BWOW vs. ZCSH

Last updated Jul 17, 2026

BWOW (Bitwise Dogecoin ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while ZCSH tracks the Zcash (ZEC). Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 2.50%/yr for ZCSH.

Performance

BWOW vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) 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, BWOW achieves a -37.64% return, which is significantly lower than ZCSH's 22.17% return.

BWOW

• 1D: -0.94%
• 1M: -16.13%
• 6M: -47.62%
• YTD: -37.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -3.72%
• 1M: 21.32%
• 6M: 34.21%
• YTD: 22.17%
• 1Y: 872.41%
• 3Y*: 147.29%
• 5Y*: —
• 10Y*: —

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

BWOW vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-37.64%	-22.26%
ZCSH Grayscale Zcash Trust (ZEC)	22.17%	18.55%

Correlation

The correlation between BWOW and ZCSH is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.53

Return for Risk

BWOW vs. ZCSH — Risk / Return Rank

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

BWOW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
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.

BWOW vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) 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.

	BWOW	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	5.04	—
Sortino ratio: Return per unit of downside risk	—	3.77	—
Omega ratio: Gain probability vs. loss probability	—	1.45	—
Calmar ratio: Return relative to maximum drawdown	—	12.66	—
Martin ratio: Return relative to average drawdown	—	23.13	—

Drawdowns

BWOW vs. ZCSH - Drawdown Comparison

The maximum BWOW drawdown since its inception was -53.87%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for BWOW and ZCSH.

Drawdown Indicators

	BWOW	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.87%	-93.73%	+39.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.62%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-53.00%	-27.13%	-25.87%
Average Drawdown Average peak-to-trough decline	-32.40%	-73.53%	+41.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	38.03%	—

Volatility

Volatility by Period

	BWOW	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	32.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	107.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	70.56%	174.80%	-104.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.56%	137.97%	-67.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.56%	137.97%	-67.41%

BWOW vs. ZCSH - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

BWOW vs. ZCSH - Dividend Comparison

Neither BWOW nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BWOW and ZCSH in my portfolio?

BWOW and ZCSH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or ZCSH?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or ZCSH?

BWOW is cheaper with a 0.34% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between BWOW and ZCSH?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.34% for BWOW and 2.50% for ZCSH.