ZCSH vs. BITU

Last updated Aug 6, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and BITU (Proshares Ultra Bitcoin ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while BITU tracks the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, ZCSH returned 1112.22% vs -77.06% for BITU. Their 0.50 correlation means they have sometimes moved together and sometimes differently. ZCSH charges 2.50%/yr vs 0.95%/yr for BITU.

Performance

ZCSH vs. BITU - Performance Comparison

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

Returns By Period

In the year-to-date period, ZCSH achieves a 19.91% return, which is significantly higher than BITU's -56.03% return.

ZCSH

• 1D: 4.72%
• 1M: 19.46%
• 6M: 139.67%
• YTD: 19.91%
• 1Y: 1,112.22%
• 3Y*: 161.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.94%

BITU

• 1D: 1.91%
• 1M: 1.59%
• 6M: -34.91%
• YTD: -56.03%
• 1Y: -77.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -32.94%

*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)
BITU Proshares Ultra Bitcoin ETF	$36.99M	$37.69M	$45.41M
ZCSH Grayscale Zcash Trust (ZEC)	$1.29M	$1.72M	$3.48M

ZCSH vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZCSH Grayscale Zcash Trust (ZEC)	19.91%	446.78%	-26.52%
BITU Proshares Ultra Bitcoin ETF	-56.03%	-37.07%	41.85%

Correlation

The correlation between ZCSH and BITU is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.50

The correlation between ZCSH and BITU has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

ZCSH vs. BITU — Risk / Return Rank

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

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: 99
ZCSH Martin Ratio Rank: 97

BITU

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

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.

ZCSH vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Proshares Ultra Bitcoin ETF (BITU). 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	BITU	Difference
Sharpe ratio: Return per unit of total volatility	6.43	-0.88	+7.31
Sortino ratio: Return per unit of downside risk	4.01	-1.63	+5.64
Omega ratio: Gain probability vs. loss probability	1.48	0.82	+0.66
Calmar ratio: Return relative to maximum drawdown	16.15	-0.93	+17.08
Martin ratio: Return relative to average drawdown	29.16	-1.29	+30.44

ZCSH vs. BITU - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 6.43, which is higher than the BITU Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of ZCSH and BITU, 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. BITU - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than BITU's maximum drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for ZCSH and BITU.

Drawdown Indicators

	ZCSH	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-83.45%	-10.28%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-83.45%	+13.83%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	—	—
Current Drawdown Current decline from peak	-28.48%	-80.34%	+51.86%
Average Drawdown Average peak-to-trough decline	-73.09%	-37.83%	-35.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.48%	59.95%	-21.47%

Volatility

ZCSH vs. BITU - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 27.84% compared to Proshares Ultra Bitcoin ETF (BITU) at 16.16%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.84%	16.16%	+11.68%
Volatility (6M) Calculated over the trailing 6-month period	105.40%	66.29%	+39.11%
Volatility (1Y) Calculated over the trailing 1-year period	174.95%	88.21%	+86.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.47%	95.85%	+41.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.47%	95.85%	+41.62%

ZCSH vs. BITU - Expense Ratio Comparison

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

Dividends

ZCSH vs. BITU - Dividend Comparison

ZCSH has not paid dividends to shareholders, while BITU's dividend yield for the trailing twelve months is around 78.05%.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	78.05%	50.23%	0.12%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and BITU in my portfolio?

ZCSH and BITU have a correlation of 0.52, 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 BITU?

ZCSH has higher volatility (27.84%) compared to BITU (16.16%). In terms of maximum drawdown, ZCSH dropped -93.73% vs BITU's -83.45%.

Which ETF is better, ZCSH or BITU?

On 1-year performance, ZCSH leads with 1112.22% vs -77.06% for BITU. On fees, BITU is cheaper at 0.95% per year. On volatility, BITU has been the lower-risk option at 16.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or BITU?

Over the 1-year period, ZCSH has performed better with a 1112.22% return vs -77.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or BITU?

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

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

BITU has the higher dividend yield at 78.05%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and BITU?

ZCSH tracks Zcash (ZEC), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ZCSH and 0.95% for BITU.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (6.43 vs -0.88), 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.