ETCO vs. ZCSH

Last updated Jun 4, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale. ETCO is actively managed, while ZCSH is passively managed. At a 0.40 correlation, their price movements are largely independent. ETCO charges 0.66%/yr vs 2.50%/yr for ZCSH.

Performance

ETCO vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) 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, ETCO achieves a -33.38% return, which is significantly lower than ZCSH's 41.32% return.

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 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)

ETCO vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-24.78%
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	844.14%

Correlation

The correlation between ETCO and ZCSH is 0.40, 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 Sep 5, 2025	0.40

Return for Risk

ETCO 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.

ETCO vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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

	ETCO	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	-1.16	0.10	-1.25

Drawdowns

ETCO vs. ZCSH - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for ETCO and ZCSH.

Drawdown Indicators

	ETCO	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-93.73%	+36.92%
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	-54.32%	-15.71%	-38.61%
Average Drawdown Average peak-to-trough decline	-34.43%	-74.41%	+39.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.49%	—

Volatility

Volatility by Period

	ETCO	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	52.49%	166.02%	-113.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.49%	136.87%	-84.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.49%	136.87%	-84.38%

ETCO vs. ZCSH - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

ETCO vs. ZCSH - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 127.41%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and ZCSH in my portfolio?

ETCO and ZCSH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCO or ZCSH?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or ZCSH?

ETCO is cheaper with a 0.66% expense ratio, compared with 2.50% for ZCSH.

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

ETCO has the higher dividend yield at 127.41%, compared with 0.00% for ZCSH.

What is the main difference between ETCO and ZCSH?

Their fees differ too: 0.66% for ETCO and 2.50% for ZCSH.