ZCSH vs. TOXR

Last updated Jul 14, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and TOXR (21Shares XRP ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while TOXR tracks the CME CF XRP-Dollar Reference Rate - New York Variant. Both are passively managed. A 0.58 correlation means they provide meaningful diversification when combined. ZCSH charges 2.50%/yr vs 0.30%/yr for TOXR.

Performance

ZCSH vs. TOXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Zcash Trust (ZEC) (ZCSH) and 21Shares XRP ETF (TOXR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCSH achieves a 12.21% return, which is significantly higher than TOXR's -41.74% return.

ZCSH

• 1D: -9.09%
• 1M: 26.27%
• 6M: 25.52%
• YTD: 12.21%
• 1Y: 818.75%
• 3Y*: 140.70%
• 5Y*: —
• 10Y*: —

TOXR

• 1D: -3.27%
• 1M: -5.71%
• 6M: -48.28%
• YTD: -41.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCSH vs. TOXR - Yearly Performance Comparison

	2026 (YTD)	2025
ZCSH Grayscale Zcash Trust (ZEC)	12.21%	-2.39%
TOXR 21Shares XRP ETF	-41.74%	-8.28%

Correlation

The correlation between ZCSH and TOXR is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.58

Return for Risk

ZCSH vs. TOXR — Risk / Return Rank

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

ZCSH

ZCSH Risk / Return Rank: 95
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 93
ZCSH Omega Ratio Rank: 89
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 94

TOXR

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. TOXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and 21Shares XRP ETF (TOXR). 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	TOXR	Difference
Sharpe ratio: Return per unit of total volatility	4.73	—	—
Sortino ratio: Return per unit of downside risk	3.71	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	11.88	—	—
Martin ratio: Return relative to average drawdown	21.76	—	—

Drawdowns

ZCSH vs. TOXR - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than TOXR's maximum drawdown of -55.42%. Use the drawdown chart below to compare losses from any high point for ZCSH and TOXR.

Drawdown Indicators

	ZCSH	TOXR	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-55.42%	-38.31%
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	-33.07%	-53.92%	+20.85%
Average Drawdown Average peak-to-trough decline	-73.65%	-34.92%	-38.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.92%	—	—

Volatility

Volatility by Period

	ZCSH	TOXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	106.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	175.00%	71.45%	+103.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.07%	71.45%	+66.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.07%	71.45%	+66.62%

ZCSH vs. TOXR - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than TOXR's 0.30% expense ratio.

Dividends

ZCSH vs. TOXR - Dividend Comparison

Neither ZCSH nor TOXR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZCSH and TOXR in my portfolio?

ZCSH and TOXR have a correlation of 0.58, 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 TOXR?

On fees, TOXR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or TOXR?

TOXR is cheaper with a 0.30% expense ratio, compared with 2.50% for ZCSH.

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

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

What is the main difference between ZCSH and TOXR?

ZCSH tracks Zcash (ZEC), while TOXR tracks CME CF XRP-Dollar Reference Rate - New York Variant. They also come from different issuers: Grayscale and 21Shares. Their fees differ too: 2.50% for ZCSH and 0.30% for TOXR.