ZCSH vs. BSOL

Last updated Aug 1, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and BSOL (Bitwise Solana Staking ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while BSOL tracks the Solana (SOL) spot price. Both are passively managed. Their 0.50 correlation means their historical movements had little consistent relationship. ZCSH charges 2.50%/yr vs 0.20%/yr for BSOL.

Performance

ZCSH vs. BSOL - Performance Comparison

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

Returns By Period

In the year-to-date period, ZCSH achieves a -1.40% return, which is significantly higher than BSOL's -39.21% return.

ZCSH

• 1D: -5.94%
• 1M: 5.62%
• 6M: 46.86%
• YTD: -1.40%
• 1Y: 888.33%
• 3Y*: 138.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.60%

BSOL

• 1D: -2.25%
• 1M: -9.28%
• 6M: -35.76%
• YTD: -39.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BSOL Bitwise Solana Staking ETF	$24.59M	$28.04M	$28.11M
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

ZCSH vs. BSOL - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	-1.40%	10.39%
BSOL Bitwise Solana Staking ETF	-39.21%	-38.11%

Correlation

The correlation between ZCSH and BSOL is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 28, 2025	0.50

Return for Risk

ZCSH vs. BSOL — Risk / Return Rank

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

ZCSH

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

BSOL

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

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. BSOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Bitwise Solana Staking ETF (BSOL). 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	BSOL	Difference
Sharpe ratio: Return per unit of total volatility	4.85	—	—
Sortino ratio: Return per unit of downside risk	3.74	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	12.18	—	—
Martin ratio: Return relative to average drawdown	22.08	—	—

Drawdowns

ZCSH vs. BSOL - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than BSOL's maximum drawdown of -67.62%. Use the drawdown chart below to compare losses from any high point for ZCSH and BSOL.

Drawdown Indicators

	ZCSH	BSOL	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-67.62%	-26.11%
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	-41.19%	-62.38%	+21.19%
Average Drawdown Average peak-to-trough decline	-73.19%	-48.97%	-24.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.32%	—	—

Volatility

Volatility by Period

	ZCSH	BSOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	105.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	175.09%	73.59%	+101.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.54%	73.59%	+63.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.54%	73.59%	+63.95%

ZCSH vs. BSOL - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than BSOL's 0.20% expense ratio.

Dividends

ZCSH vs. BSOL - Dividend Comparison

Neither ZCSH nor BSOL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZCSH and BSOL in my portfolio?

ZCSH and BSOL have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCSH or BSOL?

On fees, BSOL is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or BSOL?

BSOL is cheaper with a 0.20% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ZCSH and BSOL?

ZCSH tracks Zcash (ZEC), while BSOL tracks Solana (SOL) spot price. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for ZCSH and 0.20% for BSOL.