ZCSH vs. VAVX

Last updated Aug 1, 2026

ZCSH (Grayscale Zcash Trust (ZEC)) and VAVX (VanEck Avalanche ETF) are both Cryptocurrency funds - ZCSH tracks the Zcash (ZEC) while VAVX tracks the MarketVector Avalanche Benchmark Rate. Both are passively managed. Their 0.56 correlation means they have sometimes moved together and sometimes differently. ZCSH charges 2.50%/yr vs 0.20%/yr for VAVX.

Performance

ZCSH vs. VAVX - Performance Comparison

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

Returns By Period

ZCSH

• 1D: -5.94%
• 1M: 5.62%
• 6M: 46.86%
• YTD: -1.40%
• 1Y: 888.33%
• 3Y*: 138.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.60%

VAVX

• 1D: -0.74%
• 1M: -4.38%
• 6M: -40.05%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VAVX VanEck Avalanche ETF	$37.69K	$52.51K	$60.55K
ZCSH Grayscale Zcash Trust (ZEC)	$1.45M	$1.75M	$3.75M

ZCSH vs. VAVX - Yearly Performance Comparison

	2026 (YTD)
ZCSH Grayscale Zcash Trust (ZEC)	10.12%
VAVX VanEck Avalanche ETF	-45.19%

Correlation

The correlation between ZCSH and VAVX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 26, 2026	0.56

Return for Risk

ZCSH vs. VAVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZCSH

ZCSH Risk / Return Rank: 96
ZCSH Sharpe Ratio Rank: 98
ZCSH Sortino Ratio Rank: 94
ZCSH Omega Ratio Rank: 92
ZCSH Calmar Ratio Rank: 98
ZCSH Martin Ratio Rank: 96

VAVX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZCSH vs. VAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Zcash Trust (ZEC) (ZCSH) and VanEck Avalanche ETF (VAVX). 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	VAVX	Difference
Sharpe ratio: Return per unit of total volatility	4.85	—	—
Sortino ratio: Return per unit of downside risk	3.74	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	12.18	—	—
Martin ratio: Return relative to average drawdown	22.08	—	—

Drawdowns

ZCSH vs. VAVX - Drawdown Comparison

The maximum ZCSH drawdown since its inception was -93.73%, which is greater than VAVX's maximum drawdown of -48.92%. Use the drawdown chart below to compare losses from any high point for ZCSH and VAVX.

Drawdown Indicators

	ZCSH	VAVX	Difference
Max Drawdown Largest peak-to-trough decline	-93.73%	-48.92%	-44.81%
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	-41.19%	-45.96%	+4.77%
Average Drawdown Average peak-to-trough decline	-73.19%	-28.72%	-44.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.32%	—	—

Volatility

Volatility by Period

	ZCSH	VAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	105.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	175.09%	63.03%	+112.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.54%	63.03%	+74.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.54%	63.03%	+74.51%

ZCSH vs. VAVX - Expense Ratio Comparison

ZCSH has a 2.50% expense ratio, which is higher than VAVX's 0.20% expense ratio.

Dividends

ZCSH vs. VAVX - Dividend Comparison

ZCSH has not paid dividends to shareholders, while VAVX's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM
VAVX VanEck Avalanche ETF	1.27%
ZCSH Grayscale Zcash Trust (ZEC)	0.00%

Frequently Asked Questions

Can I hold both ZCSH and VAVX in my portfolio?

ZCSH and VAVX have a correlation of 0.56, 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 VAVX?

On fees, VAVX is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCSH or VAVX?

VAVX is cheaper with a 0.20% expense ratio, compared with 2.50% for ZCSH.

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

VAVX has the higher dividend yield at 1.27%, compared with 0.00% for ZCSH.

What is the main difference between ZCSH and VAVX?

ZCSH tracks Zcash (ZEC), while VAVX tracks MarketVector Avalanche Benchmark Rate. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 2.50% for ZCSH and 0.20% for VAVX.