ZCSH vs. MNRS

Last updated Jun 4, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - ZCSH is a Cryptocurrency fund tracking the Zcash (ZEC), while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, ZCSH returned 1002.48% vs 129.17% for MNRS. At a 0.43 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.59%/yr for MNRS.

Performance

ZCSH vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and Grayscale Bitcoin Miners ETF (MNRS). 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 lower than MNRS's 66.15% return.

ZCSH

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

MNRS

• 1D: -2.00%
• 1M: 35.90%
• YTD: 66.15%
• 6M: 40.56%
• 1Y: 129.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	41.32%	639.76%
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%

Correlation

The correlation between ZCSH and MNRS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.43

Return for Risk

ZCSH vs. MNRS — 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

MNRS

MNRS Risk / Return Rank: 45
MNRS Sharpe Ratio Rank: 55
MNRS Sortino Ratio Rank: 49
MNRS Omega Ratio Rank: 44
MNRS Calmar Ratio Rank: 47
MNRS Martin Ratio Rank: 31

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. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Grayscale Bitcoin Miners ETF (MNRS). 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	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	6.10	1.85	+4.25
Sortino ratio: Return per unit of downside risk	4.11	2.37	+1.75
Omega ratio: Gain probability vs. loss probability	1.48	1.28	+0.20
Calmar ratio: Return relative to maximum drawdown	14.55	2.29	+12.26
Martin ratio: Return relative to average drawdown	28.49	4.48	+24.01
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. MNRS - Sharpe Ratio Comparison

The current ZCSH Sharpe Ratio is 6.10, which is higher than the MNRS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of ZCSH and MNRS, 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	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.10	1.85	+4.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.85	-0.76

Drawdowns

ZCSH vs. MNRS - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for ZCSH and MNRS.

Drawdown Indicators

	ZCSH	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-56.70%	-37.03%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-56.70%	-12.92%
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	—	—
Current Drawdown Current decline from peak	-15.71%	-8.42%	-7.29%
Average Drawdown Average peak-to-trough decline	-74.41%	-23.73%	-50.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.49%	28.93%	+6.56%

Volatility

ZCSH vs. MNRS - Volatility Comparison

Grayscale Zcash Trust (ZEC) (ZCSH) has a higher volatility of 48.45% compared to Grayscale Bitcoin Miners ETF (MNRS) at 20.30%. This indicates that ZCSH's price experiences larger fluctuations and is considered to be riskier than MNRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCSH	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.45%	20.30%	+28.15%
Volatility (6M) Calculated over the trailing 6-month period	94.06%	52.57%	+41.49%
Volatility (1Y) Calculated over the trailing 1-year period	166.02%	70.28%	+95.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.87%	70.50%	+66.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.87%	70.50%	+66.37%

ZCSH vs. MNRS - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

ZCSH vs. MNRS - Dividend Comparison

ZCSH has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCSH and MNRS in my portfolio?

ZCSH and MNRS have a correlation of 0.42, 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 MNRS?

ZCSH has higher volatility (48.45%) compared to MNRS (20.30%). In terms of maximum drawdown, ZCSH dropped -93.73% vs MNRS's -56.70%.

Which ETF is better, ZCSH or MNRS?

On 1-year performance, ZCSH leads with 1002.48% vs 129.17% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, MNRS has been the lower-risk option at 20.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZCSH or MNRS?

Over the 1-year period, ZCSH has performed better with a 1002.48% return vs 129.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZCSH or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 2.50% for ZCSH.

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

MNRS has the higher dividend yield at 0.33%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and MNRS?

ZCSH is categorized as Cryptocurrency, while MNRS is Blockchain. ZCSH tracks Zcash (ZEC), while MNRS tracks Indxx Bitcoin Miners Index. Their fees differ too: 2.50% for ZCSH and 0.59% for MNRS.

Which has better risk-adjusted returns?

ZCSH currently has the higher Sharpe Ratio (6.10 vs 1.85), 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.