HZEN vs. ZCSH
HZEN (Grayscale Horizen Trust) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale. HZEN is actively managed, while ZCSH is passively managed. Over the past 3 years, HZEN returned -15.44%/yr vs 116.79%/yr for ZCSH. At a 0.39 correlation, their price movements are largely independent.
Performance
HZEN vs. ZCSH - Performance Comparison
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Returns By Period
In the year-to-date period, HZEN achieves a -35.16% return, which is significantly lower than ZCSH's -14.12% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
ZCSH
- 1D
- 3.05%
- 1M
- -27.73%
- YTD
- -14.12%
- 6M
- -22.85%
- 1Y
- 658.64%
- 3Y*
- 116.79%
- 5Y*
- —
- 10Y*
- —
HZEN vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -83.06% | 164.86% | 236.36% | -93.12% | -73.33% |
ZCSH Grayscale Zcash Trust (ZEC) | -14.12% | 446.78% | 96.92% | 65.91% | -86.30% | -48.60% |
Correlation
The correlation between HZEN and ZCSH is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.39 |
The correlation between HZEN and ZCSH shifts across timeframes, from 0.39 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HZEN vs. ZCSH — Risk / Return Rank
HZEN
ZCSH
HZEN vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) 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.
| HZEN | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.42 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 9.55 | -9.63 |
| Martin ratioReturn relative to average drawdown | -0.12 | 17.82 | -17.94 |
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Drawdowns
HZEN vs. ZCSH - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than ZCSH's maximum drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for HZEN and ZCSH.
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Drawdown Indicators
| HZEN | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -93.73% | -5.00% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -69.62% | -12.07% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | -71.90% | -22.34% |
Current DrawdownCurrent decline from peak | -98.21% | -48.78% | -49.43% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -73.93% | -18.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 37.24% | +19.15% |
Volatility
HZEN vs. ZCSH - Volatility Comparison
The current volatility for Grayscale Horizen Trust (HZEN) is 37.94%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 63.24%. This indicates that HZEN 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.
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Volatility by Period
| HZEN | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 63.24% | -25.30% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 106.64% | -28.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 174.09% | -35.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 138.14% | +11.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 138.14% | +11.89% |
Dividends
HZEN vs. ZCSH - Dividend Comparison
Neither HZEN nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
HZEN and ZCSH have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZCSH has higher volatility (63.24%) compared to HZEN (37.94%). In terms of maximum drawdown, HZEN dropped -98.73% vs ZCSH's -93.73%.
On 3-year performance, ZCSH leads with 116.79% vs -15.44% for HZEN. On volatility, HZEN has been the lower-risk option at 37.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZCSH has performed better with a 116.79% return vs -15.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HZEN and ZCSH have nearly identical dividend yields, around 0.00%.
ZCSH currently has the higher Sharpe Ratio (3.83 vs -0.05), 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.
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