BTC vs. ZCSH

Last updated Jun 4, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale. BTC is actively managed, while ZCSH is passively managed. Over the past year, BTC returned -38.61% vs 1002.48% for ZCSH. At a 0.47 correlation, their price movements are largely independent. BTC charges 0.15%/yr vs 2.50%/yr for ZCSH.

Performance

BTC vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) 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, BTC achieves a -25.36% return, which is significantly lower than ZCSH's 41.32% return.

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 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*: —

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

BTC vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	446.78%	27.49%

Correlation

The correlation between BTC and ZCSH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.47

Return for Risk

BTC vs. ZCSH — Risk / Return Rank

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

BTC

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

ZCSH

ZCSH Risk / Return Rank: 92
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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.

BTC vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.

	BTC	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	6.10	-6.99
Sortino ratio: Return per unit of downside risk	-1.22	4.11	-5.34
Omega ratio: Gain probability vs. loss probability	0.86	1.48	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.78	14.55	-15.34
Martin ratio: Return relative to average drawdown	-1.36	28.49	-29.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC vs. ZCSH - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.89, which is lower than the ZCSH Sharpe Ratio of 6.10. The chart below compares the historical Sharpe Ratios of BTC 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.

Sharpe Ratios by Period

	BTC	ZCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	6.10	-6.99
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.10	-0.10

Drawdowns

BTC vs. ZCSH - Drawdown Comparison

The maximum BTC drawdown since its inception was -49.34%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BTC and ZCSH.

Drawdown Indicators

	BTC	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-49.34%	-93.73%	+44.39%
Max Drawdown (1Y) Largest decline over 1 year	-49.34%	-69.62%	+20.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-47.98%	-15.71%	-32.27%
Average Drawdown Average peak-to-trough decline	-16.61%	-74.41%	+57.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.38%	35.49%	-7.11%

Volatility

BTC vs. ZCSH - Volatility Comparison

The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 9.40%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 48.45%. This indicates that BTC 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

	BTC	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	48.45%	-39.05%
Volatility (6M) Calculated over the trailing 6-month period	34.45%	94.06%	-59.61%
Volatility (1Y) Calculated over the trailing 1-year period	43.69%	166.02%	-122.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	136.87%	-88.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.30%	136.87%	-88.57%

BTC vs. ZCSH - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BTC vs. ZCSH - Dividend Comparison

Neither BTC nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTC and ZCSH in my portfolio?

BTC and ZCSH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC or ZCSH?

ZCSH has higher volatility (48.45%) compared to BTC (9.40%). In terms of maximum drawdown, BTC dropped -49.34% vs ZCSH's -93.73%.

Which ETF is better, BTC or ZCSH?

On 1-year performance, ZCSH leads with 1002.48% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or ZCSH?

Over the 1-year period, ZCSH has performed better with a 1002.48% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or ZCSH?

BTC is cheaper with a 0.15% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between BTC and ZCSH?

Their fees differ too: 0.15% for BTC and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (6.10 vs -0.89), 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.