FETH vs. ZCSH

Last updated Aug 4, 2026

FETH (Fidelity Ethereum Fund) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - FETH tracks the Fidelity Ethereum Reference Rate Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, FETH returned -46.78% vs 946.99% for ZCSH. Their 0.51 correlation means they have sometimes moved together and sometimes differently. FETH charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

FETH vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) 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, FETH achieves a -37.15% return, which is significantly lower than ZCSH's 4.45% return.

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M
ZCSH Grayscale Zcash Trust (ZEC)	$1.43M	$1.76M	$3.68M

FETH vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%
ZCSH Grayscale Zcash Trust (ZEC)	4.45%	446.78%	8.49%

Correlation

The correlation between FETH 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	0.51

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

Return for Risk

FETH vs. ZCSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FETH

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

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 92
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FETH vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) 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.

	FETH	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	5.47	-6.18
Sortino ratio: Return per unit of downside risk	-0.85	3.85	-4.71
Omega ratio: Gain probability vs. loss probability	0.91	1.46	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.69	13.74	-14.44
Martin ratio: Return relative to average drawdown	-1.03	24.87	-25.90

FETH vs. ZCSH - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.70, which is lower than the ZCSH Sharpe Ratio of 5.47. The chart below compares the historical Sharpe Ratios of FETH 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

FETH vs. ZCSH - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.94%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for FETH and ZCSH.

Drawdown Indicators

	FETH	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-67.94%	-93.73%	+25.79%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-69.62%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-61.55%	-37.70%	-23.85%
Average Drawdown Average peak-to-trough decline	-35.30%	-73.16%	+37.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.61%	38.39%	+7.22%

Volatility

FETH vs. ZCSH - Volatility Comparison

The current volatility for Fidelity Ethereum Fund (FETH) is 12.28%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.87%. This indicates that FETH 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

	FETH	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.28%	30.87%	-18.59%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	105.89%	-60.29%
Volatility (1Y) Calculated over the trailing 1-year period	67.10%	175.12%	-108.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.16%	137.51%	-66.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.16%	137.51%	-66.35%

FETH vs. ZCSH - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

FETH vs. ZCSH - Dividend Comparison

Neither FETH nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FETH and ZCSH in my portfolio?

FETH 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, FETH or ZCSH?

ZCSH has higher volatility (30.87%) compared to FETH (12.28%). In terms of maximum drawdown, FETH dropped -67.94% vs ZCSH's -93.73%.

Which ETF is better, FETH or ZCSH?

On 1-year performance, ZCSH leads with 946.99% vs -46.78% for FETH. On fees, FETH is cheaper at 0.25% per year. On volatility, FETH has been the lower-risk option at 12.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or ZCSH?

Over the 1-year period, ZCSH has performed better with a 946.99% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or ZCSH?

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

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

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

What is the main difference between FETH and ZCSH?

FETH tracks Fidelity Ethereum Reference Rate Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Fidelity and Grayscale. Their fees differ too: 0.25% for FETH and 2.50% for ZCSH.

Which has better risk-adjusted returns?

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.