EHY vs. ZCSH

Last updated Jun 4, 2026

EHY (Amplify Ethereum Max Income Covered Call ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. EHY is actively managed, while ZCSH is passively managed. At a 0.42 correlation, their price movements are largely independent. EHY charges 0.75%/yr vs 2.50%/yr for ZCSH.

Performance

EHY vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Ethereum Max Income Covered Call ETF (EHY) 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, EHY achieves a -38.15% return, which is significantly lower than ZCSH's 41.32% return.

EHY

• 1D: -6.90%
• 1M: -26.11%
• YTD: -38.15%
• 6M: -36.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -5.29%
• 1M: 47.90%
• YTD: 41.32%
• 6M: 72.54%
• 1Y: 1,002.48%
• 3Y*: 185.96%
• 5Y*: —
• 10Y*: —

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

EHY vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
EHY Amplify Ethereum Max Income Covered Call ETF	-38.15%	-25.71%
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	95.89%

Correlation

The correlation between EHY and ZCSH is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 10, 2025	0.42

Return for Risk

EHY vs. ZCSH — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 92
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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.

EHY vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Ethereum Max Income Covered Call ETF (EHY) 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.

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

Sharpe Ratios by Period

	EHY	ZCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.21	0.10	-1.30

Drawdowns

EHY vs. ZCSH - Drawdown Comparison

The maximum EHY drawdown since its inception was -54.05%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for EHY and ZCSH.

Drawdown Indicators

	EHY	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-54.05%	-93.73%	+39.68%
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	-54.05%	-15.71%	-38.34%
Average Drawdown Average peak-to-trough decline	-33.13%	-74.41%	+41.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.49%	—

Volatility

Volatility by Period

	EHY	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	48.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	94.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	58.36%	166.02%	-107.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	136.87%	-78.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	136.87%	-78.51%

EHY vs. ZCSH - Expense Ratio Comparison

EHY has a 0.75% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

EHY vs. ZCSH - Dividend Comparison

EHY's dividend yield for the trailing twelve months is around 48.29%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025
EHY Amplify Ethereum Max Income Covered Call ETF	48.29%	8.87%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both EHY and ZCSH in my portfolio?

EHY and ZCSH have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EHY or ZCSH?

On fees, EHY is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EHY or ZCSH?

EHY is cheaper with a 0.75% expense ratio, compared with 2.50% for ZCSH.

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

EHY has the higher dividend yield at 48.29%, compared with 0.00% for ZCSH.

What is the main difference between EHY and ZCSH?

They also come from different issuers: Amplify and Grayscale. Their fees differ too: 0.75% for EHY and 2.50% for ZCSH.