ZCSH vs. GBTC

Last updated Jun 4, 2026

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 185.96%/yr vs 52.23%/yr for GBTC. At a 0.45 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 1.50%/yr for GBTC.

Performance

ZCSH vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and Grayscale Bitcoin Trust ETF (GBTC). 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 GBTC's -25.79% return.

ZCSH

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

GBTC

• 1D: -2.74%
• 1M: -18.48%
• YTD: -25.79%
• 6M: -30.25%
• 1Y: -39.46%
• 3Y*: 52.23%
• 5Y*: 10.42%
• 10Y*: 50.46%

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

ZCSH vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	446.78%	96.92%	65.91%	-86.30%	-48.60%
GBTC Grayscale Bitcoin Trust ETF	-25.79%	-7.65%	113.81%	317.61%	-75.80%	-24.97%

Correlation

The correlation between ZCSH and GBTC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.45

Return for Risk

ZCSH vs. GBTC — 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

GBTC

GBTC Risk / Return Rank: 8
GBTC Sharpe Ratio Rank: 6
GBTC Sortino Ratio Rank: 8
GBTC Omega Ratio Rank: 10
GBTC Calmar Ratio Rank: 10
GBTC Martin Ratio Rank: 8

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. 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.

	ZCSH	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	6.10	-0.91	+7.01
Sortino ratio: Return per unit of downside risk	4.11	-1.26	+5.38
Omega ratio: Gain probability vs. loss probability	1.48	0.86	+0.63
Calmar ratio: Return relative to maximum drawdown	14.55	-0.80	+15.35
Martin ratio: Return relative to average drawdown	28.49	-1.38	+29.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCSH vs. GBTC - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 6.10, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of ZCSH and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZCSH	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.10	-0.91	+7.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.66	-0.56

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.

Drawdown Indicators

	ZCSH	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-89.91%	-3.82%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-49.55%	-20.07%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	-49.55%	-22.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-15.71%	-48.46%	+32.75%
Average Drawdown Average peak-to-trough decline	-74.41%	-43.43%	-30.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.49%	28.63%	+6.86%

Volatility

ZCSH vs. GBTC - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 48.45% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.43%. 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.

Volatility by Period

	ZCSH	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.45%	9.43%	+39.02%
Volatility (6M) Calculated over the trailing 6-month period	94.06%	34.39%	+59.67%
Volatility (1Y) Calculated over the trailing 1-year period	166.02%	43.66%	+122.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.87%	62.45%	+74.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.87%	82.21%	+54.66%

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

Can I hold both ZCSH and GBTC in my portfolio?

ZCSH and GBTC 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 GBTC?

ZCSH has higher volatility (48.45%) compared to GBTC (9.43%). In terms of maximum drawdown, ZCSH dropped -93.73% vs GBTC's -89.91%.

Which ETF is better, ZCSH or GBTC?

On 3-year performance, ZCSH leads with 185.96% vs 52.23% for GBTC. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or GBTC?

Over the 3-year period, ZCSH has performed better with a 185.96% return vs 52.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or GBTC?

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

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

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

What is the main difference between ZCSH and GBTC?

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.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (6.10 vs -0.91), 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.