ETHT vs. ZCSH

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - ETHT tracks the Bloomberg Ethereum Index (200%) while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, ETHT returned -74.55% vs 725.30% for ZCSH. A 0.52 correlation means they provide meaningful diversification when combined. ETHT charges 0.94%/yr vs 2.50%/yr for ZCSH.

Performance

ETHT vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -77.62% return, which is significantly lower than ZCSH's -12.85% return.

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 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)

ETHT vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-45.44%
ZCSH Grayscale Zcash Trust (ZEC)	-12.85%	446.78%	6.48%

Correlation

The correlation between ETHT and ZCSH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.52

The correlation between ETHT and ZCSH has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

Return for Risk

ETHT vs. ZCSH — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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.

ETHT vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	4.20	-4.75
Sortino ratio: Return per unit of downside risk	-0.43	3.61	-4.04
Omega ratio: Gain probability vs. loss probability	0.95	1.43	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.80	10.52	-11.31
Martin ratio: Return relative to average drawdown	-1.14	19.90	-21.04

ETHT vs. ZCSH - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is lower than the ZCSH Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. ZCSH - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for ETHT and ZCSH.

Drawdown Indicators

	ETHT	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-93.73%	-2.29%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-69.62%	-24.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-95.71%	-48.02%	-47.69%
Average Drawdown Average peak-to-trough decline	-67.69%	-74.01%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	36.72%	+28.95%

Volatility

ETHT vs. ZCSH - Volatility Comparison

The current volatility for ProShares Ultra Ether ETF (ETHT) is 39.94%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.75%. This indicates that ETHT 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

	ETHT	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	64.75%	-24.81%
Volatility (6M) Calculated over the trailing 6-month period	94.89%	107.29%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	174.37%	-36.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	138.34%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	138.34%	+4.86%

ETHT vs. ZCSH - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

ETHT vs. ZCSH - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and ZCSH in my portfolio?

ETHT and ZCSH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or ZCSH?

ZCSH has higher volatility (64.75%) compared to ETHT (39.94%). In terms of maximum drawdown, ETHT dropped -96.02% vs ZCSH's -93.73%.

Which ETF is better, ETHT or ZCSH?

On 1-year performance, ZCSH leads with 725.30% vs -74.55% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, ETHT has been the lower-risk option at 39.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or ZCSH?

Over the 1-year period, ZCSH has performed better with a 725.30% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or ZCSH?

ETHT is cheaper with a 0.94% expense ratio, compared with 2.50% for ZCSH.

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

ETHT has the higher dividend yield at 21.23%, compared with 0.00% for ZCSH.

What is the main difference between ETHT and ZCSH?

ETHT tracks Bloomberg Ethereum Index (200%), while ZCSH tracks Zcash (ZEC). They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.94% for ETHT and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.20 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.