BETE vs. ZCSH

Last updated Aug 2, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. BETE is actively managed, while ZCSH is passively managed. Over the past year, BETE returned -46.67% vs 888.33% for ZCSH. Their 0.51 correlation means they have sometimes moved together and sometimes differently. BETE charges 0.95%/yr vs 2.50%/yr for ZCSH.

Performance

BETE vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and Grayscale Zcash Trust (ZEC) (ZCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETE achieves a -34.37% return, which is significantly lower than ZCSH's -1.40% return.

BETE

• 1D: -3.01%
• 1M: 5.60%
• 6M: -28.81%
• YTD: -34.37%
• 1Y: -46.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.68%

ZCSH

• 1D: -5.94%
• 1M: 5.62%
• 6M: 46.86%
• YTD: -1.40%
• 1Y: 888.33%
• 3Y*: 138.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	$107.88K	$90.06K	$96.80K
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

BETE vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-34.37%	-8.17%	66.02%	36.61%
ZCSH Grayscale Zcash Trust (ZEC)	-1.40%	446.78%	96.92%	65.91%

Correlation

The correlation between BETE and ZCSH is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.51

The correlation between BETE and ZCSH has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

BETE vs. ZCSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BETE

BETE Risk / Return Rank: 3
BETE Sharpe Ratio Rank: 2
BETE Sortino Ratio Rank: 2
BETE Omega Ratio Rank: 3
BETE Calmar Ratio Rank: 3
BETE Martin Ratio Rank: 3

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 92
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BETE vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and Grayscale Zcash Trust (ZEC) (ZCSH). 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.

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.

	BETE	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	4.85	-5.74
Sortino ratio: Return per unit of downside risk	-1.30	3.74	-5.04
Omega ratio: Gain probability vs. loss probability	0.86	1.45	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.80	12.18	-12.98
Martin ratio: Return relative to average drawdown	-1.21	22.08	-23.30

BETE vs. ZCSH - Sharpe Ratio Comparison

The current BETE Sharpe Ratio is -0.89, which is lower than the ZCSH Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of BETE and ZCSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BETE vs. ZCSH - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.75%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BETE and ZCSH.

Drawdown Indicators

	BETE	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-93.73%	+31.98%
Max Drawdown (1Y) Largest decline over 1 year	-61.75%	-69.62%	+7.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-56.97%	-41.19%	-15.78%
Average Drawdown Average peak-to-trough decline	-23.44%	-73.19%	+49.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.62%	38.32%	+2.30%

Volatility

BETE vs. ZCSH - Volatility Comparison

The current volatility for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) is 11.10%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.81%. This indicates that BETE experiences smaller price fluctuations and is considered to be less risky than ZCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETE	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	30.81%	-19.71%
Volatility (6M) Calculated over the trailing 6-month period	39.57%	105.84%	-66.27%
Volatility (1Y) Calculated over the trailing 1-year period	55.28%	175.09%	-119.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.01%	137.54%	-81.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.01%	137.54%	-81.53%

BETE vs. ZCSH - Expense Ratio Comparison

BETE has a 0.95% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BETE vs. ZCSH - Dividend Comparison

BETE's dividend yield for the trailing twelve months is around 79.50%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	64.54%	68.22%	15.22%	0.78%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETE and ZCSH in my portfolio?

BETE and ZCSH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETE or ZCSH?

ZCSH has higher volatility (30.81%) compared to BETE (11.10%). In terms of maximum drawdown, BETE dropped -61.75% vs ZCSH's -93.73%.

Which ETF is better, BETE or ZCSH?

On 1-year performance, ZCSH leads with 888.33% vs -46.67% for BETE. On fees, BETE is cheaper at 0.95% per year. On volatility, BETE has been the lower-risk option at 11.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETE or ZCSH?

Over the 1-year period, ZCSH has performed better with a 888.33% return vs -46.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETE or ZCSH?

BETE is cheaper with a 0.95% expense ratio, compared with 2.50% for ZCSH.

Which ETF pays a higher dividend yield, BETE or ZCSH?

BETE has the higher dividend yield at 64.54%, compared with 0.00% for ZCSH.

What is the main difference between BETE and ZCSH?

They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for BETE and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.85 vs -0.89), 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.