ZCSH vs. GBTC
ZCSH (Grayscale Zcash Trust (ZEC)) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale - ZCSH tracks the Zcash (ZEC) while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 3 years, ZCSH returned 161.43%/yr vs 37.71%/yr for GBTC. Their 0.46 correlation means their historical movements had little consistent relationship. ZCSH charges 2.50%/yr vs 1.50%/yr for GBTC.
Performance
ZCSH vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, ZCSH achieves a 19.91% return, which is significantly higher than GBTC's -26.58% 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%
GBTC
- 1D
- 0.92%
- 1M
- 1.60%
- 6M
- -12.29%
- YTD
- -26.58%
- 1Y
- -43.85%
- 3Y*
- 37.71%
- 5Y*
- 6.87%
- 10Y*
- 50.04%
- ALL TIME*
- 54.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.03M | $74.72M | $99.77M | |
| $1.29M | $1.72M | $3.48M |
ZCSH vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZCSH Grayscale Zcash Trust (ZEC) | 19.91% | 446.78% | 96.92% | 65.91% | -86.30% | -48.60% |
GBTC Grayscale Bitcoin Trust ETF | -26.58% | -7.65% | 113.81% | 317.61% | -75.80% | -27.76% |
Correlation
The correlation between ZCSH and GBTC is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021 | 0.46 |
The correlation between ZCSH and GBTC has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
ZCSH vs. GBTC — Risk / Return Rank
ZCSH
GBTC
ZCSH vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.46 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.84 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 16.15 | -0.82 | +16.97 |
| Martin ratioReturn relative to average drawdown | 29.16 | -1.24 | +30.40 |
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Drawdowns
ZCSH vs. GBTC - Drawdown Comparison
The maximum ZCSH drawdown since its inception was -93.73%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ZCSH and GBTC.
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Drawdown Indicators
| ZCSH | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.73% | -89.91% | -3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | -53.75% | -15.87% |
Max Drawdown (3Y)Largest decline over 3 years | -71.90% | -53.75% | -18.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -28.48% | -49.01% | +20.53% |
Average DrawdownAverage peak-to-trough decline | -73.09% | -43.52% | -29.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.48% | 35.33% | +3.15% |
Volatility
ZCSH vs. GBTC - Volatility Comparison
Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 27.84% compared to Grayscale Bitcoin Trust ETF (GBTC) at 8.15%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCSH | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.84% | 8.15% | +19.69% |
Volatility (6M)Calculated over the trailing 6-month period | 105.40% | 32.95% | +72.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 174.95% | 44.28% | +130.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 137.47% | 60.53% | +76.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 137.47% | 81.13% | +56.34% |
ZCSH vs. GBTC - Expense Ratio Comparison
ZCSH has a 2.50% expense ratio, which is higher than GBTC's 1.50% expense ratio.
Dividends
ZCSH vs. GBTC - Dividend Comparison
Neither ZCSH nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
ZCSH Grayscale Zcash Trust (ZEC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZCSH and GBTC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZCSH has higher volatility (27.84%) compared to GBTC (8.15%). In terms of maximum drawdown, ZCSH dropped -93.73% vs GBTC's -89.91%.
On 3-year performance, ZCSH leads with 161.43% vs 37.71% for GBTC. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZCSH has performed better with a 161.43% return vs 37.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ZCSH.
ZCSH and GBTC have nearly identical dividend yields, around 0.00%.
ZCSH tracks Zcash (ZEC), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 2.50% for ZCSH and 1.50% for GBTC.
ZCSH currently has the higher Sharpe Ratio (6.43 vs -0.99), 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.
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