BITS vs. ZCSH

Last updated Aug 2, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BITS tracks the NONE while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, BITS returned 31.46%/yr vs 138.94%/yr for ZCSH. Their 0.46 correlation means their historical movements had little consistent relationship. BITS charges 0.65%/yr vs 2.50%/yr for ZCSH.

Performance

BITS vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain & Bitcoin Strategy ETF (BITS) 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, BITS achieves a -11.24% return, which is significantly lower than ZCSH's -1.40% return.

BITS

• 1D: -3.36%
• 1M: -0.63%
• 6M: -14.68%
• YTD: -11.24%
• 1Y: -9.04%
• 3Y*: 31.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.25%

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)
BITS Global X Blockchain & Bitcoin Strategy ETF	$89.94K	$81.82K	$170.18K
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

BITS vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	-11.24%	14.90%	61.84%	212.23%	-75.46%	-28.96%
ZCSH Grayscale Zcash Trust (ZEC)	-1.40%	446.78%	96.92%	65.91%	-86.30%	-25.33%

Correlation

The correlation between BITS 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 (3Y) Balances recent behavior with more history.	0.48
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.46

The correlation between BITS and ZCSH has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

Return for Risk

BITS vs. ZCSH — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 8
BITS Sharpe Ratio Rank: 7
BITS Sortino Ratio Rank: 9
BITS Omega Ratio Rank: 9
BITS Calmar Ratio Rank: 7
BITS Martin Ratio Rank: 8

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.

BITS vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) 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.

	BITS	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	4.85	-5.12
Sortino ratio: Return per unit of downside risk	-0.03	3.74	-3.77
Omega ratio: Gain probability vs. loss probability	1.00	1.45	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.30	12.18	-12.48
Martin ratio: Return relative to average drawdown	-0.49	22.08	-22.57

BITS vs. ZCSH - Sharpe Ratio Comparison

The current BITS Sharpe Ratio is -0.27, which is lower than the ZCSH Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of BITS 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

BITS vs. ZCSH - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BITS and ZCSH.

Drawdown Indicators

	BITS	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-93.73%	+10.62%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-69.62%	+21.24%
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	-71.90%	+23.52%
Current Drawdown Current decline from peak	-41.56%	-41.19%	-0.37%
Average Drawdown Average peak-to-trough decline	-42.56%	-73.19%	+30.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.76%	38.32%	-8.56%

Volatility

BITS vs. ZCSH - Volatility Comparison

The current volatility for Global X Blockchain & Bitcoin Strategy ETF (BITS) is 14.95%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.81%. This indicates that BITS 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

	BITS	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.95%	30.81%	-15.86%
Volatility (6M) Calculated over the trailing 6-month period	40.75%	105.84%	-65.09%
Volatility (1Y) Calculated over the trailing 1-year period	54.36%	175.09%	-120.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.62%	137.54%	-76.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.62%	137.54%	-76.92%

BITS vs. ZCSH - Expense Ratio Comparison

BITS has a 0.65% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BITS vs. ZCSH - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 25.64%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	25.64%	22.80%	29.49%	13.69%	0.48%	1.90%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITS and ZCSH in my portfolio?

BITS 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, BITS or ZCSH?

ZCSH has higher volatility (30.81%) compared to BITS (14.95%). In terms of maximum drawdown, BITS dropped -83.11% vs ZCSH's -93.73%.

Which ETF is better, BITS or ZCSH?

On 3-year performance, ZCSH leads with 138.94% vs 31.46% for BITS. On fees, BITS is cheaper at 0.65% per year. On volatility, BITS has been the lower-risk option at 14.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITS or ZCSH?

Over the 3-year period, ZCSH has performed better with a 138.94% return vs 31.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITS or ZCSH?

BITS is cheaper with a 0.65% expense ratio, compared with 2.50% for ZCSH.

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

BITS has the higher dividend yield at 25.64%, compared with 0.00% for ZCSH.

What is the main difference between BITS and ZCSH?

BITS tracks NONE, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Global X and Grayscale. Their fees differ too: 0.65% for BITS and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.85 vs -0.27), 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.