BITX vs. ZCSH

Last updated Jul 15, 2026

BITX (2x Bitcoin Strategy ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, BITX returned 4.38%/yr vs 147.66%/yr for ZCSH. At a 0.47 correlation, their price movements are largely independent. BITX charges 2.38%/yr vs 2.50%/yr for ZCSH.

Performance

BITX vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -55.00% return, which is significantly lower than ZCSH's 22.23% return.

BITX

• 1D: 7.45%
• 1M: 0.87%
• 6M: -61.05%
• YTD: -55.00%
• 1Y: -79.48%
• 3Y*: 4.38%
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 8.93%
• 1M: 37.54%
• 6M: 41.60%
• YTD: 22.23%
• 1Y: 947.14%
• 3Y*: 147.66%
• 5Y*: —
• 10Y*: —

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

BITX vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-55.00%	-38.71%	163.41%	46.18%
ZCSH Grayscale Zcash Trust (ZEC)	22.23%	446.78%	96.92%	33.94%

Correlation

The correlation between BITX and ZCSH is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.47

The correlation between BITX and ZCSH has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

BITX vs. ZCSH — Risk / Return Rank

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

BITX

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 90
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.

BITX vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	5.48	-6.38
Sortino ratio: Return per unit of downside risk	-1.79	3.85	-5.64
Omega ratio: Gain probability vs. loss probability	0.80	1.46	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.95	13.75	-14.70
Martin ratio: Return relative to average drawdown	-1.40	25.16	-26.57

BITX vs. ZCSH - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is lower than the ZCSH Sharpe Ratio of 5.48. The chart below compares the historical Sharpe Ratios of BITX 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

BITX vs. ZCSH - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BITX and ZCSH.

Drawdown Indicators

	BITX	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-93.73%	+10.28%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-69.62%	-13.83%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	-71.90%	-11.55%
Current Drawdown Current decline from peak	-80.11%	-27.09%	-53.02%
Average Drawdown Average peak-to-trough decline	-33.41%	-73.62%	+40.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.60%	37.96%	+18.64%

Volatility

BITX vs. ZCSH - Volatility Comparison

The current volatility for 2x Bitcoin Strategy ETF (BITX) is 23.23%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.93%. This indicates that BITX 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

	BITX	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.23%	38.93%	-15.70%
Volatility (6M) Calculated over the trailing 6-month period	70.21%	107.08%	-36.87%
Volatility (1Y) Calculated over the trailing 1-year period	88.21%	174.81%	-86.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.81%	138.07%	-40.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.81%	138.07%	-40.26%

BITX vs. ZCSH - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BITX vs. ZCSH - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 31.05%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	31.05%	21.69%	10.70%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and ZCSH in my portfolio?

BITX and ZCSH have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or ZCSH?

ZCSH has higher volatility (38.93%) compared to BITX (23.23%). In terms of maximum drawdown, BITX dropped -83.45% vs ZCSH's -93.73%.

Which ETF is better, BITX or ZCSH?

On 3-year performance, ZCSH leads with 147.66% vs 4.38% for BITX. On fees, BITX is cheaper at 2.38% per year. On volatility, BITX has been the lower-risk option at 23.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or ZCSH?

Over the 3-year period, ZCSH has performed better with a 147.66% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or ZCSH?

BITX is cheaper with a 2.38% expense ratio, compared with 2.50% for ZCSH.

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

BITX has the higher dividend yield at 31.05%, compared with 0.00% for ZCSH.

What is the main difference between BITX and ZCSH?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while ZCSH tracks Zcash (ZEC). They also come from different issuers: Volatility Shares and Grayscale. Their fees differ too: 2.38% for BITX and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.48 vs -0.90), 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.