MANA vs. ZCSH
MANA (Grayscale Decentraland Trust) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds from Grayscale. MANA is actively managed, while ZCSH is passively managed. Over the past 3 years, MANA returned -56.52%/yr vs 116.79%/yr for ZCSH. At a 0.24 correlation, their price movements are largely independent.
Performance
MANA vs. ZCSH - Performance Comparison
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Returns By Period
In the year-to-date period, MANA achieves a -53.27% return, which is significantly lower than ZCSH's -14.12% return.
MANA
- 1D
- -2.98%
- 1M
- -38.60%
- YTD
- -53.27%
- 6M
- -54.66%
- 1Y
- -75.75%
- 3Y*
- -56.52%
- 5Y*
- —
- 10Y*
- —
ZCSH
- 1D
- 3.05%
- 1M
- -27.73%
- YTD
- -14.12%
- 6M
- -22.85%
- 1Y
- 658.64%
- 3Y*
- 116.79%
- 5Y*
- —
- 10Y*
- —
MANA vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MANA Grayscale Decentraland Trust | -53.27% | -91.36% | -28.08% | 756.41% | -83.75% |
ZCSH Grayscale Zcash Trust (ZEC) | -14.12% | 446.78% | 96.92% | 65.91% | -79.39% |
Correlation
The correlation between MANA and ZCSH is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 17, 2022 | 0.24 |
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Return for Risk
MANA vs. ZCSH — Risk / Return Rank
MANA
ZCSH
MANA vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) 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.
| MANA | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.47 | ||
| Sortino ratioReturn per unit of downside risk | -4.40 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.42 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 9.55 | -10.43 |
| Martin ratioReturn relative to average drawdown | -1.34 | 17.82 | -19.16 |
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Drawdowns
MANA vs. ZCSH - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than ZCSH's maximum drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for MANA and ZCSH.
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Drawdown Indicators
| MANA | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -93.73% | -5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -69.62% | -16.23% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | -71.90% | -27.38% |
Current DrawdownCurrent decline from peak | -99.20% | -48.78% | -50.42% |
Average DrawdownAverage peak-to-trough decline | -71.69% | -73.93% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.43% | 37.24% | +19.19% |
Volatility
MANA vs. ZCSH - Volatility Comparison
The current volatility for Grayscale Decentraland Trust (MANA) is 37.05%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 63.24%. This indicates that MANA 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
| MANA | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.05% | 63.24% | -26.19% |
Volatility (6M)Calculated over the trailing 6-month period | 89.80% | 106.64% | -16.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.59% | 174.09% | -56.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.61% | 138.14% | +36.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.61% | 138.14% | +36.47% |
Dividends
MANA vs. ZCSH - Dividend Comparison
Neither MANA nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
MANA and ZCSH have a correlation of 0.26, 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 MANA (37.05%). In terms of maximum drawdown, MANA dropped -99.28% vs ZCSH's -93.73%.
On 3-year performance, ZCSH leads with 116.79% vs -56.52% for MANA. On volatility, MANA has been the lower-risk option at 37.05%. 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 -56.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MANA and ZCSH have nearly identical dividend yields, around 0.00%.
ZCSH currently has the higher Sharpe Ratio (3.83 vs -0.65), 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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