Grayscale Zcash ETF (ZCSH) Performance
ZCSH total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +211.0% since Dec 31, 2025
- 1 year
- +365.8% total return
- 5 years
- +47.5% a year
- Since first price
- +31.3% a year since 2021
ZCSH trailing returns vs SPY, QQQ, AGG
| Period | ZCSH total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −19.6% | −19.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +187.0% | +187.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +279.7% | +279.7% | +7.8% | +8.4% | −1.5% |
| YTD | +211.0% | +211.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +365.8% | +365.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +5,046.1%+272.0%/yr | +5,046.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +598.9%+47.5%/yr | +598.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 18, 2021 | +291.1%+31.3%/yr | +291.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZCSH vs SPY
From Oct 18, 2021: ZCSH grew to $39,108, SPY to $18,170.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZCSH returns by calendar year
3 of 4 full years positive. Best 2025 (+446.8%), worst 2022 (−86.3%). 2026 is year to date.
ZCSH annual returns table
| Year | ZCSH | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +211.0% | −54.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +446.8% | −59.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +96.9% | −63.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +65.9% | −46.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −86.3% | −89.9% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZCSH largest drawdowns
Now 21.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 18, 2021 | −93.7% | Jan 3, 2023 | Oct 27, 2025 | 1.2 years | 4.0 years |
| Nov 6, 2025 | −69.6% | Feb 5, 2026 | May 20, 2026 | 3 months | 6 months |
| May 20, 2026 | −54.5% | Jun 5, 2026 | Aug 21, 2026 | 16 days | 3 months |
| Sep 24, 2026 | −28.3% | Oct 19, 2026 | not yet | 25 days | 29 days so far |
| Oct 27, 2025 | −14.4% | Oct 28, 2025 | Oct 31, 2025 | 1 days | 4 days |
| Sep 9, 2026 | −10.2% | Sep 10, 2026 | Sep 16, 2026 | 1 days | 7 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ZCSH risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +301.4% | +54.6% |
| Volatility (annualized) | 259.0% | 220.4% |
| Sharpe ratio | 1.11 | 0.73 |
| Sortino ratio | 5.71 | 2.60 |
| Best month | +392.9% | +392.9% |
| Worst month | −43.4% | −52.4% |
| Best 12 months | +1,952.1% | +1,952.1% |
| Worst 12 months | −62.5% | −88.9% |
| Positive months | 53% | 44% |
| Beta vs S&P 500 | 4.42 | — |
| Correlation with S&P 500 | 0.21 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZCSH rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 49 | −88.9% | +65.9% | +1,952.1% | 57% |
| 3-year (a year) | 25 | −41.3% | +84.3% | +301.4% | 56% |
| 5-year (a year) | 1 | +48.9% | +48.9% | +48.9% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
ZCSH performance overview
Grayscale Zcash ETF (ZCSH) returned +365.8% over the past year and +47.5% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +31.3% a year, turning $10,000 into about $39,108. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −93.7%, from Oct 18, 2021 to Jan 3, 2023, and it took 2.8 years to get back to the old high. ZCSH finished 3 of its 4 full calendar years with a gain; the best year was 2025 (+446.8%) and the worst 2022 (−86.3%). Volatility has been 220.4% a year.
Related: ZCSH chart. See the ZCSH overview for the latest quote and fund facts.
ZCSH performance FAQ
What is the ZCSH return over the past year?
ZCSH returned +365.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 365.8%.
What is the average annual return of ZCSH?
ZCSH has returned +47.5% a year over 5 years, +31.3% a year since October 18, 2021 (total return, distributions reinvested).
How much would $10,000 invested in ZCSH be worth?
$10,000 invested in ZCSH at its first recorded close on October 18, 2021 would be worth about $39,108 on October 23, 2026 with distributions reinvested.
What was the worst year for ZCSH?
The worst calendar year was 2022, with a total return of −86.3%. The best was 2025 at +446.8%.
What is the biggest drawdown of ZCSH?
The largest peak-to-trough decline was −93.7% between October 18, 2021 and January 3, 2023. It recovered to the old high on October 27, 2025, 2.8 years after the bottom.
How volatile is ZCSH?
Over the past 3 years ZCSH had an annualized volatility of 259.0% and a Sharpe ratio of 1.11 (excess return over 1–3 month T-bills per unit of risk).