ETHA vs. ZCSH

Last updated Jun 24, 2026

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 -28.54% vs 725.30% for ZCSH. A 0.51 correlation means they provide meaningful diversification when combined. ETHA charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

ETHA vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) 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, ETHA achieves a -44.18% return, which is significantly lower than ZCSH's -12.85% return.

ETHA

• 1D: -4.13%
• 1M: -19.59%
• YTD: -44.18%
• 6M: -44.16%
• 1Y: -28.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -6.64%
• 1M: -41.90%
• YTD: -12.85%
• 6M: -2.07%
• 1Y: 725.30%
• 3Y*: 137.71%
• 5Y*: —
• 10Y*: —

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

ETHA vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-44.18%	-11.31%	-4.89%
ZCSH Grayscale Zcash Trust (ZEC)	-12.85%	446.78%	8.49%

Correlation

The correlation between ETHA and ZCSH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.51

The correlation between ETHA and ZCSH has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

ETHA vs. ZCSH — Risk / Return Rank

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

ETHA

ETHA Risk / Return Rank: 6
ETHA Sharpe Ratio Rank: 5
ETHA Sortino Ratio Rank: 6
ETHA Omega Ratio Rank: 6
ETHA Calmar Ratio Rank: 5
ETHA Martin Ratio Rank: 6

ZCSH

ZCSH Risk / Return Rank: 91
ZCSH Sharpe Ratio Rank: 97
ZCSH Sortino Ratio Rank: 88
ZCSH Omega Ratio Rank: 80
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 91

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.

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 ratio: Return per unit of total volatility	-0.41	4.20	-4.62
Sortino ratio: Return per unit of downside risk	-0.20	3.61	-3.81
Omega ratio: Gain probability vs. loss probability	0.98	1.43	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.42	10.52	-10.94
Martin ratio: Return relative to average drawdown	-0.71	19.90	-20.61

ETHA vs. ZCSH - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.41, which is lower than the ZCSH Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of ETHA 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

ETHA vs. ZCSH - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.56%, 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.

Drawdown Indicators

	ETHA	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-67.56%	-93.73%	+26.17%
Max Drawdown (1Y) Largest decline over 1 year	-67.56%	-69.62%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-65.78%	-48.02%	-17.76%
Average Drawdown Average peak-to-trough decline	-33.64%	-74.01%	+40.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.40%	36.72%	+3.68%

Volatility

ETHA vs. ZCSH - Volatility Comparison

The current volatility for iShares Ethereum Trust ETF (ETHA) is 19.90%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.75%. 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.

Volatility by Period

	ETHA	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.90%	64.75%	-44.85%
Volatility (6M) Calculated over the trailing 6-month period	47.13%	107.29%	-60.16%
Volatility (1Y) Calculated over the trailing 1-year period	69.33%	174.37%	-105.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.65%	138.34%	-65.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.65%	138.34%	-65.69%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHA and ZCSH in my portfolio?

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.

Which is riskier, ETHA or ZCSH?

ZCSH has higher volatility (64.75%) compared to ETHA (19.90%). In terms of maximum drawdown, ETHA dropped -67.56% vs ZCSH's -93.73%.

Which ETF is better, ETHA or ZCSH?

On 1-year performance, ZCSH leads with 725.30% vs -28.54% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 19.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or ZCSH?

Over the 1-year period, ZCSH has performed better with a 725.30% return vs -28.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or ZCSH?

ETHA is cheaper with a 0.25% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ETHA and ZCSH?

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.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.20 vs -0.41), 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.