BTCO vs. EZPZ

Last updated Aug 2, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - BTCO tracks the Lukka Prime Reference Bitcoin Rate while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Over the past year, BTCO returned -44.55% vs -46.59% for EZPZ. Their 0.99 correlation means they have historically moved very closely together. BTCO charges 0.25%/yr vs 0.19%/yr for EZPZ.

Performance

BTCO vs. EZPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) and Franklin Crypto Index ETF (EZPZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCO achieves a -28.24% return, which is significantly higher than EZPZ's -30.76% return.

BTCO

• 1D: -2.89%
• 1M: 2.27%
• 6M: -25.04%
• YTD: -28.24%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.82%

EZPZ

• 1D: -2.61%
• 1M: 2.14%
• 6M: -27.14%
• YTD: -30.76%
• 1Y: -46.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.05%

*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)
BTCO Invesco Galaxy Bitcoin ETF	$2.75M	$2.91M	$6.66M
EZPZ Franklin Crypto Index ETF	$118.67K	$153.22K	$218.96K

BTCO vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
BTCO Invesco Galaxy Bitcoin ETF	-28.24%	-9.15%
EZPZ Franklin Crypto Index ETF	-30.76%	-10.11%

Correlation

The correlation between BTCO and EZPZ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.99

The correlation between BTCO and EZPZ has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

BTCO vs. EZPZ — Risk / Return Rank

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

BTCO

BTCO Risk / Return Rank: 1
BTCO Sharpe Ratio Rank: 1
BTCO Sortino Ratio Rank: 1
BTCO Omega Ratio Rank: 2
BTCO Calmar Ratio Rank: 2
BTCO Martin Ratio Rank: 1

EZPZ

EZPZ Risk / Return Rank: 2
EZPZ Sharpe Ratio Rank: 1
EZPZ Sortino Ratio Rank: 2
EZPZ Omega Ratio Rank: 2
EZPZ Calmar Ratio Rank: 2
EZPZ Martin Ratio Rank: 2

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.

BTCO vs. EZPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and Franklin Crypto Index ETF (EZPZ). 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.

	BTCO	EZPZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-1.02	-0.03
Sortino ratio: Return per unit of downside risk	-1.59	-1.55	-0.04
Omega ratio: Gain probability vs. loss probability	0.83	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.86	-0.01
Martin ratio: Return relative to average drawdown	-1.34	-1.31	-0.03

BTCO vs. EZPZ - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -1.05, which is comparable to the EZPZ Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of BTCO and EZPZ, 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

BTCO vs. EZPZ - Drawdown Comparison

The maximum BTCO drawdown since its inception was -53.33%, smaller than the maximum EZPZ drawdown of -56.63%. Use the drawdown chart below to compare losses from any high point for BTCO and EZPZ.

Drawdown Indicators

	BTCO	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-56.63%	+3.30%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-56.63%	+3.30%
Current Drawdown Current decline from peak	-50.02%	-53.31%	+3.29%
Average Drawdown Average peak-to-trough decline	-18.14%	-25.14%	+7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	37.10%	-2.47%

Volatility

BTCO vs. EZPZ - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) and Franklin Crypto Index ETF (EZPZ) have volatilities of 9.08% and 9.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCO	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	9.34%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	36.00%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	47.82%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.14%	46.94%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.14%	46.94%	+2.20%

BTCO vs. EZPZ - Expense Ratio Comparison

BTCO has a 0.25% expense ratio, which is higher than EZPZ's 0.19% 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

BTCO vs. EZPZ - Dividend Comparison

Neither BTCO nor EZPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCO and EZPZ in my portfolio?

With a correlation of 0.99, BTCO and EZPZ 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, BTCO or EZPZ?

EZPZ has higher volatility (9.34%) compared to BTCO (9.08%). In terms of maximum drawdown, BTCO dropped -53.33% vs EZPZ's -56.63%.

Which ETF is better, BTCO or EZPZ?

On 1-year performance, BTCO leads with -44.55% vs -46.59% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, BTCO has been the lower-risk option at 9.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or EZPZ?

Over the 1-year period, BTCO has performed better with a -44.55% return vs -46.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or EZPZ?

EZPZ is cheaper with a 0.19% expense ratio, compared with 0.25% for BTCO.

Which ETF pays a higher dividend yield, BTCO or EZPZ?

BTCO and EZPZ have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCO and EZPZ?

BTCO tracks Lukka Prime Reference Bitcoin Rate, while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.25% for BTCO and 0.19% for EZPZ.

Which has better risk-adjusted returns?

EZPZ currently has the higher Sharpe Ratio (-1.02 vs -1.05), 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.