ZCSH vs. BITX

Last updated Jul 17, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and BITX (2x Bitcoin Strategy ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past 3 years, ZCSH returned 147.29%/yr vs 4.76%/yr for BITX. At a 0.47 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 2.38%/yr for BITX.

Performance

ZCSH vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCSH achieves a 22.17% return, which is significantly higher than BITX's -55.44% return.

ZCSH

• 1D: -3.72%
• 1M: 21.32%
• 6M: 34.21%
• YTD: 22.17%
• 1Y: 872.41%
• 3Y*: 147.29%
• 5Y*: —
• 10Y*: —

BITX

• 1D: -2.23%
• 1M: -5.99%
• 6M: -61.95%
• YTD: -55.44%
• 1Y: -79.43%
• 3Y*: 4.76%
• 5Y*: —
• 10Y*: —

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

ZCSH vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZCSH Grayscale Zcash Trust (ZEC)	22.17%	446.78%	96.92%	33.94%
BITX 2x Bitcoin Strategy ETF	-55.44%	-38.71%	163.41%	46.18%

Correlation

The correlation between ZCSH and BITX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.47

The correlation between ZCSH and BITX has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

ZCSH vs. BITX — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 90
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 95

BITX

BITX Risk / Return Rank: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX 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. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and 2x Bitcoin Strategy ETF (BITX). 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	BITX	Difference
Sharpe ratio: Return per unit of total volatility	5.04	-0.91	+5.95
Sortino ratio: Return per unit of downside risk	3.77	-1.80	+5.57
Omega ratio: Gain probability vs. loss probability	1.45	0.80	+0.65
Calmar ratio: Return relative to maximum drawdown	12.66	-0.95	+13.61
Martin ratio: Return relative to average drawdown	23.13	-1.39	+24.52

ZCSH vs. BITX - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 5.04, which is higher than the BITX Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of ZCSH and BITX, 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. BITX - Drawdown Comparison

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

Drawdown Indicators

	ZCSH	BITX	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%	-83.45%	+11.55%
Current Drawdown Current decline from peak	-27.13%	-80.30%	+53.17%
Average Drawdown Average peak-to-trough decline	-73.53%	-33.53%	-40.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.03%	57.04%	-19.01%

Volatility

ZCSH vs. BITX - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 32.97% compared to 2x Bitcoin Strategy ETF (BITX) at 21.49%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.97%	21.49%	+11.48%
Volatility (6M) Calculated over the trailing 6-month period	107.08%	69.81%	+37.27%
Volatility (1Y) Calculated over the trailing 1-year period	174.80%	88.02%	+86.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.97%	97.70%	+40.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.97%	97.70%	+40.27%

ZCSH vs. BITX - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than BITX's 2.38% expense ratio.

Dividends

ZCSH vs. BITX - Dividend Comparison

ZCSH has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 31.36%.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	31.36%	21.69%	10.70%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and BITX in my portfolio?

ZCSH and BITX have a correlation of 0.51, 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 BITX?

ZCSH has higher volatility (32.97%) compared to BITX (21.49%). In terms of maximum drawdown, ZCSH dropped -93.73% vs BITX's -83.45%.

Which ETF is better, ZCSH or BITX?

On 3-year performance, ZCSH leads with 147.29% vs 4.76% for BITX. On fees, BITX is cheaper at 2.38% per year. On volatility, BITX has been the lower-risk option at 21.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or BITX?

Over the 3-year period, ZCSH has performed better with a 147.29% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or BITX?

BITX is cheaper with a 2.38% expense ratio, compared with 2.50% for ZCSH.

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

BITX has the higher dividend yield at 31.36%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and BITX?

ZCSH tracks Zcash (ZEC), while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). They also come from different issuers: Grayscale and Volatility Shares. Their fees differ too: 2.50% for ZCSH and 2.38% for BITX.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (5.04 vs -0.91), 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.