EZET vs. ZCSH

Last updated Jun 26, 2026

EZET (Franklin Ethereum ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - EZET 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, EZET returned -36.13% vs 679.80% for ZCSH. A 0.51 correlation means they provide meaningful diversification when combined. EZET charges 0.19%/yr vs 2.50%/yr for ZCSH.

Performance

EZET vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ethereum ETF (EZET) 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, EZET achieves a -47.61% return, which is significantly lower than ZCSH's -16.76% return.

EZET

• 1D: -1.69%
• 1M: -24.76%
• YTD: -47.61%
• 6M: -46.98%
• 1Y: -36.13%
• 3Y*: —
• 5Y*: —
• 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)

EZET vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EZET Franklin Ethereum ETF	-47.61%	-11.23%	-4.77%
ZCSH Grayscale Zcash Trust (ZEC)	-16.76%	446.78%	8.49%

Correlation

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

Return for Risk

EZET vs. ZCSH — Risk / Return Rank

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

EZET

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

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.

EZET vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ethereum ETF (EZET) 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.

	EZET	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	3.94	-4.46
Sortino ratio: Return per unit of downside risk	-0.44	3.55	-3.99
Omega ratio: Gain probability vs. loss probability	0.95	1.42	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.53	9.86	-10.39
Martin ratio: Return relative to average drawdown	-0.89	18.51	-19.40

EZET vs. ZCSH - Sharpe Ratio Comparison

The current EZET Sharpe Ratio is -0.53, which is lower than the ZCSH Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of EZET 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

EZET vs. ZCSH - Drawdown Comparison

The maximum EZET drawdown since its inception was -67.89%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for EZET and ZCSH.

Drawdown Indicators

	EZET	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-93.73%	+25.84%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-69.62%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-67.89%	-50.35%	-17.54%
Average Drawdown Average peak-to-trough decline	-33.78%	-73.97%	+40.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.85%	37.00%	+3.85%

Volatility

EZET vs. ZCSH - Volatility Comparison

The current volatility for Franklin Ethereum ETF (EZET) is 19.96%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.56%. This indicates that EZET 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

	EZET	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.96%	64.56%	-44.60%
Volatility (6M) Calculated over the trailing 6-month period	46.50%	107.11%	-60.61%
Volatility (1Y) Calculated over the trailing 1-year period	68.96%	174.34%	-105.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.42%	138.25%	-65.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.42%	138.25%	-65.83%

EZET vs. ZCSH - Expense Ratio Comparison

EZET has a 0.19% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

EZET vs. ZCSH - Dividend Comparison

Neither EZET nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZET and ZCSH in my portfolio?

EZET 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, EZET or ZCSH?

ZCSH has higher volatility (64.56%) compared to EZET (19.96%). In terms of maximum drawdown, EZET dropped -67.89% vs ZCSH's -93.73%.

Which ETF is better, EZET or ZCSH?

On 1-year performance, ZCSH leads with 679.80% vs -36.13% for EZET. On fees, EZET is cheaper at 0.19% per year. On volatility, EZET has been the lower-risk option at 19.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZET or ZCSH?

Over the 1-year period, ZCSH has performed better with a 679.80% return vs -36.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZET or ZCSH?

EZET is cheaper with a 0.19% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between EZET and ZCSH?

EZET tracks CME CF Ether-Dollar Reference Rate - New York Variant, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Franklin Templeton and Grayscale. Their fees differ too: 0.19% for EZET and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (3.94 vs -0.53), 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.