This paper is concerned with optimality and stability analysis of a family of ensemble Kalman filter (EnKF) algorithms. EnKF is commonly used as an alternative to the Kalman filter for highdimensional problems, where storing the covariance matrix is computationally expensive. The algorithm consists of an ensemble of interacting particles driven by a feedback control law. The control law is designed such that, in the linear Gaussian setting and asymptotic limit of infinitely many particles, the mean and covariance of the particles follow the exact mean and covariance of the Kalman filter. The problem of finding a control law that is exact does not have a unique solution, reminiscent of the problem of finding a transport map between two distributions. A unique control law can be identified by introducing control cost functions, that are motivated by the optimal transportation problem or Schrödinger bridge problem. The objective of this paper is to study the relationship between optimality and long-term stability of a family of exact control laws. Remarkably, the control law that is optimal in the optimal transportation sense leads to an EnKF algorithm that is not stable.