ETCG vs. ZCSH

Last updated Jun 5, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - ETCG tracks the Ethereum Classic (ETC) while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, ETCG returned -8.79%/yr vs 171.44%/yr for ZCSH. At a 0.41 correlation, their price movements are largely independent. Both charge a 2.50% expense ratio.

Performance

ETCG vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) 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, ETCG achieves a -37.40% return, which is significantly lower than ZCSH's 19.47% return.

ETCG

• 1D: -3.10%
• 1M: -11.55%
• YTD: -37.40%
• 6M: -45.61%
• 1Y: -53.60%
• 3Y*: -8.79%
• 5Y*: -36.21%
• 10Y*: —

ZCSH

• 1D: -15.46%
• 1M: 12.42%
• YTD: 19.47%
• 6M: 43.36%
• 1Y: 855.73%
• 3Y*: 171.44%
• 5Y*: —
• 10Y*: —

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

ETCG vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETCG Grayscale Ethereum Classic Trust (ETC)	-37.40%	-39.78%	-9.57%	289.22%	-80.45%	-40.34%
ZCSH Grayscale Zcash Trust (ZEC)	19.47%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between ETCG and ZCSH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.41

Return for Risk

ETCG vs. ZCSH — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 2
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

ZCSH

ZCSH Risk / Return Rank: 91
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 88
ZCSH Omega Ratio Rank: 79
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 93

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.

ETCG vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.

	ETCG	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	5.18	-6.05
Sortino ratio: Return per unit of downside risk	-1.43	3.92	-5.35
Omega ratio: Gain probability vs. loss probability	0.85	1.46	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.80	12.42	-13.22
Martin ratio: Return relative to average drawdown	-1.23	24.28	-25.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETCG vs. ZCSH - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.87, which is lower than the ZCSH Sharpe Ratio of 5.18. The chart below compares the historical Sharpe Ratios of ETCG 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.

Sharpe Ratios by Period

	ETCG	ZCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	5.18	-6.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.07	-0.25

Drawdowns

ETCG vs. ZCSH - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for ETCG and ZCSH.

Drawdown Indicators

	ETCG	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-93.73%	-2.86%
Max Drawdown (1Y) Largest decline over 1 year	-67.13%	-69.62%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-78.55%	-71.90%	-6.65%
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.47%	-28.74%	-66.73%
Average Drawdown Average peak-to-trough decline	-82.67%	-74.37%	-8.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.62%	35.53%	+8.09%

Volatility

ETCG vs. ZCSH - Volatility Comparison

The current volatility for Grayscale Ethereum Classic Trust (ETC) (ETCG) is 11.24%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 50.94%. This indicates that ETCG 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

	ETCG	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	50.94%	-39.70%
Volatility (6M) Calculated over the trailing 6-month period	36.67%	95.34%	-58.67%
Volatility (1Y) Calculated over the trailing 1-year period	62.10%	166.88%	-104.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.02%	137.01%	-42.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.30%	137.01%	-21.71%

ETCG vs. ZCSH - Expense Ratio Comparison

Both ETCG and ZCSH have an expense ratio of 2.50%.

Dividends

ETCG vs. ZCSH - Dividend Comparison

Neither ETCG nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETCG and ZCSH in my portfolio?

ETCG and ZCSH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or ZCSH?

ZCSH has higher volatility (50.94%) compared to ETCG (11.24%). In terms of maximum drawdown, ETCG dropped -96.59% vs ZCSH's -93.73%.

Which ETF is better, ETCG or ZCSH?

On 3-year performance, ZCSH leads with 171.44% vs -8.79% for ETCG. Both ETFs have the same 2.50% expense ratio. On volatility, ETCG has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or ZCSH?

Over the 3-year period, ZCSH has performed better with a 171.44% return vs -8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or ZCSH?

ETCG and ZCSH have the same expense ratio: 2.50% per year.

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

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

What is the main difference between ETCG and ZCSH?

ETCG tracks Ethereum Classic (ETC), while ZCSH tracks Zcash (ZEC).

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.18 vs -0.87), 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.