OBTC vs. EZPZ

Last updated Jun 6, 2026

OBTC (Osprey Bitcoin Trust) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Over the past year, OBTC returned -32.02% vs -42.21% for EZPZ. Their correlation of 0.92 suggests significant overlap in exposure. OBTC charges 0.49%/yr vs 0.19%/yr for EZPZ.

Performance

OBTC vs. EZPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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, OBTC achieves a -31.16% return, which is significantly higher than EZPZ's -34.43% return.

OBTC

• 1D: -5.16%
• 1M: -26.03%
• YTD: -31.16%
• 6M: -29.55%
• 1Y: -32.02%
• 3Y*: 55.06%
• 5Y*: 6.73%
• 10Y*: —

EZPZ

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

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

OBTC vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-31.16%	-4.43%
EZPZ Franklin Crypto Index ETF	-34.43%	-10.23%

Correlation

The correlation between OBTC and EZPZ is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.92

The correlation between OBTC and EZPZ has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

OBTC vs. EZPZ — Risk / Return Rank

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

OBTC

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

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

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.

OBTC vs. EZPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	EZPZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	-0.90	+0.18
Sortino ratio: Return per unit of downside risk	-0.89	-1.25	+0.36
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.76	+0.09
Martin ratio: Return relative to average drawdown	-1.26	-1.37	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBTC vs. EZPZ - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.72, which is comparable to the EZPZ Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of OBTC 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.

Sharpe Ratios by Period

	OBTC	EZPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-0.90	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.71	+0.48

Drawdowns

OBTC vs. EZPZ - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than EZPZ's maximum drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for OBTC and EZPZ.

Drawdown Indicators

	OBTC	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-55.78%	-38.72%
Max Drawdown (1Y) Largest decline over 1 year	-48.14%	-55.78%	+7.64%
Max Drawdown (3Y) Largest decline over 3 years	-48.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-65.62%	-55.78%	-9.84%
Average Drawdown Average peak-to-trough decline	-69.62%	-21.92%	-47.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.40%	30.82%	-5.42%

Volatility

OBTC vs. EZPZ - Volatility Comparison

The current volatility for Osprey Bitcoin Trust (OBTC) is 9.93%, while Franklin Crypto Index ETF (EZPZ) has a volatility of 10.69%. This indicates that OBTC 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

	OBTC	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	10.69%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	36.53%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	44.58%	47.23%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.14%	47.86%	+10.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.55%	47.86%	+23.69%

OBTC vs. EZPZ - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is higher than EZPZ's 0.19% expense ratio.

Dividends

OBTC vs. EZPZ - Dividend Comparison

Neither OBTC nor EZPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OBTC and EZPZ in my portfolio?

With a correlation of 0.92, OBTC 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, OBTC or EZPZ?

EZPZ has higher volatility (10.69%) compared to OBTC (9.93%). In terms of maximum drawdown, OBTC dropped -94.50% vs EZPZ's -55.78%.

Which ETF is better, OBTC or EZPZ?

On 1-year performance, OBTC leads with -32.02% vs -42.21% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, OBTC has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or EZPZ?

Over the 1-year period, OBTC has performed better with a -32.02% return vs -42.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or EZPZ?

EZPZ is cheaper with a 0.19% expense ratio, compared with 0.49% for OBTC.

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

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

What is the main difference between OBTC and EZPZ?

OBTC tracks Bitcoin (BTC), while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Osprey Funds and Franklin Templeton. Their fees differ too: 0.49% for OBTC and 0.19% for EZPZ.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.72 vs -0.90), 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.