BTCE.DE vs. ZCSH
BTCE.DE (ETC Group Physical Bitcoin) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. BTCE.DE is actively managed, while ZCSH is passively managed. Over the past 3 years, BTCE.DE returned 28.04%/yr vs 164.22%/yr for ZCSH. At a 0.35 correlation, their price movements are largely independent. BTCE.DE charges 2.00%/yr vs 2.50%/yr for ZCSH.
Performance
BTCE.DE vs. ZCSH - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while ZCSH is traded in USD. To make them comparable, the ZCSH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTCE.DE achieves a -27.02% return, which is significantly lower than ZCSH's 20.83% return.
BTCE.DE
- 1D
- -3.79%
- 1M
- -21.28%
- YTD
- -27.02%
- 6M
- -31.67%
- 1Y
- -41.65%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
ZCSH
- 1D
- -15.58%
- 1M
- 13.17%
- YTD
- 20.83%
- 6M
- 43.74%
- 1Y
- 839.68%
- 3Y*
- 164.22%
- 5Y*
- —
- 10Y*
- —
BTCE.DE vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | -27.02% | -18.20% | 125.79% | 146.52% | -63.89% | -21.60% |
ZCSH Grayscale Zcash Trust (ZEC) | 20.83% | 381.90% | 109.92% | 60.93% | -85.45% | -47.50% |
Correlation
The correlation between BTCE.DE and ZCSH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.35 |
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Return for Risk
BTCE.DE vs. ZCSH — Risk / Return Rank
BTCE.DE
ZCSH
BTCE.DE vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) 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.
| BTCE.DE | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.14 | ||
| Sortino ratioReturn per unit of downside risk | -5.46 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.46 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 12.08 | -12.91 |
| Martin ratioReturn relative to average drawdown | -1.46 | 23.45 | -24.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTCE.DE | ZCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 5.09 | -6.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.07 | +0.52 |
Drawdowns
BTCE.DE vs. ZCSH - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, smaller than the maximum ZCSH drawdown of -93.09%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and ZCSH.
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Drawdown Indicators
| BTCE.DE | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -93.09% | +18.47% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | -70.21% | +20.45% |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | -71.67% | +21.91% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.27% | -28.67% | -20.60% |
Average DrawdownAverage peak-to-trough decline | -30.28% | -73.34% | +43.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 36.09% | -7.57% |
Volatility
BTCE.DE vs. ZCSH - Volatility Comparison
The current volatility for ETC Group Physical Bitcoin (BTCE.DE) is 9.82%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 50.53%. This indicates that BTCE.DE 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.
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Volatility by Period
| BTCE.DE | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 50.53% | -40.71% |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | 94.61% | -63.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 166.62% | -126.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 136.76% | -84.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.85% | 136.76% | -78.91% |
BTCE.DE vs. ZCSH - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is lower than ZCSH's 2.50% expense ratio.
Dividends
BTCE.DE vs. ZCSH - Dividend Comparison
Neither BTCE.DE nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and ZCSH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTCE.DE is cheaper at 2.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTCE.DE is cheaper with a 2.00% expense ratio, compared with 2.50% for ZCSH.
They also come from different issuers: ETC Issuance and Grayscale. Their fees differ too: 2.00% for BTCE.DE and 2.50% for ZCSH.
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