NEHI vs. ZCSH

Last updated Jul 14, 2026

NEHI (NEOS Ethereum High Income ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. NEHI is actively managed, while ZCSH is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. NEHI charges 0.98%/yr vs 2.50%/yr for ZCSH.

Performance

NEHI vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) 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, NEHI achieves a -37.76% return, which is significantly lower than ZCSH's 12.21% return.

NEHI

• 1D: -1.04%
• 1M: 4.13%
• 6M: -40.37%
• YTD: -37.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -9.09%
• 1M: 26.27%
• 6M: 25.52%
• YTD: 12.21%
• 1Y: 818.75%
• 3Y*: 140.70%
• 5Y*: —
• 10Y*: —

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

NEHI vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
NEHI NEOS Ethereum High Income ETF	-37.76%	-1.24%
ZCSH Grayscale Zcash Trust (ZEC)	12.21%	32.99%

Correlation

The correlation between NEHI and ZCSH is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.54

Return for Risk

NEHI vs. ZCSH — Risk / Return Rank

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

NEHI

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 89
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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.

NEHI vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) 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.

	NEHI	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	4.73	—
Sortino ratio: Return per unit of downside risk	—	3.71	—
Omega ratio: Gain probability vs. loss probability	—	1.44	—
Calmar ratio: Return relative to maximum drawdown	—	11.88	—
Martin ratio: Return relative to average drawdown	—	21.76	—

Drawdowns

NEHI vs. ZCSH - Drawdown Comparison

The maximum NEHI drawdown since its inception was -50.12%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for NEHI and ZCSH.

Drawdown Indicators

	NEHI	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-50.12%	-93.73%	+43.61%
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	-44.33%	-33.07%	-11.26%
Average Drawdown Average peak-to-trough decline	-28.53%	-73.65%	+45.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.92%	—

Volatility

Volatility by Period

	NEHI	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	106.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	58.43%	175.00%	-116.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.43%	138.07%	-79.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.43%	138.07%	-79.64%

NEHI vs. ZCSH - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

NEHI vs. ZCSH - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 28.39%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025
NEHI NEOS Ethereum High Income ETF	28.39%	2.87%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both NEHI and ZCSH in my portfolio?

NEHI and ZCSH have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NEHI or ZCSH?

On fees, NEHI is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NEHI or ZCSH?

NEHI is cheaper with a 0.98% expense ratio, compared with 2.50% for ZCSH.

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

NEHI has the higher dividend yield at 28.39%, compared with 0.00% for ZCSH.

What is the main difference between NEHI and ZCSH?

They also come from different issuers: Neos and Grayscale. Their fees differ too: 0.98% for NEHI and 2.50% for ZCSH.