FETH vs. EZBC

Last updated Aug 4, 2026

FETH (Fidelity Ethereum Fund) and EZBC (Franklin Bitcoin ETF) are both Cryptocurrency funds - FETH tracks the Fidelity Ethereum Reference Rate Index while EZBC tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, FETH returned -46.78% vs -43.67% for EZBC. Their correlation of 0.82 means they have usually moved in the same direction. FETH charges 0.25%/yr vs 0.19%/yr for EZBC.

Performance

FETH vs. EZBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) 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, FETH achieves a -37.15% return, which is significantly lower than EZBC's -27.09% return.

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

EZBC

• 1D: 1.54%
• 1M: 3.86%
• 6M: -18.20%
• YTD: -27.09%
• 1Y: -43.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.11%

*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)
EZBC Franklin Bitcoin ETF	$3.88M	$4.12M	$6.98M
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M

FETH vs. EZBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%
EZBC Franklin Bitcoin ETF	-27.09%	-6.56%	36.64%

Correlation

The correlation between FETH and EZBC is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between FETH and EZBC has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

FETH vs. EZBC — Risk / Return Rank

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

FETH

FETH Risk / Return Rank: 4
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 4
FETH Omega Ratio Rank: 4
FETH Calmar Ratio Rank: 4
FETH Martin Ratio Rank: 5

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: 3

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.

FETH vs. EZBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) 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.

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.

	FETH	EZBC	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-0.99	+0.29
Sortino ratio: Return per unit of downside risk	-0.85	-1.45	+0.59
Omega ratio: Gain probability vs. loss probability	0.91	0.84	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.82	+0.13
Martin ratio: Return relative to average drawdown	-1.03	-1.26	+0.23

FETH vs. EZBC - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.70, which is comparable to the EZBC Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of FETH and EZBC, 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

FETH vs. EZBC - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.94%, which is greater than EZBC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FETH and EZBC.

Drawdown Indicators

	FETH	EZBC	Difference
Max Drawdown Largest peak-to-trough decline	-67.94%	-53.35%	-14.59%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-53.35%	-14.59%
Current Drawdown Current decline from peak	-61.55%	-49.25%	-12.30%
Average Drawdown Average peak-to-trough decline	-35.30%	-18.33%	-16.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.61%	34.78%	+10.83%

Volatility

FETH vs. EZBC - Volatility Comparison

Fidelity Ethereum Fund (FETH) has a higher volatility of 12.28% compared to Franklin Bitcoin ETF (EZBC) at 8.83%. This indicates that FETH's price experiences larger fluctuations and is considered to be riskier than EZBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FETH	EZBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.28%	8.83%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	33.80%	+11.80%
Volatility (1Y) Calculated over the trailing 1-year period	67.10%	44.39%	+22.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.16%	49.49%	+21.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.16%	49.49%	+21.67%

FETH vs. EZBC - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is higher than EZBC'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

FETH vs. EZBC - Dividend Comparison

Neither FETH nor EZBC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FETH and EZBC in my portfolio?

With a correlation of 0.91, FETH and EZBC 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, FETH or EZBC?

FETH has higher volatility (12.28%) compared to EZBC (8.83%). In terms of maximum drawdown, FETH dropped -67.94% vs EZBC's -53.35%.

Which ETF is better, FETH or EZBC?

On 1-year performance, EZBC leads with -43.67% vs -46.78% for FETH. On fees, EZBC is cheaper at 0.19% per year. On volatility, EZBC has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or EZBC?

Over the 1-year period, EZBC has performed better with a -43.67% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or EZBC?

EZBC is cheaper with a 0.19% expense ratio, compared with 0.25% for FETH.

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

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

What is the main difference between FETH and EZBC?

FETH tracks Fidelity Ethereum Reference Rate Index, while EZBC tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Fidelity and Franklin Templeton. Their fees differ too: 0.25% for FETH and 0.19% for EZBC.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.70 vs -0.99), 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.