BTCO vs. ZCSH

Last updated Jul 18, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BTCO tracks the Lukka Prime Reference Bitcoin Rate while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, BTCO returned -46.30% vs 882.99% for ZCSH. At a 0.49 correlation, their price movements are largely independent. BTCO charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

BTCO vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) 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, BTCO achieves a -26.81% return, which is significantly lower than ZCSH's 21.31% return.

BTCO

• 1D: -0.14%
• 1M: -0.14%
• 6M: -32.98%
• YTD: -26.81%
• 1Y: -46.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -0.70%
• 1M: 27.73%
• 6M: 34.77%
• YTD: 21.31%
• 1Y: 882.99%
• 3Y*: 156.88%
• 5Y*: —
• 10Y*: —

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

BTCO vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-26.81%	-6.58%	93.87%
ZCSH Grayscale Zcash Trust (ZEC)	21.31%	446.78%	139.58%

Correlation

The correlation between BTCO 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 (All Time) Calculated using the full available price history since Jan 11, 2024	0.49

The correlation between BTCO and ZCSH has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

BTCO vs. ZCSH — Risk / Return Rank

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

BTCO

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 90
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 95

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.

BTCO vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.

	BTCO	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	5.11	-6.16
Sortino ratio: Return per unit of downside risk	-1.60	3.78	-5.38
Omega ratio: Gain probability vs. loss probability	0.82	1.45	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.87	12.81	-13.68
Martin ratio: Return relative to average drawdown	-1.39	23.39	-24.78

BTCO vs. ZCSH - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -1.05, which is lower than the ZCSH Sharpe Ratio of 5.11. The chart below compares the historical Sharpe Ratios of BTCO 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

BTCO vs. ZCSH - Drawdown Comparison

The maximum BTCO drawdown since its inception was -53.33%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BTCO and ZCSH.

Drawdown Indicators

	BTCO	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-93.73%	+40.40%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-69.62%	+16.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-49.02%	-27.64%	-21.38%
Average Drawdown Average peak-to-trough decline	-17.65%	-73.50%	+55.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	38.07%	-4.82%

Volatility

BTCO vs. ZCSH - Volatility Comparison

The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 10.68%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 31.32%. This indicates that BTCO 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

	BTCO	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	31.32%	-20.64%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	106.54%	-72.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.14%	174.73%	-130.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.41%	137.92%	-88.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.41%	137.92%	-88.51%

BTCO vs. ZCSH - Expense Ratio Comparison

BTCO has a 0.25% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BTCO vs. ZCSH - Dividend Comparison

Neither BTCO nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCO and ZCSH in my portfolio?

BTCO 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, BTCO or ZCSH?

ZCSH has higher volatility (31.32%) compared to BTCO (10.68%). In terms of maximum drawdown, BTCO dropped -53.33% vs ZCSH's -93.73%.

Which ETF is better, BTCO or ZCSH?

On 1-year performance, ZCSH leads with 882.99% vs -46.30% for BTCO. On fees, BTCO is cheaper at 0.25% per year. On volatility, BTCO has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or ZCSH?

Over the 1-year period, ZCSH has performed better with a 882.99% return vs -46.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or ZCSH?

BTCO is cheaper with a 0.25% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between BTCO and ZCSH?

BTCO tracks Lukka Prime Reference Bitcoin Rate, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.25% for BTCO and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.11 vs -1.05), 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.