I'm cheap. I still had earth worms from the fall, so I've been chopping them up and using the bits for ice fishing. They work surprisingly well. I tried earth worms and wax worms at the same time while ice fishing to see if they are as good or better.
Results. Wax worms still work better, but not by much. When both were down there at the same time, the fish tend to go for the wax worms. However, the wax worms come off the hook much easier.
The earth worms still get bit pretty often, but not as much as wax worms. They do stay on the hook and last longer. They are a much cheaper option overall.
Here's the video where I tried them head to head.