ZCSH vs. ETCO

Last updated Jun 4, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. ZCSH is passively managed, while ETCO is actively managed. At a 0.40 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.66%/yr for ETCO.

Performance

ZCSH vs. ETCO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZCSH achieves a 41.32% return, which is significantly higher than ETCO's -33.38% return.

ZCSH

• 1D: -5.29%
• 1M: 47.90%
• YTD: 41.32%
• 6M: 72.54%
• 1Y: 1,002.48%
• 3Y*: 185.96%
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	844.14%
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-24.78%

Correlation

The correlation between ZCSH and ETCO is 0.40, 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 Sep 5, 2025	0.40

Return for Risk

ZCSH vs. ETCO — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 92
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 89
ZCSH Omega Ratio Rank: 81
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

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. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Grayscale Ethereum Covered Call ETF (ETCO). 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.

	ZCSH	ETCO	Difference
Sharpe ratio: Return per unit of total volatility	6.10	—	—
Sortino ratio: Return per unit of downside risk	4.11	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	14.55	—	—
Martin ratio: Return relative to average drawdown	28.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZCSH	ETCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	-1.16	+1.25

Drawdowns

ZCSH vs. ETCO - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than ETCO's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for ZCSH and ETCO.

Drawdown Indicators

	ZCSH	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-56.81%	-36.92%
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	-15.71%	-54.32%	+38.61%
Average Drawdown Average peak-to-trough decline	-74.41%	-34.43%	-39.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.49%	—	—

Volatility

Volatility by Period

	ZCSH	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	94.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	166.02%	52.49%	+113.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.87%	52.49%	+84.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.87%	52.49%	+84.38%

ZCSH vs. ETCO - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than ETCO's 0.66% expense ratio.

Dividends

ZCSH vs. ETCO - Dividend Comparison

ZCSH has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 127.41%.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and ETCO in my portfolio?

ZCSH and ETCO have a correlation of 0.40, 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 ETCO?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or ETCO?

ETCO is cheaper with a 0.66% expense ratio, compared with 2.50% for ZCSH.

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

ETCO has the higher dividend yield at 127.41%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and ETCO?

Their fees differ too: 2.50% for ZCSH and 0.66% for ETCO.