BITW vs. ZCSH

Last updated Jul 12, 2026

BITW (Bitwise 10 Crypto Index ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, BITW returned 51.89%/yr vs 160.31%/yr for ZCSH. At a 0.43 correlation, their price movements are largely independent. BITW charges 0.75%/yr vs 2.50%/yr for ZCSH.

Performance

BITW vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.14% return, which is significantly lower than ZCSH's 23.43% return.

BITW

• 1D: 1.36%
• 1M: 1.81%
• 6M: -32.94%
• YTD: -30.14%
• 1Y: -43.69%
• 3Y*: 51.89%
• 5Y*: 0.52%
• 10Y*: —

ZCSH

• 1D: 4.18%
• 1M: 38.89%
• 6M: 43.78%
• YTD: 23.43%
• 1Y: 910.56%
• 3Y*: 160.31%
• 5Y*: —
• 10Y*: —

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

BITW vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITW Bitwise 10 Crypto Index ETF	-30.14%	-2.63%	160.69%	331.10%	-85.92%	-30.51%
ZCSH Grayscale Zcash Trust (ZEC)	23.43%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between BITW and ZCSH is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.43

Return for Risk

BITW vs. ZCSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITW

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

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 91
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITW vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	5.93	-6.76
Sortino ratio: Return per unit of downside risk	-1.13	3.93	-5.06
Omega ratio: Gain probability vs. loss probability	0.87	1.47	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.73	14.88	-15.61
Martin ratio: Return relative to average drawdown	-1.19	27.30	-28.49

BITW vs. ZCSH - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.83, which is lower than the ZCSH Sharpe Ratio of 5.93. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. ZCSH - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BITW and ZCSH.

Drawdown Indicators

	BITW	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-93.73%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-56.45%	-69.62%	+13.17%
Max Drawdown (3Y) Largest decline over 3 years	-56.45%	-71.90%	+15.45%
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.47%	-26.38%	-44.09%
Average Drawdown Average peak-to-trough decline	-69.58%	-73.69%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.66%	37.86%	-3.20%

Volatility

BITW vs. ZCSH - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 12.11%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 37.34%. This indicates that BITW 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

	BITW	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	37.34%	-25.23%
Volatility (6M) Calculated over the trailing 6-month period	37.29%	106.61%	-69.32%
Volatility (1Y) Calculated over the trailing 1-year period	49.73%	174.69%	-124.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.29%	138.06%	-72.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.95%	138.06%	-30.11%

BITW vs. ZCSH - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BITW vs. ZCSH - Dividend Comparison

Neither BITW nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITW and ZCSH in my portfolio?

BITW and ZCSH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or ZCSH?

ZCSH has higher volatility (37.34%) compared to BITW (12.11%). In terms of maximum drawdown, BITW dropped -96.46% vs ZCSH's -93.73%.

Which ETF is better, BITW or ZCSH?

On 3-year performance, ZCSH leads with 160.31% vs 51.89% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 12.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or ZCSH?

Over the 3-year period, ZCSH has performed better with a 160.31% return vs 51.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or ZCSH?

BITW is cheaper with a 0.75% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between BITW and ZCSH?

BITW tracks Bitwise 10 Large Cap Crypto Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.75% for BITW and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.93 vs -0.83), 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.