BTCW vs. ZCSH
BTCW (Wisdom Tree Bitcoin Fund) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. Over the past year, BTCW returned -45.23% vs 679.80% for ZCSH. At a 0.48 correlation, their price movements are largely independent. BTCW charges 0.30%/yr vs 2.50%/yr for ZCSH.
Performance
BTCW vs. ZCSH - Performance Comparison
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Returns By Period
In the year-to-date period, BTCW achieves a -32.48% return, which is significantly lower than ZCSH's -16.76% return.
BTCW
- 1D
- -1.04%
- 1M
- -22.03%
- YTD
- -32.48%
- 6M
- -32.25%
- 1Y
- -45.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZCSH
- 1D
- 1.43%
- 1M
- -42.26%
- YTD
- -16.76%
- 6M
- -15.03%
- 1Y
- 679.80%
- 3Y*
- 128.97%
- 5Y*
- —
- 10Y*
- —
BTCW vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCW Wisdom Tree Bitcoin Fund | -32.48% | -6.05% | 92.79% |
ZCSH Grayscale Zcash Trust (ZEC) | -16.76% | 446.78% | 139.58% |
Correlation
The correlation between BTCW and ZCSH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.48 |
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Return for Risk
BTCW vs. ZCSH — Risk / Return Rank
BTCW
ZCSH
BTCW vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.
| BTCW | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.96 | ||
| Sortino ratioReturn per unit of downside risk | -5.09 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.42 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 9.86 | -10.71 |
| Martin ratioReturn relative to average drawdown | -1.47 | 18.51 | -19.98 |
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Drawdowns
BTCW vs. ZCSH - Drawdown Comparison
The maximum BTCW drawdown since its inception was -52.93%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BTCW and ZCSH.
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Drawdown Indicators
| BTCW | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.93% | -93.73% | +40.80% |
Max Drawdown (1Y)Largest decline over 1 year | -52.93% | -69.62% | +16.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -71.90% | — |
Current DrawdownCurrent decline from peak | -52.93% | -50.35% | -2.58% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -73.97% | +57.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.90% | 37.00% | -6.10% |
Volatility
BTCW vs. ZCSH - Volatility Comparison
The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 13.34%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.56%. This indicates that BTCW 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
| BTCW | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 64.56% | -51.22% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 107.11% | -72.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.19% | 174.34% | -130.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.08% | 138.25% | -88.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.08% | 138.25% | -88.17% |
BTCW vs. ZCSH - Expense Ratio Comparison
BTCW has a 0.30% expense ratio, which is lower than ZCSH's 2.50% expense ratio.
Dividends
BTCW vs. ZCSH - Dividend Comparison
Neither BTCW nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
BTCW and ZCSH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZCSH has higher volatility (64.56%) compared to BTCW (13.34%). In terms of maximum drawdown, BTCW dropped -52.93% vs ZCSH's -93.73%.
On 1-year performance, ZCSH leads with 679.80% vs -45.23% for BTCW. On fees, BTCW is cheaper at 0.30% per year. On volatility, BTCW has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZCSH has performed better with a 679.80% return vs -45.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTCW is cheaper with a 0.30% expense ratio, compared with 2.50% for ZCSH.
BTCW and ZCSH have nearly identical dividend yields, around 0.00%.
They also come from different issuers: WisdomTree and Grayscale. Their fees differ too: 0.30% for BTCW and 2.50% for ZCSH.
ZCSH currently has the higher Sharpe Ratio (3.94 vs -1.03), 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.
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