EZET vs. ETHE

Last updated Jun 4, 2026

EZET (Franklin Ethereum ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds - EZET tracks the CME CF Ether-Dollar Reference Rate - New York Variant while ETHE tracks the CoinDesk Ether Price Index . Both are passively managed. Over the past year, EZET returned -31.70% vs -32.48% for ETHE. With a 1.00 correlation, they move nearly in lockstep. EZET charges 0.19%/yr vs 2.50%/yr for ETHE.

Performance

EZET vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ethereum ETF (EZET) and Grayscale Ethereum Trust ETF (ETHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EZET having a -39.43% return and ETHE slightly lower at -39.63%.

EZET

• 1D: -5.67%
• 1M: -23.67%
• YTD: -39.43%
• 6M: -42.74%
• 1Y: -31.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: -5.64%
• 1M: -23.64%
• YTD: -39.63%
• 6M: -42.89%
• 1Y: -32.48%
• 3Y*: 19.37%
• 5Y*: -11.60%
• 10Y*: —

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

EZET vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EZET Franklin Ethereum ETF	-39.43%	-11.23%	-3.68%
ETHE Grayscale Ethereum Trust ETF	-39.63%	-13.03%	-4.53%

Correlation

The correlation between EZET and ETHE is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	1.00

The correlation between EZET and ETHE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

EZET vs. ETHE — Risk / Return Rank

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

EZET

EZET Risk / Return Rank: 5
EZET Sharpe Ratio Rank: 5
EZET Sortino Ratio Rank: 6
EZET Omega Ratio Rank: 6
EZET Calmar Ratio Rank: 5
EZET Martin Ratio Rank: 5

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 4
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 5

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.

EZET vs. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ethereum ETF (EZET) and Grayscale Ethereum Trust ETF (ETHE). 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.

	EZET	ETHE	Difference
Sharpe ratio Return per unit of total volatility	-0.47	-0.48	+0.01
Sortino ratio Return per unit of downside risk	-0.32	-0.34	+0.03
Omega ratio Gain probability vs. loss probability	0.97	0.96	0.00
Calmar ratio Return relative to maximum drawdown	-0.51	-0.52	+0.01
Martin ratio Return relative to average drawdown	-0.84	-0.86	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZET vs. ETHE - Sharpe Ratio Comparison

The current EZET Sharpe Ratio is -0.47, which is comparable to the ETHE Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of EZET and ETHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZET	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.48	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	0.06	-0.48

Drawdowns

EZET vs. ETHE - Drawdown Comparison

The maximum EZET drawdown since its inception was -64.05%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for EZET and ETHE.

Drawdown Indicators

	EZET	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-64.05%	-96.26%	+32.21%
Max Drawdown (1Y) Largest decline over 1 year	-62.87%	-63.16%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-66.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-62.87%	-77.17%	+14.30%
Average Drawdown Average peak-to-trough decline	-32.67%	-72.23%	+39.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.73%	37.98%	-0.25%

Volatility

EZET vs. ETHE - Volatility Comparison

Franklin Ethereum ETF (EZET) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 9.88% and 9.87%, 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

	EZET	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	9.87%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	46.05%	46.00%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	68.43%	68.31%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	82.26%	-9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.37%	191.84%	-119.47%

EZET vs. ETHE - Expense Ratio Comparison

EZET has a 0.19% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

EZET vs. ETHE - Dividend Comparison

EZET has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.35%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.35%
EZET Franklin Ethereum ETF	0.00%

Frequently Asked Questions

Can I hold both EZET and ETHE in my portfolio?

With a correlation of 1.00, EZET and ETHE 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, EZET or ETHE?

EZET has higher volatility (9.88%) compared to ETHE (9.87%). In terms of maximum drawdown, EZET dropped -64.05% vs ETHE's -96.26%.

Which ETF is better, EZET or ETHE?

On 1-year performance, EZET leads with -31.70% vs -32.48% for ETHE. On fees, EZET is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZET or ETHE?

Over the 1-year period, EZET has performed better with a -31.70% return vs -32.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZET or ETHE?

EZET is cheaper with a 0.19% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, EZET or ETHE?

ETHE has the higher dividend yield at 1.35%, compared with 0.00% for EZET.

What is the main difference between EZET and ETHE?

EZET tracks CME CF Ether-Dollar Reference Rate - New York Variant, while ETHE tracks CoinDesk Ether Price Index . They also come from different issuers: Franklin Templeton and Grayscale. Their fees differ too: 0.19% for EZET and 2.50% for ETHE.

Which has better risk-adjusted returns?

EZET currently has the higher Sharpe Ratio (-0.47 vs -0.48), 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.