TDOG vs. ZCSH

Last updated Jun 4, 2026

TDOG (21Shares Dogecoin ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - TDOG tracks the Dogecoin (DOGE) while ZCSH tracks the Zcash (ZEC). Both are passively managed. At a 0.45 correlation, their price movements are largely independent. TDOG charges 0.50%/yr vs 2.50%/yr for ZCSH.

Performance

TDOG vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Dogecoin ETF (TDOG) and Grayscale Zcash Trust (ZEC) (ZCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDOG

• 1D: -2.41%
• 1M: -17.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCSH

• 1D: -5.29%
• 1M: 47.90%
• YTD: 41.32%
• 6M: 72.54%
• 1Y: 1,002.48%
• 3Y*: 185.96%
• 5Y*: —
• 10Y*: —

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

TDOG vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)
TDOG 21Shares Dogecoin ETF	-26.19%
ZCSH Grayscale Zcash Trust (ZEC)	61.56%

Correlation

The correlation between TDOG and ZCSH is 0.45, 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 Jan 23, 2026	0.45

Return for Risk

TDOG vs. ZCSH — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 92
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
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.

TDOG vs. ZCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Dogecoin ETF (TDOG) 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.

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

Sharpe Ratios by Period

	TDOG	ZCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.85	0.10	-0.95

Drawdowns

TDOG vs. ZCSH - Drawdown Comparison

The maximum TDOG drawdown since its inception was -29.24%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for TDOG and ZCSH.

Drawdown Indicators

	TDOG	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-29.24%	-93.73%	+64.49%
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	-27.22%	-15.71%	-11.51%
Average Drawdown Average peak-to-trough decline	-20.46%	-74.41%	+53.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.49%	—

Volatility

Volatility by Period

	TDOG	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	48.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	94.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.14%	166.02%	-98.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.14%	136.87%	-69.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.14%	136.87%	-69.73%

TDOG vs. ZCSH - Expense Ratio Comparison

TDOG has a 0.50% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

TDOG vs. ZCSH - Dividend Comparison

Neither TDOG nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TDOG and ZCSH in my portfolio?

TDOG 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 ETF is better, TDOG or ZCSH?

On fees, TDOG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDOG or ZCSH?

TDOG is cheaper with a 0.50% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between TDOG and ZCSH?

TDOG tracks Dogecoin (DOGE), while ZCSH tracks Zcash (ZEC). They also come from different issuers: 21Shares and Grayscale. Their fees differ too: 0.50% for TDOG and 2.50% for ZCSH.