ETHA vs. ZCSH
ETHA (iShares Ethereum Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, ETHA returned -46.77% vs 946.99% for ZCSH. Their 0.52 correlation means they have sometimes moved together and sometimes differently. ETHA charges 0.25%/yr vs 2.50%/yr for ZCSH.
Performance
ETHA vs. ZCSH - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -37.09% return, which is significantly lower than ZCSH's 4.45% return.
ETHA
- 1D
- 0.28%
- 1M
- 9.72%
- 6M
- -19.37%
- YTD
- -37.09%
- 1Y
- -46.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.83%
ZCSH
- 1D
- 5.94%
- 1M
- 11.89%
- 6M
- 69.28%
- YTD
- 4.45%
- 1Y
- 946.99%
- 3Y*
- 149.67%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $446.17M | $410.98M | $410.24M | |
| $1.43M | $1.76M | $3.68M |
ETHA vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -37.09% | -11.31% | -4.89% |
ZCSH Grayscale Zcash Trust (ZEC) | 4.45% | 446.78% | 8.49% |
Correlation
The correlation between ETHA and ZCSH is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.52 |
The correlation between ETHA and ZCSH has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
ETHA vs. ZCSH — Risk / Return Rank
ETHA
ZCSH
ETHA vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.70 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.46 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 13.74 | -14.44 |
| Martin ratioReturn relative to average drawdown | -1.03 | 24.87 | -25.90 |
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Drawdowns
ETHA vs. ZCSH - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.91%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for ETHA and ZCSH.
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Drawdown Indicators
| ETHA | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.91% | -93.73% | +25.82% |
Max Drawdown (1Y)Largest decline over 1 year | -67.91% | -69.62% | +1.71% |
Max Drawdown (3Y)Largest decline over 3 years | — | -71.90% | — |
Current DrawdownCurrent decline from peak | -61.44% | -37.70% | -23.74% |
Average DrawdownAverage peak-to-trough decline | -35.25% | -73.16% | +37.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.53% | 38.39% | +7.14% |
Volatility
ETHA vs. ZCSH - Volatility Comparison
The current volatility for iShares Ethereum Trust ETF (ETHA) is 12.55%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.87%. This indicates that ETHA 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.
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Volatility by Period
| ETHA | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.55% | 30.87% | -18.32% |
Volatility (6M)Calculated over the trailing 6-month period | 45.91% | 105.89% | -59.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.32% | 175.12% | -107.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.46% | 137.51% | -66.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.46% | 137.51% | -66.05% |
ETHA vs. ZCSH - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than ZCSH's 2.50% expense ratio.
Dividends
ETHA vs. ZCSH - Dividend Comparison
Neither ETHA nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
ETHA and ZCSH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZCSH has higher volatility (30.87%) compared to ETHA (12.55%). In terms of maximum drawdown, ETHA dropped -67.91% vs ZCSH's -93.73%.
On 1-year performance, ZCSH leads with 946.99% vs -46.77% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 12.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZCSH has performed better with a 946.99% return vs -46.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 2.50% for ZCSH.
ETHA and ZCSH have nearly identical dividend yields, around 0.00%.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while ZCSH tracks Zcash (ZEC). They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for ETHA and 2.50% for ZCSH.
ZCSH currently has the higher Sharpe Ratio (5.47 vs -0.70), 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.
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