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Franklin Templeton EZBC vs Valkyrie BRRR comparison
Liquidity and costs
The $900 million inflow surge through Bitcoin ETFs in October 2026 changes the priority for retail and institutional investors. Franklin Templeton’s EZBC leads the competition in liquidity, with a daily average trading volume between $100 million and $300 million. In contrast, Valkyrie’s BRRR generates much lower liquidity, with daily trading volumes ranging from $10 million to $30 million. I see this volume difference as a major advantage for EZBC, especially as Schwab integrates zero-fee trading across these assets. EZBC maintains a 1-month average volume of $4.93 million and a 3-month average volume of $5.32 million. BRRR lags far behind with a 1-month average volume of $1.08 million and a 3-month average volume of $1.01 million. The lower cost also favors Franklin Templeton, as the EZBC expense ratio is 0.19% compared to the 0.49% fee for BRRR. Both funds manage assets between $0.1 billion and $1 billion. Franklin Templeton manages EZBC, while Valkyrie manages BRRR. The ticker for the Franklin fund is EZBC, and the ticker for the Valkyrie fund is BRRR. Investors can visit franklintempleton.com for EZBC or valkyrieinvest.com for BRRR to find more information. EZBC lists on the CBOE, while BRRR trades on the Nasdaq.
Performance metrics
The performance metrics for both ETFs show nearly identical results for the 2026 year-to-date period. EZBC shows a return of -5.04%, while BRRR shows a return of -5.26%. In 2025, EZBC returned -6.56% and BRRR returned -6.50%. Both assets experienced massive growth in 2024, with EZBC returning 87.83% and BRRR returning 87.59%. I find the tight margin in these returns suggests the two funds track the underlying Bitcoin price with similar precision. Despite the differences in trading volume and cost, the risk-adjusted returns remain identical. Both funds report a Sharpe ratio of -0.71 +0.13 and a Sortino ratio of -0.84 +0.24. The Omega ratio for both is 0.91 +0.03, and the Calmar ratio remains at -0.66 +0.06 for both positions. The Martin ratio also shows no difference, as both funds sit at -0.95 +0.05. The two ETFs also share a CVaR of 5.95%. I notice the identical risk metrics across Sharpe, Sortino, Omega, Calmar, and Martin ratios, which shows that the volatility profile is effectively the same for both funds.
Risk and volatility
The volatility and drawdown levels provide a more granular look at the risk profile. EZBC shows a 1-month volatility of 10.79% and a 6-month volatility of 26.42%, while BRRR shows a 1-month volatility of 10.86% and a 6-month volatility of 26.58%. Over a 1-year period, EZBC has a 45.24% volatility, which is slightly lower than the 45.27% for BRRR. While BRRR maintains a slightly better maximum drawdown of -49.44% compared to the -49.46% seen in EZBC, the difference of 0.02% fails to compensate for the significantly higher annual expense ratio charged by Valkyrie. Current drawdown for EZBC is -33.90%, whereas BRRR sits at -33.93%. The average drawdown for EZBC is -32.23%, while BRRR shows -32.22%. Value at Risk (VaR) for EZBC is 4.01%, while BRRR is 4.00%. The Ulcer Index for EZBC is 34.23%, which is slightly higher than the 34.21% for BRRR. The CVaR remains at 5.95% for both products.
| Comparison Metric | Franklin EZBC | Valkyrie BRRR |
|---|---|---|
| Expense Ratio | 0.19% | 0.49% |
| 2026 YTD Return | -5.04% | -5.26% |
| 2024 Return | 87.83% | 87.59% |
| Max Drawdown | -49.46% | -49.44% |
| Current Drawdown | -33.90% | -33.93% |
| 1M Volatility | 10.79% | 10.86% |
| Daily Volume | $100-300M | $10-30M |
The final verdict
EZBC is the clear winner for most investors following the Schwab integration and the recent inflow surge. The 0.19% expense ratio provides a massive advantage over the 0.49% fee of BRRR. I would skip the higher-cost BRRR because the tiny advantage in maximum drawdown fails to justify the extra 30 basis points in fees. The liquidity in EZBC, with daily volumes reaching up to $300 million, provides much better entry and exit points than the $30 million maximum for BRRR. This liquidity allows EZBC to absorb the $900 million inflow surge more efficiently. EZBC lists on the CBOE, while BRRR trades on the Nasdaq. Both funds require a minimum investment of one share, which costs between $40 and $70. EZBC uses Coinbase Custody Trust Company, LLC as its custodian, while BRRR uses both Coinbase Custody Trust Company, LLC and BitGo Trust Company, Inc. You likely already know that small fee differences add up over time. Will the higher trading volume in EZBC eventually force a reduction in the expense ratio for BRRR?
