- Issuer
- Grayscale
- Inception Date
- Oct 24, 2017
- Category
- Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- Zcash (ZEC)
- Distribution Policy
- Accumulating
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
ZCSH Performance Chart
Grayscale Zcash Trust (ZEC) (ZCSH) is down 13.6% since the beginning of the year. ZCSH is currently trading at $27 per share.
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Returns By Period
Grayscale Zcash Trust (ZEC) (ZCSH) has returned -13.58% so far this year and 665.35% over the past 12 months.
Grayscale Zcash Trust (ZEC)
- 1D
- -9.01%
- 1M
- -42.39%
- YTD
- -13.58%
- 6M
- -6.98%
- 1Y
- 665.35%
- 3Y*
- 147.60%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
ZCSH Monthly Returns History
Based on dividend-adjusted daily data since Oct 18, 2021, ZCSH's average daily return is +0.37%, while the average monthly return is +9.85%. At this rate, an investment would double in approximately 0.6 years.
Historically, 40% of months were positive and 60% were negative. The best month was Oct 2025 with a return of +392.9%, while the worst month was Jan 2022 at -52.4%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 4 months.
On a daily basis, ZCSH closed higher 46% of trading days. The best single day was Nov 15, 2022 with a return of +67.2%, while the worst single day was Nov 14, 2022 at -45.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -32.86% | -30.27% | 40.42% | 19.38% | 51.40% | -27.28% | -13.58% | ||||||
| 2025 | -26.91% | -17.62% | -14.21% | 4.55% | 26.89% | -9.90% | -7.04% | 1.82% | 88.99% | 392.91% | 6.92% | -6.06% | 446.78% |
| 2024 | -23.97% | 66.22% | 114.63% | -43.43% | 36.16% | -26.07% | 0.00% | -4.43% | -3.71% | -3.61% | 29.15% | 11.30% | 96.92% |
| 2023 | 36.36% | -2.08% | -5.53% | -3.60% | -10.28% | 38.02% | -8.30% | -25.93% | -2.22% | -0.57% | 48.57% | 12.31% | 65.91% |
| 2022 | -52.37% | 13.24% | 112.12% | -25.51% | -25.80% | -43.75% | 34.57% | -14.63% | -26.43% | 0.97% | -48.72% | -12.00% | -86.30% |
| 2021 | -46.60% | 34.91% | -28.65% | -48.60% |
Benchmark Metrics
Grayscale Zcash Trust (ZEC) has an annualized alpha of 98.59%, beta of 2.05, and R2 of 0.07 versus S&P 500 Index. Calculated based on daily prices since October 18, 2021.
- This ETF captured 381.64% of S&P 500 Index gains and 229.10% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- R2 of 0.07 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 98.59%
- Beta
- 2.05
- R²
- 0.07
- Upside Capture
- 381.64%
- Downside Capture
- 229.10%
Expense Ratio
ZCSH has a high expense ratio of 2.50%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ZCSH ranks 87 for risk / return — in the top 87% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and compare them to S&P 500 Index.
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.
| ZCSH | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.35 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 9.61 | 2.66 | +6.96 |
| Martin ratioReturn relative to average drawdown | 18.30 | 11.86 | +6.44 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Grayscale Zcash Trust (ZEC). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Grayscale Zcash Trust (ZEC) was 93.73%, occurring on Jan 3, 2023. Recovery took 706 trading sessions.
The current Grayscale Zcash Trust (ZEC) drawdown is 48.45%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -93.73%Jan 2023 | 1y 2mo | 2y 9mo | 4y 9dOct 2021 - Oct 2025 |
2026 bear market2026 | -69.62%Feb 2026 | 3mo | 3mo 14d | 6mo 14dNov 2025 - May 2026 |
2026 bear market2026 | -54.47%Jun 2026 | 15d | — | 1mo 2dMay 2026 - now |
2025 correction2025 | -14.40%Oct 2025 | 0s | 3d | 3dOct 2025 - Oct 2025 |
Drawdown Indicators
| ZCSH | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.73% | -56.78% | -36.95% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | -9.10% | -60.52% |
Max Drawdown (3Y)Largest decline over 3 years | -71.90% | -18.90% | -53.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -48.45% | -2.49% | -45.96% |
Average DrawdownAverage peak-to-trough decline | -74.06% | -10.72% | -63.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.50% | 2.03% | +34.47% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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