NCIQ vs. ZCSH

Last updated Jul 18, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - NCIQ tracks the Nasdaq Crypto US Settlement Price™ Index while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, NCIQ returned -48.66% vs 882.99% for ZCSH. At a 0.48 correlation, their price movements are largely independent. NCIQ charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

NCIQ vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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, NCIQ achieves a -29.79% return, which is significantly lower than ZCSH's 21.31% return.

NCIQ

• 1D: -0.25%
• 1M: 0.06%
• 6M: -36.12%
• YTD: -29.79%
• 1Y: -48.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -0.70%
• 1M: 27.73%
• 6M: 34.77%
• YTD: 21.31%
• 1Y: 882.99%
• 3Y*: 156.88%
• 5Y*: —
• 10Y*: —

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

NCIQ vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-29.79%	-13.57%
ZCSH Grayscale Zcash Trust (ZEC)	21.31%	844.14%

Correlation

The correlation between NCIQ and ZCSH is 0.50, 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	0.50
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.48

The correlation between NCIQ and ZCSH has been stable across timeframes, ranging from 0.48 to 0.50 - a consistent structural relationship.

Return for Risk

NCIQ vs. ZCSH — Risk / Return Rank

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

NCIQ

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 90
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 95

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.

NCIQ vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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.

	NCIQ	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	5.11	-6.12
Sortino ratio: Return per unit of downside risk	-1.55	3.78	-5.33
Omega ratio: Gain probability vs. loss probability	0.83	1.45	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.86	12.81	-13.67
Martin ratio: Return relative to average drawdown	-1.35	23.39	-24.73

NCIQ vs. ZCSH - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -1.02, which is lower than the ZCSH Sharpe Ratio of 5.11. The chart below compares the historical Sharpe Ratios of NCIQ 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

NCIQ vs. ZCSH - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for NCIQ and ZCSH.

Drawdown Indicators

	NCIQ	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-93.73%	+36.68%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-69.62%	+12.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-53.04%	-27.64%	-25.40%
Average Drawdown Average peak-to-trough decline	-24.89%	-73.50%	+48.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.14%	38.07%	-1.93%

Volatility

NCIQ vs. ZCSH - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 10.98%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 31.32%. This indicates that NCIQ 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

	NCIQ	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.98%	31.32%	-20.34%
Volatility (6M) Calculated over the trailing 6-month period	36.70%	106.54%	-69.84%
Volatility (1Y) Calculated over the trailing 1-year period	47.92%	174.73%	-126.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.64%	137.92%	-90.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.64%	137.92%	-90.28%

NCIQ vs. ZCSH - Expense Ratio Comparison

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

Dividends

NCIQ vs. ZCSH - Dividend Comparison

Neither NCIQ nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and ZCSH in my portfolio?

NCIQ and ZCSH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIQ or ZCSH?

ZCSH has higher volatility (31.32%) compared to NCIQ (10.98%). In terms of maximum drawdown, NCIQ dropped -57.05% vs ZCSH's -93.73%.

Which ETF is better, NCIQ or ZCSH?

On 1-year performance, ZCSH leads with 882.99% vs -48.66% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, NCIQ has been the lower-risk option at 10.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or ZCSH?

Over the 1-year period, ZCSH has performed better with a 882.99% return vs -48.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or ZCSH?

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

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

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

What is the main difference between NCIQ and ZCSH?

NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Hashdex and Grayscale. Their fees differ too: 0.25% for NCIQ and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.11 vs -1.02), 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.