QSOL vs. ZCSH

Last updated Jul 15, 2026

QSOL (Invesco Galaxy Solana ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - QSOL tracks the Lukka Prime Solana Reference Rate - Benchmark Price Return while ZCSH tracks the Zcash (ZEC). Both are passively managed. A 0.58 correlation means they provide meaningful diversification when combined. QSOL charges 0.25%/yr vs 2.50%/yr for ZCSH.

Performance

QSOL vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Solana ETF (QSOL) 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, QSOL achieves a -36.90% return, which is significantly lower than ZCSH's 22.23% return.

QSOL

• 1D: 2.92%
• 1M: 16.20%
• 6M: -45.49%
• YTD: -36.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: 8.93%
• 1M: 37.54%
• 6M: 41.60%
• YTD: 22.23%
• 1Y: 947.14%
• 3Y*: 147.66%
• 5Y*: —
• 10Y*: —

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

QSOL vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
QSOL Invesco Galaxy Solana ETF	-36.90%	-4.28%
ZCSH Grayscale Zcash Trust (ZEC)	22.23%	-0.95%

Correlation

The correlation between QSOL and ZCSH is 0.58, 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 15, 2025	0.58

Return for Risk

QSOL vs. ZCSH — Risk / Return Rank

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

QSOL

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: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 90
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.

QSOL vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Solana ETF (QSOL) 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.

	QSOL	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	5.48	—
Sortino ratio: Return per unit of downside risk	—	3.85	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	13.75	—
Martin ratio: Return relative to average drawdown	—	25.16	—

Drawdowns

QSOL vs. ZCSH - Drawdown Comparison

The maximum QSOL drawdown since its inception was -56.55%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for QSOL and ZCSH.

Drawdown Indicators

	QSOL	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-56.55%	-93.73%	+37.18%
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	-46.95%	-27.09%	-19.86%
Average Drawdown Average peak-to-trough decline	-35.29%	-73.62%	+38.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.96%	—

Volatility

Volatility by Period

	QSOL	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	107.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	71.97%	174.81%	-102.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.97%	138.07%	-66.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.97%	138.07%	-66.10%

QSOL vs. ZCSH - Expense Ratio Comparison

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

Dividends

QSOL vs. ZCSH - Dividend Comparison

QSOL's dividend yield for the trailing twelve months is around 0.88%, while ZCSH has not paid dividends to shareholders.

Position	TTM
QSOL Invesco Galaxy Solana ETF	0.88%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%

Frequently Asked Questions

Can I hold both QSOL and ZCSH in my portfolio?

QSOL and ZCSH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QSOL or ZCSH?

On fees, QSOL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QSOL or ZCSH?

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

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

QSOL has the higher dividend yield at 0.88%, compared with 0.00% for ZCSH.

What is the main difference between QSOL and ZCSH?

QSOL tracks Lukka Prime Solana Reference Rate - Benchmark Price Return, while ZCSH tracks Zcash (ZEC). They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.25% for QSOL and 2.50% for ZCSH.