and they have both proven themselves a hero. They sail west into the Undying Lands, where they can finally find peace and be happy.