ZCSH vs. MSBT

Last updated Jun 23, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. ZCSH charges 2.50%/yr vs 0.14%/yr for MSBT.

Performance

ZCSH vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCSH

• 1D: 8.02%
• 1M: -37.77%
• YTD: -6.65%
• 6M: 0.86%
• 1Y: 726.76%
• 3Y*: 143.22%
• 5Y*: —
• 10Y*: —

MSBT

• 1D: 2.44%
• 1M: -14.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ZCSH Grayscale Zcash Trust (ZEC)	32.22%
MSBT Morgan Stanley Bitcoin Trust	-11.15%

Correlation

The correlation between ZCSH and MSBT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.39

Return for Risk

ZCSH vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCSH

ZCSH Risk / Return Rank: 89
ZCSH Sharpe Ratio Rank: 97
ZCSH Sortino Ratio Rank: 85
ZCSH Omega Ratio Rank: 76
ZCSH Calmar Ratio Rank: 97
ZCSH Martin Ratio Rank: 90

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and Morgan Stanley Bitcoin Trust (MSBT). 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	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	4.21	—	—
Sortino ratio: Return per unit of downside risk	3.61	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	10.54	—	—
Martin ratio: Return relative to average drawdown	20.01	—	—

Drawdowns

ZCSH vs. MSBT - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than MSBT's maximum drawdown of -26.46%. Use the drawdown chart below to compare losses from any high point for ZCSH and MSBT.

Drawdown Indicators

	ZCSH	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-26.46%	-67.27%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-71.90%	—	—
Current Drawdown Current decline from peak	-44.32%	-21.40%	-22.92%
Average Drawdown Average peak-to-trough decline	-74.04%	-8.18%	-65.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.60%	—	—

Volatility

Volatility by Period

	ZCSH	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	107.09%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	174.54%	36.79%	+137.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.36%	36.79%	+101.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.36%	36.79%	+101.57%

ZCSH vs. MSBT - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

ZCSH vs. MSBT - Dividend Comparison

Neither ZCSH nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZCSH and MSBT in my portfolio?

ZCSH and MSBT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCSH or MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ZCSH and MSBT?

ZCSH tracks Zcash (ZEC), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 2.50% for ZCSH and 0.14% for MSBT.