TOXR vs. ZCSH

Last updated Aug 4, 2026

TOXR (21Shares XRP ETF) and ZCSH (Grayscale Zcash Trust (ZEC)) are both Cryptocurrency funds - TOXR tracks the CME CF XRP-Dollar Reference Rate - New York Variant while ZCSH tracks the Zcash (ZEC). Both are passively managed. Their 0.58 correlation means they have sometimes moved together and sometimes differently. TOXR charges 0.30%/yr vs 2.50%/yr for ZCSH.

Performance

TOXR vs. ZCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares XRP ETF (TOXR) 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, TOXR achieves a -41.15% return, which is significantly lower than ZCSH's 4.45% return.

TOXR

• 1D: 1.47%
• 1M: -0.61%
• 6M: -33.15%
• YTD: -41.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ZCSH

• 1D: 5.94%
• 1M: 11.89%
• 6M: 69.28%
• YTD: 4.45%
• 1Y: 946.99%
• 3Y*: 149.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TOXR 21Shares XRP ETF	$29.10K	$69.25K	$85.65K
ZCSH Grayscale Zcash Trust (ZEC)	$1.43M	$1.76M	$3.68M

TOXR vs. ZCSH - Yearly Performance Comparison

	2026 (YTD)	2025
TOXR 21Shares XRP ETF	-41.15%	-8.28%
ZCSH Grayscale Zcash Trust (ZEC)	4.45%	-2.39%

Correlation

The correlation between TOXR and ZCSH is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.58

Return for Risk

TOXR vs. ZCSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOXR

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

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 99
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 92
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOXR vs. ZCSH - Risk-Adjusted Trends Comparison

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

	TOXR	ZCSH	Difference
Sharpe ratio: Return per unit of total volatility	—	5.47	—
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	—	13.74	—
Martin ratio: Return relative to average drawdown	—	24.87	—

Drawdowns

TOXR vs. ZCSH - Drawdown Comparison

The maximum TOXR drawdown since its inception was -55.42%, smaller than the maximum ZCSH drawdown of -93.73%. Use the drawdown chart below to compare losses from any high point for TOXR and ZCSH.

Drawdown Indicators

	TOXR	ZCSH	Difference
Max Drawdown Largest peak-to-trough decline	-55.42%	-93.73%	+38.31%
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	-53.45%	-37.70%	-15.75%
Average Drawdown Average peak-to-trough decline	-36.58%	-73.16%	+36.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	38.39%	—

Volatility

Volatility by Period

	TOXR	ZCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	30.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	105.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	68.84%	175.12%	-106.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.84%	137.51%	-68.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	137.51%	-68.67%

TOXR vs. ZCSH - Expense Ratio Comparison

TOXR has a 0.30% expense ratio, which is lower than ZCSH's 2.50% expense ratio.

Dividends

TOXR vs. ZCSH - Dividend Comparison

Neither TOXR nor ZCSH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOXR and ZCSH in my portfolio?

TOXR 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, TOXR or ZCSH?

On fees, TOXR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOXR or ZCSH?

TOXR is cheaper with a 0.30% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between TOXR and ZCSH?

TOXR tracks CME CF XRP-Dollar Reference Rate - New York Variant, while ZCSH tracks Zcash (ZEC). They also come from different issuers: 21Shares and Grayscale. Their fees differ too: 0.30% for TOXR and 2.50% for ZCSH.