DEFI vs. ZCSH

Last updated Jul 16, 2026

DEFI (Hashdex Bitcoin Futures ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, DEFI returned -44.16% vs 978.20% for ZCSH. At a 0.49 correlation, their price movements are largely independent. DEFI charges 0.90%/yr vs 2.50%/yr for ZCSH.

Performance

DEFI vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) 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, DEFI achieves a -25.59% return, which is significantly lower than ZCSH's 26.89% return.

DEFI

• 1D: 0.59%
• 1M: -2.28%
• 6M: -33.34%
• YTD: -25.59%
• 1Y: -44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 3.81%
• 1M: 14.64%
• 6M: 31.66%
• YTD: 26.89%
• 1Y: 978.20%
• 3Y*: 150.76%
• 5Y*: —
• 10Y*: —

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

DEFI vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-25.59%	-6.87%	30.39%
ZCSH Grayscale Zcash Trust (ZEC)	26.89%	446.78%	-32.35%

Correlation

The correlation between DEFI and ZCSH is 0.50, 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	0.50
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.49

The correlation between DEFI and ZCSH has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

Return for Risk

DEFI vs. ZCSH — Risk / Return Rank

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

DEFI

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 90
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

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.

DEFI vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) 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.

	DEFI	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	5.66	-6.65
Sortino ratio: Return per unit of downside risk	-1.45	3.88	-5.33
Omega ratio: Gain probability vs. loss probability	0.84	1.47	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.83	14.20	-15.03
Martin ratio: Return relative to average drawdown	-1.34	25.97	-27.31

DEFI vs. ZCSH - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.99, which is lower than the ZCSH Sharpe Ratio of 5.66. The chart below compares the historical Sharpe Ratios of DEFI 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

DEFI vs. ZCSH - Drawdown Comparison

The maximum DEFI drawdown since its inception was -53.19%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for DEFI and ZCSH.

Drawdown Indicators

	DEFI	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.19%	-93.73%	+40.54%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-69.62%	+16.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-48.21%	-24.32%	-23.89%
Average Drawdown Average peak-to-trough decline	-18.08%	-73.57%	+55.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.88%	37.99%	-5.11%

Volatility

DEFI vs. ZCSH - Volatility Comparison

The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 11.88%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.98%. This indicates that DEFI 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

	DEFI	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.88%	38.98%	-27.10%
Volatility (6M) Calculated over the trailing 6-month period	35.43%	107.07%	-71.64%
Volatility (1Y) Calculated over the trailing 1-year period	44.73%	174.72%	-129.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.65%	138.02%	-89.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.65%	138.02%	-89.37%

DEFI vs. ZCSH - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

DEFI vs. ZCSH - Dividend Comparison

Neither DEFI nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEFI and ZCSH in my portfolio?

DEFI and ZCSH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFI or ZCSH?

ZCSH has higher volatility (38.98%) compared to DEFI (11.88%). In terms of maximum drawdown, DEFI dropped -53.19% vs ZCSH's -93.73%.

Which ETF is better, DEFI or ZCSH?

On 1-year performance, ZCSH leads with 978.20% vs -44.16% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, DEFI has been the lower-risk option at 11.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or ZCSH?

Over the 1-year period, ZCSH has performed better with a 978.20% return vs -44.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or ZCSH?

DEFI is cheaper with a 0.90% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between DEFI and ZCSH?

DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Hashdex and Grayscale. Their fees differ too: 0.90% for DEFI and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.66 vs -0.99), 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.