NGHT vs. ZCSH
NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds. NGHT is actively managed, while ZCSH is passively managed. At a 0.35 correlation, their price movements are largely independent. NGHT charges 0.97%/yr vs 2.50%/yr for ZCSH.
Performance
NGHT vs. ZCSH - Performance Comparison
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Returns By Period
NGHT
- 1D
- -1.38%
- 1M
- 1.96%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZCSH
- 1D
- 16.32%
- 1M
- 52.96%
- 6M
- 25.89%
- YTD
- 16.76%
- 1Y
- 964.08%
- 3Y*
- 141.39%
- 5Y*
- —
- 10Y*
- —
NGHT vs. ZCSH - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF | -15.90% |
ZCSH Grayscale Zcash Trust (ZEC) | 65.37% |
Correlation
The correlation between NGHT and ZCSH is 0.35, 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 | 0.35 |
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Return for Risk
NGHT vs. ZCSH — Risk / Return Rank
NGHT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZCSH
NGHT vs. ZCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) 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.
| NGHT | ZCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.47 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 13.99 | — |
| Martin ratioReturn relative to average drawdown | — | 25.78 | — |
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Drawdowns
NGHT vs. ZCSH - Drawdown Comparison
The maximum NGHT drawdown since its inception was -21.53%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for NGHT and ZCSH.
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Drawdown Indicators
| NGHT | ZCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.53% | -93.73% | +72.20% |
Max Drawdown (1Y)Largest decline over 1 year | — | -69.62% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -71.90% | — |
Current DrawdownCurrent decline from peak | -19.99% | -30.35% | +10.36% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -73.80% | +64.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 37.72% | — |
Volatility
NGHT vs. ZCSH - Volatility Comparison
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Volatility by Period
| NGHT | ZCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 61.20% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 106.31% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.93% | 174.32% | -144.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.93% | 138.11% | -108.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.93% | 138.11% | -108.18% |
NGHT vs. ZCSH - Expense Ratio Comparison
NGHT has a 0.97% expense ratio, which is lower than ZCSH's 2.50% expense ratio.
Dividends
NGHT vs. ZCSH - Dividend Comparison
Neither NGHT nor ZCSH has paid dividends to shareholders.
Frequently Asked Questions
NGHT and ZCSH have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NGHT is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NGHT is cheaper with a 0.97% expense ratio, compared with 2.50% for ZCSH.
NGHT and ZCSH have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Nicholas and Grayscale. Their fees differ too: 0.97% for NGHT and 2.50% for ZCSH.
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