BITB vs. ZCSH

Last updated Aug 2, 2026

BITB (Bitwise Bitcoin ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BITB tracks the CME CF Bitcoin Reference Rate - New York Variant while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, BITB returned -44.51% vs 888.33% for ZCSH. Their 0.49 correlation means their historical movements had little consistent relationship. BITB charges 0.20%/yr vs 2.50%/yr for ZCSH.

Performance

BITB vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) 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, BITB achieves a -28.24% return, which is significantly lower than ZCSH's -1.40% return.

BITB

• 1D: -2.87%
• 1M: 2.34%
• 6M: -25.01%
• YTD: -28.24%
• 1Y: -44.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.94%

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)
BITB Bitwise Bitcoin ETF	$37.99M	$39.08M	$56.07M
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

BITB vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-28.24%	-6.47%	89.74%
ZCSH Grayscale Zcash Trust (ZEC)	-1.40%	446.78%	139.58%

Correlation

The correlation between BITB and ZCSH is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.49

The correlation between BITB and ZCSH has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.

Return for Risk

BITB vs. ZCSH — Risk / Return Rank

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

BITB

BITB Risk / Return Rank: 1
BITB Sharpe Ratio Rank: 1
BITB Sortino Ratio Rank: 1
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 2
BITB Martin Ratio Rank: 1

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.

BITB vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) 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.

	BITB	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	4.85	-5.89
Sortino ratio: Return per unit of downside risk	-1.58	3.74	-5.32
Omega ratio: Gain probability vs. loss probability	0.83	1.45	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.87	12.18	-13.05
Martin ratio: Return relative to average drawdown	-1.34	22.08	-23.42

BITB vs. ZCSH - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.05, which is lower than the ZCSH Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of BITB 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

BITB vs. ZCSH - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BITB and ZCSH.

Drawdown Indicators

	BITB	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-93.73%	+40.40%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-69.62%	+16.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-50.01%	-41.19%	-8.82%
Average Drawdown Average peak-to-trough decline	-18.25%	-73.19%	+54.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.64%	38.32%	-3.68%

Volatility

BITB vs. ZCSH - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 9.04%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.81%. This indicates that BITB 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

	BITB	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	30.81%	-21.77%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	105.84%	-72.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	175.09%	-130.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.38%	137.54%	-88.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.38%	137.54%	-88.16%

BITB vs. ZCSH - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BITB vs. ZCSH - Dividend Comparison

Neither BITB nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITB and ZCSH in my portfolio?

BITB and ZCSH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITB or ZCSH?

ZCSH has higher volatility (30.81%) compared to BITB (9.04%). In terms of maximum drawdown, BITB dropped -53.33% vs ZCSH's -93.73%.

Which ETF is better, BITB or ZCSH?

On 1-year performance, ZCSH leads with 888.33% vs -44.51% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 9.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or ZCSH?

Over the 1-year period, ZCSH has performed better with a 888.33% return vs -44.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or ZCSH?

BITB is cheaper with a 0.20% expense ratio, compared with 2.50% for ZCSH.

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

BITB and ZCSH have nearly identical dividend yields, around 0.00%.

What is the main difference between BITB and ZCSH?

BITB tracks CME CF Bitcoin Reference Rate - New York Variant, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.20% for BITB and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.85 vs -1.05), 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.