ZCSH vs. ETHD

Last updated Jun 24, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. ZCSH is passively managed, while ETHD is actively managed. Over the past year, ZCSH returned 725.30% vs -49.20% for ETHD. At a correlation of -0.52, they often move in opposite directions. ZCSH charges 2.50%/yr vs 1.01%/yr for ETHD.

Performance

ZCSH vs. ETHD - Performance Comparison

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

Returns By Period

In the year-to-date period, ZCSH achieves a -12.85% return, which is significantly lower than ETHD's 75.32% return.

ZCSH

• 1D: -6.64%
• 1M: -41.90%
• YTD: -12.85%
• 6M: -2.07%
• 1Y: 725.30%
• 3Y*: 137.71%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 8.45%
• 1M: 38.06%
• YTD: 75.32%
• 6M: 75.17%
• 1Y: -49.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZCSH Grayscale Zcash Trust (ZEC)	-12.85%	446.78%	6.48%
ETHD ProShares UltraShort Ether ETF	75.32%	-72.49%	-38.58%

Correlation

The correlation between ZCSH and ETHD is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.52

The correlation between ZCSH and ETHD has been stable across timeframes, ranging from -0.52 to -0.45 - a consistent structural relationship.

Return for Risk

ZCSH vs. ETHD — 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: 88
ZCSH Omega Ratio Rank: 80
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 91

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 10
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	4.20	-0.36	+4.56
Sortino ratio: Return per unit of downside risk	3.61	0.29	+3.32
Omega ratio: Gain probability vs. loss probability	1.43	1.03	+0.40
Calmar ratio: Return relative to maximum drawdown	10.52	-0.60	+11.12
Martin ratio: Return relative to average drawdown	19.90	-0.77	+20.67

ZCSH vs. ETHD - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 4.20, which is higher than the ETHD Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of ZCSH and ETHD, 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. ETHD - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ZCSH and ETHD.

Drawdown Indicators

	ZCSH	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-95.59%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-82.01%	+12.39%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	—	—
Current Drawdown Current decline from peak	-48.02%	-86.30%	+38.28%
Average Drawdown Average peak-to-trough decline	-74.01%	-66.40%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.72%	66.92%	-30.20%

Volatility

ZCSH vs. ETHD - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 64.75% compared to ProShares UltraShort Ether ETF (ETHD) at 39.39%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.75%	39.39%	+25.36%
Volatility (6M) Calculated over the trailing 6-month period	107.29%	93.71%	+13.58%
Volatility (1Y) Calculated over the trailing 1-year period	174.37%	137.55%	+36.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.34%	142.54%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.34%	142.54%	-4.20%

ZCSH vs. ETHD - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than ETHD's 1.01% expense ratio.

Dividends

ZCSH vs. ETHD - Dividend Comparison

ZCSH has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 9.98%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	9.98%	156.62%	19.15%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and ETHD in my portfolio?

ZCSH and ETHD have a correlation of -0.45, 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 ETHD?

ZCSH has higher volatility (64.75%) compared to ETHD (39.39%). In terms of maximum drawdown, ZCSH dropped -93.73% vs ETHD's -95.59%.

Which ETF is better, ZCSH or ETHD?

On 1-year performance, ZCSH leads with 725.30% vs -49.20% for ETHD. On fees, ETHD is cheaper at 1.01% per year. On volatility, ETHD has been the lower-risk option at 39.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or ETHD?

Over the 1-year period, ZCSH has performed better with a 725.30% return vs -49.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or ETHD?

ETHD is cheaper with a 1.01% expense ratio, compared with 2.50% for ZCSH.

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

ETHD has the higher dividend yield at 9.98%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ZCSH and 1.01% for ETHD.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (4.20 vs -0.36), 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.