ZCSH vs. DOJE

Last updated Aug 6, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and DOJE (REX-Osprey DOGE ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while DOJE tracks the Dogecoin (DOGE) spot price. Both are passively managed. Their 0.48 correlation means their historical movements had little consistent relationship. ZCSH charges 2.50%/yr vs 1.50%/yr for DOJE.

Performance

ZCSH vs. DOJE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and REX-Osprey DOGE ETF (DOJE). 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 DOJE's -40.42% 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%

DOJE

• 1D: -0.31%
• 1M: -8.96%
• 6M: -33.54%
• YTD: -40.42%
• 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)
DOJE REX-Osprey DOGE ETF	$96.58K	$195.43K	$274.43K
ZCSH Grayscale Zcash Trust (ZEC)	$1.29M	$1.72M	$3.48M

ZCSH vs. DOJE - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	19.91%	528.80%
DOJE REX-Osprey DOGE ETF	-40.42%	-58.85%

Correlation

The correlation between ZCSH and DOJE is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.48

Return for Risk

ZCSH vs. DOJE — 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

DOJE

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. DOJE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and REX-Osprey DOGE ETF (DOJE). 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	DOJE	Difference
Sharpe ratio: Return per unit of total volatility	6.43	—	—
Sortino ratio: Return per unit of downside risk	4.01	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	16.15	—	—
Martin ratio: Return relative to average drawdown	29.16	—	—

Drawdowns

ZCSH vs. DOJE - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than DOJE's maximum drawdown of -75.86%. Use the drawdown chart below to compare losses from any high point for ZCSH and DOJE.

Drawdown Indicators

	ZCSH	DOJE	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-75.86%	-17.87%
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	-28.48%	-75.48%	+47.00%
Average Drawdown Average peak-to-trough decline	-73.09%	-56.15%	-16.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.48%	—	—

Volatility

Volatility by Period

	ZCSH	DOJE	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	105.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	174.95%	73.61%	+101.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.47%	73.61%	+63.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.47%	73.61%	+63.86%

ZCSH vs. DOJE - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than DOJE's 1.50% expense ratio.

Dividends

ZCSH vs. DOJE - Dividend Comparison

Neither ZCSH nor DOJE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZCSH and DOJE in my portfolio?

ZCSH and DOJE have a correlation of 0.48, 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 DOJE?

On fees, DOJE is cheaper at 1.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or DOJE?

DOJE is cheaper with a 1.50% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ZCSH and DOJE?

ZCSH tracks Zcash (ZEC), while DOJE tracks Dogecoin (DOGE) spot price. They also come from different issuers: Grayscale and REX-Osprey. Their fees differ too: 2.50% for ZCSH and 1.50% for DOJE.