GSUI vs. ZCSH

Last updated Jun 4, 2026

GSUI (Grayscale Sui Staking ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale - GSUI tracks the CoinDesk SUI Reference Rate while ZCSH tracks the Zcash (ZEC). Both are passively managed. At a 0.39 correlation, their price movements are largely independent. GSUI charges 0.00%/yr vs 2.50%/yr for ZCSH.

Performance

GSUI vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Sui Staking ETF (GSUI) 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, GSUI achieves a -39.93% return, which is significantly lower than ZCSH's 41.32% return.

GSUI

• 1D: -1.09%
• 1M: -12.82%
• YTD: -39.93%
• 6M: -46.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -5.29%
• 1M: 47.90%
• YTD: 41.32%
• 6M: 72.54%
• 1Y: 1,002.48%
• 3Y*: 185.96%
• 5Y*: —
• 10Y*: —

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

GSUI vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
GSUI Grayscale Sui Staking ETF	-39.93%	-34.63%
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	-2.47%

Correlation

The correlation between GSUI and ZCSH is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.39

Return for Risk

GSUI vs. ZCSH — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 92
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
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.

GSUI vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Sui Staking ETF (GSUI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GSUI	ZCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	0.10	-0.88

Drawdowns

GSUI vs. ZCSH - Drawdown Comparison

The maximum GSUI drawdown since its inception was -60.73%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for GSUI and ZCSH.

Drawdown Indicators

	GSUI	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-60.73%	-93.73%	+33.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.62%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-60.73%	-15.71%	-45.02%
Average Drawdown Average peak-to-trough decline	-43.81%	-74.41%	+30.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.49%	—

Volatility

Volatility by Period

	GSUI	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	48.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	94.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	107.79%	166.02%	-58.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.79%	136.87%	-29.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.79%	136.87%	-29.08%

GSUI vs. ZCSH - Expense Ratio Comparison

GSUI has a 0.00% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

GSUI vs. ZCSH - Dividend Comparison

Neither GSUI nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSUI and ZCSH in my portfolio?

GSUI and ZCSH have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSUI or ZCSH?

On fees, GSUI is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSUI or ZCSH?

GSUI is cheaper with a 0.00% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between GSUI and ZCSH?

GSUI tracks CoinDesk SUI Reference Rate, while ZCSH tracks Zcash (ZEC). Their fees differ too: 0.00% for GSUI and 2.50% for ZCSH.