BWOW vs. EZPZ

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. BWOW charges 0.34%/yr vs 0.19%/yr for EZPZ.

Performance

BWOW vs. EZPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) 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, BWOW achieves a -21.75% return, which is significantly higher than EZPZ's -28.21% return.

BWOW

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

EZPZ

• 1D: -3.03%
• 1M: -18.55%
• YTD: -28.21%
• 6M: -33.71%
• 1Y: -39.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
EZPZ Franklin Crypto Index ETF	-28.21%	-3.95%

Correlation

The correlation between BWOW and EZPZ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025	0.83

Return for Risk

BWOW vs. EZPZ — Risk / Return Rank

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

EZPZ

EZPZ Risk / Return Rank: 3
EZPZ Sharpe Ratio Rank: 2
EZPZ Sortino Ratio Rank: 3
EZPZ Omega Ratio Rank: 3
EZPZ Calmar Ratio Rank: 3
EZPZ Martin Ratio Rank: 3

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. EZPZ - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	BWOW	EZPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	-0.61	-0.26

Drawdowns

BWOW vs. EZPZ - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum EZPZ drawdown of -52.38%. Use the drawdown chart below to compare losses from any high point for BWOW and EZPZ.

Drawdown Indicators

	BWOW	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-52.38%	+9.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.38%	—
Current Drawdown Current decline from peak	-41.02%	-51.59%	+10.57%
Average Drawdown Average peak-to-trough decline	-28.82%	-21.72%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.44%	—

Volatility

Volatility by Period

	BWOW	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	46.83%	+27.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	47.65%	+26.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	47.65%	+26.66%

BWOW vs. EZPZ - Expense Ratio Comparison

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

Dividends

BWOW vs. EZPZ - Dividend Comparison

Neither BWOW nor EZPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWOW and EZPZ in my portfolio?

BWOW and EZPZ have a correlation of 0.83, 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 EZPZ?

On fees, EZPZ 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 EZPZ?

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

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

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

What is the main difference between BWOW and EZPZ?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Bitwise and Franklin Templeton. Their fees differ too: 0.34% for BWOW and 0.19% for EZPZ.