SETH vs. ZCSH

Last updated Jun 24, 2026

SETH (ProShares Short Ether Strategy ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - SETH tracks the Bloomberg Galaxy Ethereum (--100%) while ZCSH tracks the Zcash (ZEC). Both are passively managed. Over the past year, SETH returned -6.86% vs 725.30% for ZCSH. At a correlation of -0.49, they often move in opposite directions. SETH charges 0.95%/yr vs 2.50%/yr for ZCSH.

Performance

SETH vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 48.48% return, which is significantly higher than ZCSH's -12.85% return.

SETH

• 1D: 4.24%
• 1M: 19.90%
• YTD: 48.48%
• 6M: 48.59%
• 1Y: -6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -6.64%
• 1M: -41.90%
• YTD: -12.85%
• 6M: -2.07%
• 1Y: 725.30%
• 3Y*: 137.71%
• 5Y*: —
• 10Y*: —

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

SETH vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	48.48%	-29.41%	-49.59%	-22.19%
ZCSH Grayscale Zcash Trust (ZEC)	-12.85%	446.78%	96.92%	58.70%

Correlation

The correlation between SETH and ZCSH is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	-0.49

Return for Risk

SETH vs. ZCSH — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 9
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 8
SETH Martin Ratio Rank: 8

ZCSH

ZCSH Risk / Return Rank: 91
ZCSH Sharpe Ratio Rank: 97
ZCSH Sortino Ratio Rank: 88
ZCSH Omega Ratio Rank: 80
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 91

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.

SETH vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	4.20	-4.30
Sortino ratio: Return per unit of downside risk	0.34	3.61	-3.27
Omega ratio: Gain probability vs. loss probability	1.04	1.43	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.13	10.52	-10.65
Martin ratio: Return relative to average drawdown	-0.21	19.90	-20.11

SETH vs. ZCSH - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.10, which is lower than the ZCSH Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of SETH 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

SETH vs. ZCSH - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for SETH and ZCSH.

Drawdown Indicators

	SETH	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-93.73%	+12.99%
Max Drawdown (1Y) Largest decline over 1 year	-54.14%	-69.62%	+15.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-71.90%	—
Current Drawdown Current decline from peak	-59.21%	-48.02%	-11.19%
Average Drawdown Average peak-to-trough decline	-54.80%	-74.01%	+19.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.80%	36.72%	-0.92%

Volatility

SETH vs. ZCSH - Volatility Comparison

The current volatility for ProShares Short Ether Strategy ETF (SETH) is 19.43%, while Grayscale Zcash Trust (ZEC) (ZCSH) has a volatility of 64.75%. This indicates that SETH 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

	SETH	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	64.75%	-45.32%
Volatility (6M) Calculated over the trailing 6-month period	46.71%	107.29%	-60.58%
Volatility (1Y) Calculated over the trailing 1-year period	69.21%	174.37%	-105.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.66%	138.34%	-68.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.66%	138.34%	-68.68%

SETH vs. ZCSH - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

SETH vs. ZCSH - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.36%, while ZCSH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	10.36%	7.01%	3.44%	0.38%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SETH and ZCSH in my portfolio?

SETH and ZCSH have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or ZCSH?

ZCSH has higher volatility (64.75%) compared to SETH (19.43%). In terms of maximum drawdown, SETH dropped -80.74% vs ZCSH's -93.73%.

Which ETF is better, SETH or ZCSH?

On 1-year performance, ZCSH leads with 725.30% vs -6.86% for SETH. On fees, SETH is cheaper at 0.95% per year. On volatility, SETH has been the lower-risk option at 19.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or ZCSH?

Over the 1-year period, ZCSH has performed better with a 725.30% return vs -6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or ZCSH?

SETH is cheaper with a 0.95% expense ratio, compared with 2.50% for ZCSH.

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

SETH has the higher dividend yield at 10.36%, compared with 0.00% for ZCSH.

What is the main difference between SETH and ZCSH?

SETH tracks Bloomberg Galaxy Ethereum (--100%), while ZCSH tracks Zcash (ZEC). They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for SETH and 2.50% for ZCSH.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.20 vs -0.10), 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.