ZCSH vs. EZPZ

Last updated Jun 25, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Over the past year, ZCSH returned 681.82% vs -44.21% for EZPZ. At a 0.48 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.19%/yr for EZPZ.

Performance

ZCSH vs. EZPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and Franklin Crypto Index ETF (EZPZ). 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 higher than EZPZ's -34.99% return.

ZCSH

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

EZPZ

• 1D: -4.26%
• 1M: -21.70%
• YTD: -34.99%
• 6M: -35.02%
• 1Y: -44.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	-17.94%	788.14%
EZPZ Franklin Crypto Index ETF	-34.99%	-10.11%

Correlation

The correlation between ZCSH and EZPZ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.48

Return for Risk

ZCSH vs. EZPZ — 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

EZPZ

EZPZ Risk / Return Rank: 2
EZPZ Sharpe Ratio Rank: 2
EZPZ Sortino Ratio Rank: 2
EZPZ Omega Ratio Rank: 2
EZPZ Calmar Ratio Rank: 2
EZPZ Martin Ratio Rank: 2

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. EZPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Franklin Crypto Index ETF (EZPZ). 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	EZPZ	Difference
Sharpe ratio: Return per unit of total volatility	3.95	-0.93	+4.88
Sortino ratio: Return per unit of downside risk	3.55	-1.33	+4.88
Omega ratio: Gain probability vs. loss probability	1.42	0.85	+0.57
Calmar ratio: Return relative to maximum drawdown	9.89	-0.79	+10.68
Martin ratio: Return relative to average drawdown	18.63	-1.34	+19.98

ZCSH vs. EZPZ - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 3.95, which is higher than the EZPZ Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of ZCSH and EZPZ, 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. EZPZ - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than EZPZ's maximum drawdown of -56.16%. Use the drawdown chart below to compare losses from any high point for ZCSH and EZPZ.

Drawdown Indicators

	ZCSH	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-56.16%	-37.57%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-56.16%	-13.46%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	—	—
Current Drawdown Current decline from peak	-51.05%	-56.16%	+5.11%
Average Drawdown Average peak-to-trough decline	-73.99%	-22.97%	-51.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.86%	32.93%	+3.93%

Volatility

ZCSH vs. EZPZ - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 64.43% compared to Franklin Crypto Index ETF (EZPZ) at 14.55%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than EZPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.43%	14.55%	+49.88%
Volatility (6M) Calculated over the trailing 6-month period	107.10%	37.08%	+70.02%
Volatility (1Y) Calculated over the trailing 1-year period	174.35%	47.87%	+126.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.31%	47.93%	+90.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.31%	47.93%	+90.38%

ZCSH vs. EZPZ - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than EZPZ's 0.19% expense ratio.

Dividends

ZCSH vs. EZPZ - Dividend Comparison

Neither ZCSH nor EZPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZCSH and EZPZ in my portfolio?

ZCSH and EZPZ have a correlation of 0.49, 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 EZPZ?

ZCSH has higher volatility (64.43%) compared to EZPZ (14.55%). In terms of maximum drawdown, ZCSH dropped -93.73% vs EZPZ's -56.16%.

Which ETF is better, ZCSH or EZPZ?

On 1-year performance, ZCSH leads with 681.82% vs -44.21% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, EZPZ has been the lower-risk option at 14.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or EZPZ?

Over the 1-year period, ZCSH has performed better with a 681.82% return vs -44.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or EZPZ?

EZPZ is cheaper with a 0.19% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ZCSH and EZPZ?

ZCSH tracks Zcash (ZEC), while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Grayscale and Franklin Templeton. Their fees differ too: 2.50% for ZCSH and 0.19% for EZPZ.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (3.95 vs -0.93), 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.