GBTC vs. EZPZ

Last updated Jun 25, 2026

GBTC (Grayscale Bitcoin Trust ETF) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Over the past year, GBTC returned -44.25% vs -44.21% for EZPZ. With a 0.99 correlation, they move nearly in lockstep. GBTC charges 1.50%/yr vs 0.19%/yr for EZPZ.

Performance

GBTC vs. EZPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTC achieves a -32.11% return, which is significantly higher than EZPZ's -34.99% return.

GBTC

• 1D: -4.01%
• 1M: -21.14%
• YTD: -32.11%
• 6M: -31.95%
• 1Y: -44.25%
• 3Y*: 34.23%
• 5Y*: 10.89%
• 10Y*: 44.29%

EZPZ

• 1D: -4.26%
• 1M: -21.70%
• YTD: -34.99%
• 6M: -35.02%
• 1Y: -44.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
GBTC Grayscale Bitcoin Trust ETF	-32.11%	-10.15%
EZPZ Franklin Crypto Index ETF	-34.99%	-10.11%

Correlation

The correlation between GBTC and EZPZ 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 20, 2025	0.99

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

Return for Risk

GBTC vs. EZPZ — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

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: 2
EZPZ 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.

GBTC vs. EZPZ - Risk-Adjusted Trends Comparison

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

	GBTC	EZPZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-0.93	-0.07
Sortino ratio: Return per unit of downside risk	-1.48	-1.33	-0.14
Omega ratio: Gain probability vs. loss probability	0.84	0.85	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.79	-0.05
Martin ratio: Return relative to average drawdown	-1.43	-1.34	-0.09

GBTC vs. EZPZ - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.00, which is comparable to the EZPZ Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of GBTC and EZPZ, 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

GBTC vs. EZPZ - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than EZPZ's maximum drawdown of -56.16%. Use the drawdown chart below to compare losses from any high point for GBTC and EZPZ.

Drawdown Indicators

	GBTC	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-56.16%	-33.75%
Max Drawdown (1Y) Largest decline over 1 year	-52.85%	-56.16%	+3.31%
Max Drawdown (3Y) Largest decline over 3 years	-52.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-52.85%	-56.16%	+3.31%
Average Drawdown Average peak-to-trough decline	-43.45%	-22.97%	-20.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.97%	32.93%	-1.96%

Volatility

GBTC vs. EZPZ - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.34%, while Franklin Crypto Index ETF (EZPZ) has a volatility of 14.55%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than EZPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTC	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	14.55%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	34.51%	37.08%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	44.38%	47.87%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.09%	47.93%	+14.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.45%	47.93%	+33.52%

GBTC vs. EZPZ - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than EZPZ's 0.19% expense ratio.

Dividends

GBTC vs. EZPZ - Dividend Comparison

Neither GBTC nor EZPZ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZPZ Franklin Crypto Index 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

Can I hold both GBTC and EZPZ in my portfolio?

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

EZPZ has higher volatility (14.55%) compared to GBTC (13.34%). In terms of maximum drawdown, GBTC dropped -89.91% vs EZPZ's -56.16%.

Which ETF is better, GBTC or EZPZ?

On 1-year performance, EZPZ leads with -44.21% vs -44.25% for GBTC. On fees, EZPZ is cheaper at 0.19% per year. On volatility, GBTC has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or EZPZ?

Over the 1-year period, EZPZ has performed better with a -44.21% return vs -44.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or EZPZ?

EZPZ is cheaper with a 0.19% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and EZPZ?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Grayscale and Franklin Templeton. Their fees differ too: 1.50% for GBTC and 0.19% for EZPZ.

Which has better risk-adjusted returns?

EZPZ currently has the higher Sharpe Ratio (-0.93 vs -1.00), 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.