GBTC vs. ZCSH

Last updated Jun 26, 2026

GBTC (Grayscale Bitcoin Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, GBTC returned 36.17%/yr vs 132.99%/yr for ZCSH. At a 0.45 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 2.50%/yr for ZCSH.

Performance

GBTC vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) 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, GBTC achieves a -32.86% return, which is significantly lower than ZCSH's -17.94% return.

GBTC

• 1D: -1.10%
• 1M: -22.12%
• YTD: -32.86%
• 6M: -32.70%
• 1Y: -45.93%
• 3Y*: 36.17%
• 5Y*: 10.64%
• 10Y*: 44.37%

ZCSH

• 1D: -5.84%
• 1M: -45.29%
• YTD: -17.94%
• 6M: -16.23%
• 1Y: 681.82%
• 3Y*: 132.99%
• 5Y*: —
• 10Y*: —

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

GBTC vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBTC Grayscale Bitcoin Trust ETF	-32.86%	-7.65%	113.81%	317.61%	-75.80%	-27.76%
ZCSH Grayscale Zcash Trust (ZEC)	-17.94%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between GBTC and ZCSH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.45

Return for Risk

GBTC vs. ZCSH — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

ZCSH

ZCSH Risk / Return Rank: 91
ZCSH Sharpe Ratio Rank: 97
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 82
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.

GBTC vs. ZCSH - Risk-Adjusted Trends Comparison

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

	GBTC	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	3.95	-4.99
Sortino ratio: Return per unit of downside risk	-1.57	3.55	-5.12
Omega ratio: Gain probability vs. loss probability	0.83	1.42	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.86	9.89	-10.75
Martin ratio: Return relative to average drawdown	-1.48	18.63	-20.11

GBTC vs. ZCSH - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.04, which is lower than the ZCSH Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of GBTC 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

GBTC vs. ZCSH - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for GBTC and ZCSH.

Drawdown Indicators

	GBTC	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-93.73%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-69.62%	+16.25%
Max Drawdown (3Y) Largest decline over 3 years	-53.37%	-71.90%	+18.53%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-53.37%	-51.05%	-2.32%
Average Drawdown Average peak-to-trough decline	-43.45%	-73.99%	+30.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.15%	36.86%	-5.71%

Volatility

GBTC vs. ZCSH - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.43%. This indicates that GBTC 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

	GBTC	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	64.43%	-51.16%
Volatility (6M) Calculated over the trailing 6-month period	34.52%	107.10%	-72.58%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	174.35%	-130.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	138.31%	-76.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	138.31%	-56.87%

GBTC vs. ZCSH - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

GBTC vs. ZCSH - Dividend Comparison

Neither GBTC nor ZCSH has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and ZCSH in my portfolio?

GBTC and ZCSH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or ZCSH?

ZCSH has higher volatility (64.43%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs ZCSH's -93.73%.

Which ETF is better, GBTC or ZCSH?

On 3-year performance, ZCSH leads with 132.99% vs 36.17% for GBTC. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or ZCSH?

Over the 3-year period, ZCSH has performed better with a 132.99% return vs 36.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or ZCSH?

GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between GBTC and ZCSH?

GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while ZCSH tracks Zcash (ZEC). Their fees differ too: 1.50% for GBTC and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (3.95 vs -1.04), 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.