ZCSH vs. BITO

Last updated Jun 24, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. ZCSH is passively managed, while BITO is actively managed. Over the past 3 years, ZCSH returned 137.71%/yr vs 18.00%/yr for BITO. At a 0.45 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.95%/yr for BITO.

Performance

ZCSH vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZCSH achieves a -12.85% return, which is significantly higher than BITO's -29.93% return.

ZCSH

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

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

ZCSH vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZCSH Grayscale Zcash Trust (ZEC)	-12.85%	446.78%	96.92%	65.91%	-86.30%	-48.60%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between ZCSH and BITO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.45

Return for Risk

ZCSH vs. BITO — Risk / Return Rank

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

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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.

ZCSH vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	4.20	-0.96	+5.16
Sortino ratio: Return per unit of downside risk	3.61	-1.38	+4.99
Omega ratio: Gain probability vs. loss probability	1.43	0.85	+0.58
Calmar ratio: Return relative to maximum drawdown	10.52	-0.80	+11.31
Martin ratio: Return relative to average drawdown	19.90	-1.35	+21.25

ZCSH vs. BITO - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 4.20, which is higher than the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of ZCSH and BITO, 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

ZCSH vs. BITO - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ZCSH and BITO.

Drawdown Indicators

	ZCSH	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-77.86%	-15.87%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-53.10%	-16.52%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	-53.10%	-18.80%
Current Drawdown Current decline from peak	-48.02%	-51.67%	+3.65%
Average Drawdown Average peak-to-trough decline	-74.01%	-36.86%	-37.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.72%	31.28%	+5.44%

Volatility

ZCSH vs. BITO - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 64.75% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.75%	12.79%	+51.96%
Volatility (6M) Calculated over the trailing 6-month period	107.29%	34.39%	+72.90%
Volatility (1Y) Calculated over the trailing 1-year period	174.37%	44.08%	+130.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.34%	55.02%	+83.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.34%	55.02%	+83.32%

ZCSH vs. BITO - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

ZCSH vs. BITO - Dividend Comparison

ZCSH has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 71.07%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and BITO in my portfolio?

ZCSH and BITO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZCSH or BITO?

ZCSH has higher volatility (64.75%) compared to BITO (12.79%). In terms of maximum drawdown, ZCSH dropped -93.73% vs BITO's -77.86%.

Which ETF is better, ZCSH or BITO?

On 3-year performance, ZCSH leads with 137.71% vs 18.00% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or BITO?

Over the 3-year period, ZCSH has performed better with a 137.71% return vs 18.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and BITO?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ZCSH and 0.95% for BITO.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.20 vs -0.96), 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.