GLNK vs. ZCSH

Last updated Jul 15, 2026

GLNK (Grayscale Chainlink Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - GLNK tracks the Chainlink (LINK) while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, GLNK returned -21.04%/yr vs 147.66%/yr for ZCSH. At a 0.31 correlation, their price movements are largely independent. Both charge a 2.50% expense ratio.

Performance

GLNK vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Chainlink Trust ETF (GLNK) 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, GLNK achieves a -32.44% return, which is significantly lower than ZCSH's 22.23% return.

GLNK

• 1D: 4.99%
• 1M: 5.59%
• 6M: -39.87%
• YTD: -32.44%
• 1Y: -79.50%
• 3Y*: -21.04%
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 8.93%
• 1M: 37.54%
• 6M: 41.60%
• YTD: 22.23%
• 1Y: 947.14%
• 3Y*: 147.66%
• 5Y*: —
• 10Y*: —

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

GLNK vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLNK Grayscale Chainlink Trust ETF	-32.44%	-87.10%	38.45%	840.06%	-18.87%
ZCSH Grayscale Zcash Trust (ZEC)	22.23%	446.78%	96.92%	65.91%	-79.20%

Correlation

The correlation between GLNK and ZCSH is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 19, 2022	0.31

Return for Risk

GLNK vs. ZCSH — Risk / Return Rank

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

GLNK

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 90
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

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.

GLNK vs. ZCSH - Risk-Adjusted Trends Comparison

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

	GLNK	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	5.48	-6.25
Sortino ratio: Return per unit of downside risk	-1.44	3.85	-5.29
Omega ratio: Gain probability vs. loss probability	0.83	1.46	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.89	13.75	-14.64
Martin ratio: Return relative to average drawdown	-1.09	25.16	-26.26

GLNK vs. ZCSH - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.78, which is lower than the ZCSH Sharpe Ratio of 5.48. The chart below compares the historical Sharpe Ratios of GLNK 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

GLNK vs. ZCSH - Drawdown Comparison

The maximum GLNK drawdown since its inception was -96.25%, roughly equal to the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for GLNK and ZCSH.

Drawdown Indicators

	GLNK	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-93.73%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-89.50%	-69.62%	-19.88%
Max Drawdown (3Y) Largest decline over 3 years	-96.25%	-71.90%	-24.35%
Current Drawdown Current decline from peak	-95.66%	-27.09%	-68.57%
Average Drawdown Average peak-to-trough decline	-56.71%	-73.62%	+16.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.66%	37.96%	+34.70%

Volatility

GLNK vs. ZCSH - Volatility Comparison

The current volatility for Grayscale Chainlink Trust ETF (GLNK) is 14.66%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.93%. This indicates that GLNK 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

	GLNK	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.66%	38.93%	-24.27%
Volatility (6M) Calculated over the trailing 6-month period	47.08%	107.08%	-60.00%
Volatility (1Y) Calculated over the trailing 1-year period	104.06%	174.81%	-70.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	162.94%	138.07%	+24.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	162.94%	138.07%	+24.87%

GLNK vs. ZCSH - Expense Ratio Comparison

Both GLNK and ZCSH have an expense ratio of 2.50%.

Dividends

GLNK vs. ZCSH - Dividend Comparison

Neither GLNK nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLNK and ZCSH in my portfolio?

GLNK and ZCSH have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or ZCSH?

ZCSH has higher volatility (38.93%) compared to GLNK (14.66%). In terms of maximum drawdown, GLNK dropped -96.25% vs ZCSH's -93.73%.

Which ETF is better, GLNK or ZCSH?

On 3-year performance, ZCSH leads with 147.66% vs -21.04% for GLNK. Both ETFs have the same 2.50% expense ratio. On volatility, GLNK has been the lower-risk option at 14.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or ZCSH?

Over the 3-year period, ZCSH has performed better with a 147.66% return vs -21.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or ZCSH?

GLNK and ZCSH have the same expense ratio: 2.50% per year.

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

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

What is the main difference between GLNK and ZCSH?

GLNK tracks Chainlink (LINK), while ZCSH tracks Zcash (ZEC).

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.48 vs -0.78), 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.