EZPZ vs. BITB

Last updated Jun 6, 2026

EZPZ (Franklin Crypto Index ETF) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds - EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price while BITB tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, EZPZ returned -42.21% vs -40.95% for BITB. With a 0.99 correlation, they move nearly in lockstep. EZPZ charges 0.19%/yr vs 0.20%/yr for BITB.

Performance

EZPZ vs. BITB - Performance Comparison

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

Returns By Period

In the year-to-date period, EZPZ achieves a -34.43% return, which is significantly lower than BITB's -31.16% return.

EZPZ

• 1D: -6.18%
• 1M: -26.82%
• YTD: -34.43%
• 6M: -36.79%
• 1Y: -42.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: -5.13%
• 1M: -25.96%
• YTD: -31.16%
• 6M: -32.56%
• 1Y: -40.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZPZ vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025
EZPZ Franklin Crypto Index ETF	-34.43%	-10.23%
BITB Bitwise Bitcoin ETF	-31.16%	-11.35%

Correlation

The correlation between EZPZ and BITB is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.99

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

Return for Risk

EZPZ vs. BITB — Risk / Return Rank

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

EZPZ

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

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 2
BITB 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.

EZPZ vs. BITB - Risk-Adjusted Trends Comparison

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

	EZPZ	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.94	+0.04
Sortino ratio: Return per unit of downside risk	-1.25	-1.33	+0.07
Omega ratio: Gain probability vs. loss probability	0.86	0.85	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.79	+0.03
Martin ratio: Return relative to average drawdown	-1.37	-1.42	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZPZ vs. BITB - Sharpe Ratio Comparison

The current EZPZ Sharpe Ratio is -0.90, which is comparable to the BITB Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of EZPZ and BITB, 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

	EZPZ	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.94	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	0.22	-0.93

Drawdowns

EZPZ vs. BITB - Drawdown Comparison

The maximum EZPZ drawdown since its inception was -55.78%, which is greater than BITB's maximum drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for EZPZ and BITB.

Drawdown Indicators

	EZPZ	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-52.04%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-55.78%	-52.04%	-3.74%
Current Drawdown Current decline from peak	-55.78%	-52.04%	-3.74%
Average Drawdown Average peak-to-trough decline	-21.92%	-16.14%	-5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.82%	28.78%	+2.04%

Volatility

EZPZ vs. BITB - Volatility Comparison

Franklin Crypto Index ETF (EZPZ) has a higher volatility of 10.69% compared to Bitwise Bitcoin ETF (BITB) at 9.86%. This indicates that EZPZ's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZPZ	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	9.86%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	36.53%	34.13%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	47.23%	43.93%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.86%	50.04%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.86%	50.04%	-2.18%

EZPZ vs. BITB - Expense Ratio Comparison

EZPZ has a 0.19% expense ratio, which is lower than BITB's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EZPZ vs. BITB - Dividend Comparison

Neither EZPZ nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZPZ and BITB in my portfolio?

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

EZPZ has higher volatility (10.69%) compared to BITB (9.86%). In terms of maximum drawdown, EZPZ dropped -55.78% vs BITB's -52.04%.

Which ETF is better, EZPZ or BITB?

On 1-year performance, BITB leads with -40.95% vs -42.21% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, BITB has been the lower-risk option at 9.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZPZ or BITB?

Over the 1-year period, BITB has performed better with a -40.95% return vs -42.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZPZ or BITB?

EZPZ is cheaper with a 0.19% expense ratio, compared with 0.20% for BITB.

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

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

What is the main difference between EZPZ and BITB?

EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price, while BITB tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Franklin Templeton and Bitwise Asset Management. Their fees differ too: 0.19% for EZPZ and 0.20% for BITB.

Which has better risk-adjusted returns?

EZPZ currently has the higher Sharpe Ratio (-0.90 vs -0.94), 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.