BWOW vs. EZBC

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and EZBC (Franklin Bitcoin ETF) are both Cryptocurrency funds - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while EZBC tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. A 0.80 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.19%/yr for EZBC.

Performance

BWOW vs. EZBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and Franklin Bitcoin ETF (EZBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWOW achieves a -21.75% return, which is significantly higher than EZBC's -25.36% return.

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EZBC

• 1D: -2.73%
• 1M: -18.42%
• YTD: -25.36%
• 6M: -29.82%
• 1Y: -38.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BWOW vs. EZBC - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
EZBC Franklin Bitcoin ETF	-25.36%	-2.73%

Correlation

The correlation between BWOW and EZBC is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025	0.80

Return for Risk

BWOW vs. EZBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZBC

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BWOW vs. EZBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Franklin Bitcoin ETF (EZBC). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BWOW	EZBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.30	-1.17

Drawdowns

BWOW vs. EZBC - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum EZBC drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for BWOW and EZBC.

Drawdown Indicators

	BWOW	EZBC	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-49.37%	+6.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.37%	—
Current Drawdown Current decline from peak	-41.02%	-48.04%	+7.02%
Average Drawdown Average peak-to-trough decline	-28.82%	-16.01%	-12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.42%	—

Volatility

Volatility by Period

	BWOW	EZBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	43.67%	+30.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	50.06%	+24.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	50.06%	+24.25%

BWOW vs. EZBC - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is higher than EZBC's 0.19% expense ratio.

Dividends

BWOW vs. EZBC - Dividend Comparison

Neither BWOW nor EZBC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWOW and EZBC in my portfolio?

BWOW and EZBC have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or EZBC?

On fees, EZBC is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or EZBC?

EZBC is cheaper with a 0.19% expense ratio, compared with 0.34% for BWOW.

Which ETF pays a higher dividend yield, BWOW or EZBC?

BWOW and EZBC have nearly identical dividend yields, around 0.00%.

What is the main difference between BWOW and EZBC?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while EZBC tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Bitwise and Franklin Templeton. Their fees differ too: 0.34% for BWOW and 0.19% for EZBC.