ZCSH vs. BHDG
ZCSH (Grayscale Zcash Trust (ZEC)) and BHDG (Nicholas Bitcoin Tail ETF) are both Cryptocurrency funds. ZCSH is passively managed, while BHDG is actively managed. At a correlation of -0.47, they often move in opposite directions. ZCSH charges 2.50%/yr vs 0.97%/yr for BHDG.
Performance
ZCSH vs. BHDG - Performance Comparison
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Returns By Period
ZCSH
- 1D
- 8.02%
- 1M
- -37.77%
- YTD
- -6.65%
- 6M
- 0.86%
- 1Y
- 726.76%
- 3Y*
- 143.22%
- 5Y*
- —
- 10Y*
- —
BHDG
- 1D
- -1.40%
- 1M
- 5.60%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZCSH vs. BHDG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
ZCSH Grayscale Zcash Trust (ZEC) | 33.34% |
BHDG Nicholas Bitcoin Tail ETF | -3.07% |
Correlation
The correlation between ZCSH and BHDG is -0.47, 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 (All Time) Calculated using the full available price history since Mar 18, 2026 | -0.47 |
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Return for Risk
ZCSH vs. BHDG — Risk / Return Rank
ZCSH
BHDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZCSH vs. BHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Nicholas Bitcoin Tail ETF (BHDG). 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.
| ZCSH | BHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 10.54 | — | — |
| Martin ratioReturn relative to average drawdown | 20.01 | — | — |
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Drawdowns
ZCSH vs. BHDG - Drawdown Comparison
The maximum ZCSH drawdown since its inception was -93.73%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for ZCSH and BHDG.
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Drawdown Indicators
| ZCSH | BHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.73% | -15.06% | -78.67% |
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 | -44.32% | -7.71% | -36.61% |
Average DrawdownAverage peak-to-trough decline | -74.04% | -8.74% | -65.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.60% | — | — |
Volatility
ZCSH vs. BHDG - Volatility Comparison
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Volatility by Period
| ZCSH | BHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 64.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 107.09% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 174.54% | 27.61% | +146.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 138.36% | 27.61% | +110.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 138.36% | 27.61% | +110.75% |
ZCSH vs. BHDG - Expense Ratio Comparison
ZCSH has a 2.50% expense ratio, which is higher than BHDG's 0.97% expense ratio.
Dividends
ZCSH vs. BHDG - Dividend Comparison
Neither ZCSH nor BHDG has paid dividends to shareholders.
Frequently Asked Questions
ZCSH and BHDG have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BHDG is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BHDG is cheaper with a 0.97% expense ratio, compared with 2.50% for ZCSH.
ZCSH and BHDG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Grayscale and Nicholas. Their fees differ too: 2.50% for ZCSH and 0.97% for BHDG.
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