HODL vs. ZCSH

Last updated Jul 14, 2026

HODL (VanEck Bitcoin Trust) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - HODL tracks the CME CF Bitcoin Reference Rate - New York Variant while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, HODL returned -47.40% vs 818.75% for ZCSH. At a 0.49 correlation, their price movements are largely independent. HODL charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

HODL vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) 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, HODL achieves a -28.87% return, which is significantly lower than ZCSH's 12.21% return.

HODL

• 1D: -2.71%
• 1M: -2.11%
• 6M: -31.95%
• YTD: -28.87%
• 1Y: -47.40%
• 3Y*: —
• 5Y*: —
• 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)

HODL vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-28.87%	-6.42%	91.50%
ZCSH Grayscale Zcash Trust (ZEC)	12.21%	446.78%	139.58%

Correlation

The correlation between HODL and ZCSH is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.49

The correlation between HODL and ZCSH has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

Return for Risk

HODL vs. ZCSH — Risk / Return Rank

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

HODL

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

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.

HODL vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) 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.

	HODL	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	4.73	-5.81
Sortino ratio: Return per unit of downside risk	-1.65	3.71	-5.36
Omega ratio: Gain probability vs. loss probability	0.82	1.44	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.89	11.88	-12.77
Martin ratio: Return relative to average drawdown	-1.45	21.76	-23.22

HODL vs. ZCSH - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -1.08, which is lower than the ZCSH Sharpe Ratio of 4.73. The chart below compares the historical Sharpe Ratios of HODL 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

HODL vs. ZCSH - Drawdown Comparison

The maximum HODL drawdown since its inception was -53.20%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for HODL and ZCSH.

Drawdown Indicators

	HODL	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-93.73%	+40.53%
Max Drawdown (1Y) Largest decline over 1 year	-53.20%	-69.62%	+16.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-50.44%	-33.07%	-17.37%
Average Drawdown Average peak-to-trough decline	-17.49%	-73.65%	+56.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.62%	37.92%	-5.30%

Volatility

HODL vs. ZCSH - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 11.45%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 38.59%. This indicates that HODL 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

	HODL	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	38.59%	-27.14%
Volatility (6M) Calculated over the trailing 6-month period	34.72%	106.76%	-72.04%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	175.00%	-130.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.65%	138.07%	-88.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.65%	138.07%	-88.42%

HODL vs. ZCSH - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

HODL vs. ZCSH - Dividend Comparison

Neither HODL nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HODL and ZCSH in my portfolio?

HODL 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, HODL or ZCSH?

ZCSH has higher volatility (38.59%) compared to HODL (11.45%). In terms of maximum drawdown, HODL dropped -53.20% vs ZCSH's -93.73%.

Which ETF is better, HODL or ZCSH?

On 1-year performance, ZCSH leads with 818.75% vs -47.40% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 11.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or ZCSH?

Over the 1-year period, ZCSH has performed better with a 818.75% return vs -47.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or ZCSH?

HODL is cheaper with a 0.25% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between HODL and ZCSH?

HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while ZCSH tracks Zcash (ZEC). They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.25% for HODL and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.73 vs -1.08), 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.