FSML vs. EZBC

Last updated Jun 26, 2026

FSML (Franklin Small Cap Enhanced ETF) and EZBC (Franklin Bitcoin ETF) are both exchange-traded funds - FSML is a Small Cap Blend Equities fund actively managed by Franklin Templeton, while EZBC is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. FSML is actively managed, while EZBC is passively managed. At a 0.44 correlation, their price movements are largely independent. FSML charges 0.45%/yr vs 0.19%/yr for EZBC.

Performance

FSML vs. EZBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) 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, FSML achieves a 23.14% return, which is significantly higher than EZBC's -32.39% return.

FSML

• 1D: 1.09%
• 1M: 4.85%
• YTD: 23.14%
• 6M: 20.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EZBC

• 1D: -1.04%
• 1M: -22.00%
• YTD: -32.39%
• 6M: -32.22%
• 1Y: -45.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSML vs. EZBC - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	23.14%	-3.75%
EZBC Franklin Bitcoin ETF	-32.39%	-5.51%

Correlation

The correlation between FSML and EZBC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.44

Return for Risk

FSML vs. EZBC — Risk / Return Rank

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

FSML

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

EZBC

EZBC Risk / Return Rank: 2
EZBC Sharpe Ratio Rank: 1
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.

FSML vs. EZBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) 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.

	FSML	EZBC	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.02	—
Sortino ratio: Return per unit of downside risk	—	-1.54	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.86	—
Martin ratio: Return relative to average drawdown	—	-1.46	—

Drawdowns

FSML vs. EZBC - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum EZBC drawdown of -52.94%. Use the drawdown chart below to compare losses from any high point for FSML and EZBC.

Drawdown Indicators

	FSML	EZBC	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-52.94%	+42.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.94%	—
Current Drawdown Current decline from peak	0.00%	-52.94%	+52.94%
Average Drawdown Average peak-to-trough decline	-2.42%	-17.01%	+14.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.92%	—

Volatility

Volatility by Period

	FSML	EZBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	44.32%	-23.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	50.14%	-29.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	50.14%	-29.51%

FSML vs. EZBC - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is higher than EZBC's 0.19% expense ratio.

Dividends

FSML vs. EZBC - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.15%, while EZBC has not paid dividends to shareholders.

Position	TTM	2025
EZBC Franklin Bitcoin ETF	0.00%	0.00%
FSML Franklin Small Cap Enhanced ETF	0.15%	0.06%

Frequently Asked Questions

Can I hold both FSML and EZBC in my portfolio?

FSML and EZBC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSML 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, FSML or EZBC?

EZBC is cheaper with a 0.19% expense ratio, compared with 0.45% for FSML.

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

FSML has the higher dividend yield at 0.15%, compared with 0.00% for EZBC.

What is the main difference between FSML and EZBC?

FSML is categorized as Small Cap Blend Equities, while EZBC is Cryptocurrency. Their fees differ too: 0.45% for FSML and 0.19% for EZBC.