IBIT vs. ZCSH

Last updated Aug 5, 2026

IBIT (iShares Bitcoin Trust ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, IBIT returned -44.19% vs 990.91% for ZCSH. Their 0.49 correlation means their historical movements had little consistent relationship. IBIT charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

IBIT vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) 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, IBIT achieves a -26.71% return, which is significantly lower than ZCSH's 14.50% return.

IBIT

• 1D: 0.64%
• 1M: 4.36%
• 6M: -15.96%
• YTD: -26.71%
• 1Y: -44.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.86%

ZCSH

• 1D: 9.62%
• 1M: 22.66%
• 6M: 105.71%
• YTD: 14.50%
• 1Y: 990.91%
• 3Y*: 157.44%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IBIT iShares Bitcoin Trust ETF	$1.29B	$1.33B	$1.64B
ZCSH Grayscale Zcash Trust (ZEC)	$1.36M	$1.75M	$3.53M

IBIT vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-26.71%	-6.41%	89.87%
ZCSH Grayscale Zcash Trust (ZEC)	14.50%	446.78%	139.58%

Correlation

The correlation between IBIT and ZCSH is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.49

The correlation between IBIT and ZCSH has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

IBIT vs. ZCSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 91
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBIT vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.

	IBIT	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	5.72	-6.72
Sortino ratio: Return per unit of downside risk	-1.47	3.90	-5.37
Omega ratio: Gain probability vs. loss probability	0.84	1.47	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.83	14.38	-15.22
Martin ratio: Return relative to average drawdown	-1.27	26.00	-27.26

IBIT vs. ZCSH - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -1.00, which is lower than the ZCSH Sharpe Ratio of 5.72. The chart below compares the historical Sharpe Ratios of IBIT 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

IBIT vs. ZCSH - Drawdown Comparison

The maximum IBIT drawdown since its inception was -53.30%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for IBIT and ZCSH.

Drawdown Indicators

	IBIT	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-93.73%	+40.43%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-69.62%	+16.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-48.95%	-31.70%	-17.25%
Average Drawdown Average peak-to-trough decline	-18.34%	-73.12%	+54.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.94%	38.44%	-3.50%

Volatility

IBIT vs. ZCSH - Volatility Comparison

The current volatility for iShares Bitcoin Trust ETF (IBIT) is 8.29%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 31.37%. This indicates that IBIT 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

	IBIT	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	31.37%	-23.08%
Volatility (6M) Calculated over the trailing 6-month period	33.07%	105.88%	-72.81%
Volatility (1Y) Calculated over the trailing 1-year period	44.40%	174.95%	-130.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.53%	137.52%	-87.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.53%	137.52%	-87.99%

IBIT vs. ZCSH - Expense Ratio Comparison

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

Dividends

IBIT vs. ZCSH - Dividend Comparison

Neither IBIT nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IBIT and ZCSH in my portfolio?

IBIT and ZCSH have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIT or ZCSH?

ZCSH has higher volatility (31.37%) compared to IBIT (8.29%). In terms of maximum drawdown, IBIT dropped -53.30% vs ZCSH's -93.73%.

Which ETF is better, IBIT or ZCSH?

On 1-year performance, ZCSH leads with 990.91% vs -44.19% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or ZCSH?

Over the 1-year period, ZCSH has performed better with a 990.91% return vs -44.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or ZCSH?

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

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

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

What is the main difference between IBIT and ZCSH?

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

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.72 vs -1.00), 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.