MSBT vs. ZCSH

Last updated Jul 12, 2026

MSBT (Morgan Stanley Bitcoin Trust) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate while ZCSH tracks the Zcash (ZEC). Both are passively managed. At a 0.46 correlation, their price movements are largely independent. MSBT charges 0.14%/yr vs 2.50%/yr for ZCSH.

Performance

MSBT vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Bitcoin Trust (MSBT) and Grayscale Zcash Trust (ZEC) (ZCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSBT

• 1D: 0.99%
• 1M: 0.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 4.18%
• 1M: 38.89%
• 6M: 43.78%
• YTD: 23.43%
• 1Y: 910.56%
• 3Y*: 160.31%
• 5Y*: —
• 10Y*: —

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

MSBT vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)
MSBT Morgan Stanley Bitcoin Trust	-11.97%
ZCSH Grayscale Zcash Trust (ZEC)	74.81%

Correlation

The correlation between MSBT and ZCSH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.46

Return for Risk

MSBT vs. ZCSH — Risk / Return Rank

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

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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) 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.

MSBT vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Bitcoin Trust (MSBT) 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.

	MSBT	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	5.93	—
Sortino ratio: Return per unit of downside risk	—	3.93	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	14.88	—
Martin ratio: Return relative to average drawdown	—	27.30	—

Drawdowns

MSBT vs. ZCSH - Drawdown Comparison

The maximum MSBT drawdown since its inception was -28.33%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for MSBT and ZCSH.

Drawdown Indicators

	MSBT	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-28.33%	-93.73%	+65.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.62%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-22.12%	-26.38%	+4.26%
Average Drawdown Average peak-to-trough decline	-11.57%	-73.69%	+62.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.86%	—

Volatility

Volatility by Period

	MSBT	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	37.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	106.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.83%	174.69%	-137.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.83%	138.06%	-101.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.83%	138.06%	-101.23%

MSBT vs. ZCSH - Expense Ratio Comparison

MSBT has a 0.14% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

MSBT vs. ZCSH - Dividend Comparison

Neither MSBT nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSBT and ZCSH in my portfolio?

MSBT and ZCSH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSBT or ZCSH?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSBT or ZCSH?

MSBT is cheaper with a 0.14% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between MSBT and ZCSH?

MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Morgan Stanley and Grayscale. Their fees differ too: 0.14% for MSBT and 2.50% for ZCSH.