ETHE vs. ZCSH

Last updated Jun 26, 2026

ETHE (Grayscale Ethereum Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - ETHE tracks the CoinDesk Ether Price Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, ETHE returned 11.14%/yr vs 128.97%/yr for ZCSH. At a 0.47 correlation, their price movements are largely independent. Both charge a 2.50% expense ratio.

Performance

ETHE vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -47.83% return, which is significantly lower than ZCSH's -16.76% return.

ETHE

• 1D: -1.56%
• 1M: -24.88%
• YTD: -47.83%
• 6M: -47.20%
• 1Y: -36.88%
• 3Y*: 11.14%
• 5Y*: -6.89%
• 10Y*: —

ZCSH

• 1D: 1.43%
• 1M: -42.26%
• YTD: -16.76%
• 6M: -15.03%
• 1Y: 679.80%
• 3Y*: 128.97%
• 5Y*: —
• 10Y*: —

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

ETHE vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHE Grayscale Ethereum Trust ETF	-47.83%	-13.03%	44.14%	308.40%	-85.29%	-8.12%
ZCSH Grayscale Zcash Trust (ZEC)	-16.76%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between ETHE 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 (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.47

Return for Risk

ETHE vs. ZCSH — Risk / Return Rank

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

ETHE

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

ZCSH

ZCSH Risk / Return Rank: 91
ZCSH Sharpe Ratio Rank: 97
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
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.

ETHE vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	3.94	-4.47
Sortino ratio: Return per unit of downside risk	-0.47	3.55	-4.01
Omega ratio: Gain probability vs. loss probability	0.95	1.42	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.54	9.86	-10.40
Martin ratio: Return relative to average drawdown	-0.90	18.51	-19.41

ETHE vs. ZCSH - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.54, which is lower than the ZCSH Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of ETHE 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

ETHE vs. ZCSH - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for ETHE and ZCSH.

Drawdown Indicators

	ETHE	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-93.73%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-69.62%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	-71.90%	+3.73%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-80.27%	-50.35%	-29.92%
Average Drawdown Average peak-to-trough decline	-72.24%	-73.97%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.10%	37.00%	+4.10%

Volatility

ETHE vs. ZCSH - Volatility Comparison

The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 19.69%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.56%. This indicates that ETHE 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

	ETHE	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.69%	64.56%	-44.87%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	107.11%	-60.71%
Volatility (1Y) Calculated over the trailing 1-year period	68.82%	174.34%	-105.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.22%	138.25%	-56.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.10%	138.25%	+52.85%

ETHE vs. ZCSH - Expense Ratio Comparison

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

Dividends

ETHE vs. ZCSH - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.56%, while ZCSH has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.56%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%

Frequently Asked Questions

Can I hold both ETHE and ZCSH in my portfolio?

ETHE 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, ETHE or ZCSH?

ZCSH has higher volatility (64.56%) compared to ETHE (19.69%). In terms of maximum drawdown, ETHE dropped -96.26% vs ZCSH's -93.73%.

Which ETF is better, ETHE or ZCSH?

On 3-year performance, ZCSH leads with 128.97% vs 11.14% for ETHE. Both ETFs have the same 2.50% expense ratio. On volatility, ETHE has been the lower-risk option at 19.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or ZCSH?

Over the 3-year period, ZCSH has performed better with a 128.97% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or ZCSH?

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

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

ETHE has the higher dividend yield at 1.56%, compared with 0.00% for ZCSH.

What is the main difference between ETHE and ZCSH?

ETHE tracks CoinDesk Ether Price Index, while ZCSH tracks Zcash (ZEC).

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (3.94 vs -0.54), 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.