GDLC vs. ZCSH

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - GDLC tracks the CoinDesk 5 Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, GDLC returned 42.64%/yr vs 140.70%/yr for ZCSH. At a 0.43 correlation, their price movements are largely independent. GDLC charges 0.59%/yr vs 2.50%/yr for ZCSH.

Performance

GDLC vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) 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, GDLC achieves a -32.34% return, which is significantly lower than ZCSH's 12.21% return.

GDLC

• 1D: -2.77%
• 1M: -1.51%
• 6M: -35.66%
• YTD: -32.34%
• 1Y: -45.99%
• 3Y*: 42.64%
• 5Y*: 2.39%
• 10Y*: —

ZCSH

• 1D: -9.09%
• 1M: 26.27%
• 6M: 25.52%
• YTD: 12.21%
• 1Y: 818.75%
• 3Y*: 140.70%
• 5Y*: —
• 10Y*: —

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

GDLC vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	136.98%	353.26%	-84.21%	-21.34%
ZCSH Grayscale Zcash Trust (ZEC)	12.21%	446.78%	96.92%	65.91%	-86.30%	-48.60%

Correlation

The correlation between GDLC and ZCSH is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.43

Return for Risk

GDLC vs. ZCSH — Risk / Return Rank

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

GDLC

GDLC Risk / Return Rank: 2
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 2
GDLC Omega Ratio Rank: 2
GDLC Calmar Ratio Rank: 2
GDLC Martin Ratio Rank: 3

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 89
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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.

GDLC vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) 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.

	GDLC	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	4.73	-5.68
Sortino ratio: Return per unit of downside risk	-1.38	3.71	-5.09
Omega ratio: Gain probability vs. loss probability	0.85	1.44	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.81	11.88	-12.68
Martin ratio: Return relative to average drawdown	-1.29	21.76	-23.06

GDLC vs. ZCSH - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is lower than the ZCSH Sharpe Ratio of 4.73. The chart below compares the historical Sharpe Ratios of GDLC 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

GDLC vs. ZCSH - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for GDLC and ZCSH.

Drawdown Indicators

	GDLC	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-93.73%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-69.62%	+12.44%
Max Drawdown (3Y) Largest decline over 3 years	-57.18%	-71.90%	+14.72%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.48%	-33.07%	-23.41%
Average Drawdown Average peak-to-trough decline	-52.81%	-73.65%	+20.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	37.92%	-2.28%

Volatility

GDLC vs. ZCSH - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 11.89%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.59%. This indicates that GDLC 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

	GDLC	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	38.59%	-26.70%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	106.76%	-70.05%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	175.00%	-125.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	138.07%	-64.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	138.07%	-44.20%

GDLC vs. ZCSH - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

GDLC vs. ZCSH - Dividend Comparison

Neither GDLC nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and ZCSH in my portfolio?

GDLC and ZCSH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDLC or ZCSH?

ZCSH has higher volatility (38.59%) compared to GDLC (11.89%). In terms of maximum drawdown, GDLC dropped -94.14% vs ZCSH's -93.73%.

Which ETF is better, GDLC or ZCSH?

On 3-year performance, ZCSH leads with 140.70% vs 42.64% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 11.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or ZCSH?

Over the 3-year period, ZCSH has performed better with a 140.70% return vs 42.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or ZCSH?

GDLC is cheaper with a 0.59% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between GDLC and ZCSH?

GDLC tracks CoinDesk 5 Index, while ZCSH tracks Zcash (ZEC). Their fees differ too: 0.59% for GDLC and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.73 vs -0.94), 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.