BHDG vs. ZCSH
BHDG (Nicholas Bitcoin Tail ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. BHDG is actively managed, while ZCSH is passively managed. At a correlation of -0.27, they often move in opposite directions. BHDG charges 0.97%/yr vs 2.50%/yr for ZCSH.
Performance
BHDG vs. ZCSH - Performance Comparison
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Returns By Period
BHDG
- 1D
- 1.46%
- 1M
- 6.79%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZCSH
- 1D
- -5.29%
- 1M
- 47.90%
- YTD
- 41.32%
- 6M
- 72.54%
- 1Y
- 1,002.48%
- 3Y*
- 185.96%
- 5Y*
- —
- 10Y*
- —
BHDG vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | -3.79% |
ZCSH Grayscale Zcash Trust (ZEC) | 133.35% |
Correlation
The correlation between BHDG and ZCSH is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026 | -0.27 |
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Return for Risk
BHDG vs. ZCSH — Risk / Return Rank
BHDG
ZCSH
BHDG vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BHDG | ZCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 6.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.91 | 0.10 | -1.00 |
Drawdowns
BHDG vs. ZCSH - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BHDG and ZCSH.
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Drawdown Indicators
| BHDG | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -93.73% | +78.67% |
Max Drawdown (1Y)Largest decline over 1 year | — | -69.62% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -71.90% | — |
Current DrawdownCurrent decline from peak | -7.70% | -15.71% | +8.01% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -74.41% | +65.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.49% | — |
Volatility
BHDG vs. ZCSH - Volatility Comparison
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Volatility by Period
| BHDG | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 48.45% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 94.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 166.02% | -147.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 136.87% | -118.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.70% | 136.87% | -118.17% |
BHDG vs. ZCSH - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is lower than ZCSH's 2.50% expense ratio.
Dividends
BHDG vs. ZCSH - Dividend Comparison
Neither BHDG nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
BHDG and ZCSH have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BHDG is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BHDG is cheaper with a 0.97% expense ratio, compared with 2.50% for ZCSH.
BHDG and ZCSH have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Nicholas and Grayscale. Their fees differ too: 0.97% for BHDG and 2.50% for ZCSH.
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