IBLC vs. ZCSH

Last updated Aug 2, 2026

IBLC (iShares Blockchain and Tech ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - IBLC tracks the ICE FactSet Global Blockchain Technologies Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past 3 years, IBLC returned 26.70%/yr vs 138.94%/yr for ZCSH. Their 0.41 correlation means their historical movements had little consistent relationship. IBLC charges 0.47%/yr vs 2.50%/yr for ZCSH.

Performance

IBLC vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Blockchain and Tech ETF (IBLC) 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, IBLC achieves a 5.99% return, which is significantly higher than ZCSH's -1.40% return.

IBLC

• 1D: -2.87%
• 1M: -4.33%
• 6M: 0.61%
• YTD: 5.99%
• 1Y: 17.60%
• 3Y*: 26.70%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.35%

ZCSH

• 1D: -5.94%
• 1M: 5.62%
• 6M: 46.86%
• YTD: -1.40%
• 1Y: 888.33%
• 3Y*: 138.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.60%

*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)
IBLC iShares Blockchain and Tech ETF	$395.00K	$481.87K	$794.27K
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

IBLC vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IBLC iShares Blockchain and Tech ETF	5.99%	27.05%	18.58%	201.47%	-58.93%
ZCSH Grayscale Zcash Trust (ZEC)	-1.40%	446.78%	96.92%	65.91%	-87.15%

Correlation

The correlation between IBLC and ZCSH is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.42
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.41

Return for Risk

IBLC vs. ZCSH — Risk / Return Rank

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

IBLC

IBLC Risk / Return Rank: 16
IBLC Sharpe Ratio Rank: 14
IBLC Sortino Ratio Rank: 19
IBLC Omega Ratio Rank: 18
IBLC Calmar Ratio Rank: 14
IBLC Martin Ratio Rank: 13

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 92
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.

IBLC vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Blockchain and Tech ETF (IBLC) 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.

	IBLC	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	0.15	4.85	-4.70
Sortino ratio: Return per unit of downside risk	0.63	3.74	-3.11
Omega ratio: Gain probability vs. loss probability	1.07	1.45	-0.37
Calmar ratio: Return relative to maximum drawdown	0.20	12.18	-11.98
Martin ratio: Return relative to average drawdown	0.36	22.08	-21.72

IBLC vs. ZCSH - Sharpe Ratio Comparison

The current IBLC Sharpe Ratio is 0.15, which is lower than the ZCSH Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of IBLC 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

IBLC vs. ZCSH - Drawdown Comparison

The maximum IBLC drawdown since its inception was -62.54%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for IBLC and ZCSH.

Drawdown Indicators

	IBLC	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-62.54%	-93.73%	+31.19%
Max Drawdown (1Y) Largest decline over 1 year	-44.94%	-69.62%	+24.68%
Max Drawdown (3Y) Largest decline over 3 years	-51.68%	-71.90%	+20.22%
Current Drawdown Current decline from peak	-30.32%	-41.19%	+10.87%
Average Drawdown Average peak-to-trough decline	-25.78%	-73.19%	+47.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.44%	38.32%	-13.88%

Volatility

IBLC vs. ZCSH - Volatility Comparison

The current volatility for iShares Blockchain and Tech ETF (IBLC) is 19.77%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 30.81%. This indicates that IBLC 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

	IBLC	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.77%	30.81%	-11.04%
Volatility (6M) Calculated over the trailing 6-month period	43.51%	105.84%	-62.33%
Volatility (1Y) Calculated over the trailing 1-year period	57.85%	175.09%	-117.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.48%	137.54%	-73.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.48%	137.54%	-73.06%

IBLC vs. ZCSH - Expense Ratio Comparison

IBLC has a 0.47% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

IBLC vs. ZCSH - Dividend Comparison

IBLC's dividend yield for the trailing twelve months is around 5.91%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
IBLC iShares Blockchain and Tech ETF	5.91%	6.31%	1.60%	1.79%	0.84%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBLC and ZCSH in my portfolio?

IBLC and ZCSH have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBLC or ZCSH?

ZCSH has higher volatility (30.81%) compared to IBLC (19.77%). In terms of maximum drawdown, IBLC dropped -62.54% vs ZCSH's -93.73%.

Which ETF is better, IBLC or ZCSH?

On 3-year performance, ZCSH leads with 138.94% vs 26.70% for IBLC. On fees, IBLC is cheaper at 0.47% per year. On volatility, IBLC has been the lower-risk option at 19.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBLC or ZCSH?

Over the 3-year period, ZCSH has performed better with a 138.94% return vs 26.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBLC or ZCSH?

IBLC is cheaper with a 0.47% expense ratio, compared with 2.50% for ZCSH.

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

IBLC has the higher dividend yield at 5.91%, compared with 0.00% for ZCSH.

What is the main difference between IBLC and ZCSH?

IBLC tracks ICE FactSet Global Blockchain Technologies Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.47% for IBLC and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.85 vs 0.15), 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.