GBTC vs. EZBC
GBTC (Grayscale Bitcoin Trust ETF) and EZBC (Franklin Bitcoin ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while EZBC tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GBTC returned -40.35% vs -39.64% for EZBC. With a 1.00 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.19%/yr for EZBC.
Performance
GBTC vs. EZBC - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with GBTC having a -27.82% return and EZBC slightly higher at -27.45%.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
EZBC
- 1D
- -2.81%
- 1M
- -22.22%
- YTD
- -27.45%
- 6M
- -31.45%
- 1Y
- -39.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. EZBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 81.91% |
EZBC Franklin Bitcoin ETF | -27.45% | -6.56% | 100.18% |
Correlation
The correlation between GBTC and EZBC 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 Jan 12, 2024 | 1.00 |
The correlation between GBTC and EZBC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. EZBC — Risk / Return Rank
GBTC
EZBC
GBTC vs. EZBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | EZBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.80 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.39 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBTC | EZBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.91 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.27 | +0.38 |
Drawdowns
GBTC vs. EZBC - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than EZBC's maximum drawdown of -49.50%. Use the drawdown chart below to compare losses from any high point for GBTC and EZBC.
Loading charts...
Drawdown Indicators
| GBTC | EZBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -49.50% | -40.41% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -49.50% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -49.50% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -16.07% | -27.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 28.59% | +0.22% |
Volatility
GBTC vs. EZBC - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and Franklin Bitcoin ETF (EZBC) have volatilities of 9.07% and 9.09%, 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.
Loading charts...
Volatility by Period
| GBTC | EZBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 9.09% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 33.90% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 43.71% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 50.05% | +12.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 50.05% | +32.15% |
GBTC vs. EZBC - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than EZBC's 0.19% expense ratio.
Dividends
GBTC vs. EZBC - Dividend Comparison
Neither GBTC nor EZBC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EZBC Franklin Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
With a correlation of 1.00, GBTC 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.
EZBC has higher volatility (9.09%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs EZBC's -49.50%.
On 1-year performance, EZBC leads with -39.64% vs -40.35% for GBTC. On fees, EZBC 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.
Over the 1-year period, EZBC has performed better with a -39.64% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZBC is cheaper with a 0.19% expense ratio, compared with 1.50% for GBTC.
GBTC and EZBC have nearly identical dividend yields, around 0.00%.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while EZBC tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and Franklin Templeton. Their fees differ too: 1.50% for GBTC and 0.19% for EZBC.
EZBC currently has the higher Sharpe Ratio (-0.91 vs -0.93), 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.
Find the right allocation for GBTC and EZBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer