ZCSH vs. CBXO

Last updated Jun 25, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) are both exchange-traded funds - ZCSH is a Cryptocurrency fund tracking the Zcash (ZEC), while CBXO is a Defined Outcome fund actively managed by Calamos. ZCSH is passively managed, while CBXO is actively managed. At a 0.34 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.69%/yr for CBXO.

Performance

ZCSH vs. CBXO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCSH achieves a -17.94% return, which is significantly lower than CBXO's -3.74% return.

ZCSH

• 1D: -5.84%
• 1M: -45.29%
• YTD: -17.94%
• 6M: -16.23%
• 1Y: 681.82%
• 3Y*: 132.99%
• 5Y*: —
• 10Y*: —

CBXO

• 1D: 0.00%
• 1M: -0.38%
• YTD: -3.74%
• 6M: -3.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. CBXO - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	-17.94%	138.54%
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.74%	-8.05%

Correlation

The correlation between ZCSH and CBXO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.34

Return for Risk

ZCSH vs. CBXO — 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: 89
ZCSH Omega Ratio Rank: 82
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 91

CBXO

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

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. CBXO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO). 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	CBXO	Difference
Sharpe ratio: Return per unit of total volatility	3.95	—	—
Sortino ratio: Return per unit of downside risk	3.55	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	9.89	—	—
Martin ratio: Return relative to average drawdown	18.63	—	—

Drawdowns

ZCSH vs. CBXO - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than CBXO's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for ZCSH and CBXO.

Drawdown Indicators

	ZCSH	CBXO	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-11.51%	-82.22%
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	-51.05%	-11.49%	-39.56%
Average Drawdown Average peak-to-trough decline	-73.99%	-8.68%	-65.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.86%	—	—

Volatility

Volatility by Period

	ZCSH	CBXO	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	107.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	174.35%	6.92%	+167.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.31%	6.92%	+131.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.31%	6.92%	+131.39%

ZCSH vs. CBXO - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than CBXO's 0.69% expense ratio.

Dividends

ZCSH vs. CBXO - Dividend Comparison

ZCSH has not paid dividends to shareholders, while CBXO's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and CBXO in my portfolio?

ZCSH and CBXO have a correlation of 0.34, 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 CBXO?

On fees, CBXO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or CBXO?

CBXO is cheaper with a 0.69% expense ratio, compared with 2.50% for ZCSH.

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

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and CBXO?

ZCSH is categorized as Cryptocurrency, while CBXO is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 2.50% for ZCSH and 0.69% for CBXO.