Ethereum has smart contracts on the chain, i.e. code is compiled to byte code and the resulting bytes are sent within a transaction to be persisted onto the Ethereum blockchain. This is done once when you deploy the smart contract. Afterwards, anyone can interact with the smart contract with other transactions.
Hyperledger is where the smart contract resides. Whenever a transaction is invoked, the corresponding method in the contract gets executed on all the validating peers.