HBR vs. ZCSH

Last updated Jun 27, 2026

HBR (Canary HBAR ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. HBR is actively managed, while ZCSH is passively managed. At a 0.41 correlation, their price movements are largely independent. HBR charges 0.50%/yr vs 2.50%/yr for ZCSH.

Performance

HBR vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canary HBAR ETF (HBR) 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, HBR achieves a -32.96% return, which is significantly lower than ZCSH's -16.67% return.

HBR

• 1D: -1.11%
• 1M: -16.21%
• YTD: -32.96%
• 6M: -36.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 0.11%
• 1M: -32.82%
• YTD: -16.67%
• 6M: -11.64%
• 1Y: 587.66%
• 3Y*: 126.66%
• 5Y*: —
• 10Y*: —

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

HBR vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
HBR Canary HBAR ETF	-32.96%	-49.43%
ZCSH Grayscale Zcash Trust (ZEC)	-16.67%	10.39%

Correlation

The correlation between HBR and ZCSH is 0.41, 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 Oct 28, 2025	0.41

Return for Risk

HBR vs. ZCSH — Risk / Return Rank

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

HBR

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

ZCSH

ZCSH Risk / Return Rank: 89
ZCSH Sharpe Ratio Rank: 96
ZCSH Sortino Ratio Rank: 88
ZCSH Omega Ratio Rank: 80
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 87

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.

HBR vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canary HBAR ETF (HBR) 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.

	HBR	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	3.41	—
Sortino ratio: Return per unit of downside risk	—	3.41	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	8.52	—
Martin ratio: Return relative to average drawdown	—	15.95	—

Drawdowns

HBR vs. ZCSH - Drawdown Comparison

The maximum HBR drawdown since its inception was -66.10%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for HBR and ZCSH.

Drawdown Indicators

	HBR	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-66.10%	-93.73%	+27.63%
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	-66.10%	-50.29%	-15.81%
Average Drawdown Average peak-to-trough decline	-49.10%	-73.95%	+24.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.13%	—

Volatility

Volatility by Period

	HBR	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	63.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	107.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	71.94%	174.34%	-102.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.94%	138.19%	-66.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.94%	138.19%	-66.25%

HBR vs. ZCSH - Expense Ratio Comparison

HBR has a 0.50% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

HBR vs. ZCSH - Dividend Comparison

Neither HBR nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HBR and ZCSH in my portfolio?

HBR and ZCSH have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBR or ZCSH?

On fees, HBR is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBR or ZCSH?

HBR is cheaper with a 0.50% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between HBR and ZCSH?

They also come from different issuers: Canary Capital and Grayscale. Their fees differ too: 0.50% for HBR and 2.50% for ZCSH.