BITW vs. GDLC

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise 10 Crypto Index Fund (BITW) and Grayscale CoinDesk Crypto 5 ETF (GDLC).

GDLC is a passively managed fund by Grayscale that tracks the performance of the CoinDesk 5 Index. It was launched on Feb 1, 2018.

Performance

BITW vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index Fund (BITW) and Grayscale CoinDesk Crypto 5 ETF (GDLC). The values are adjusted to include any dividend payments, if applicable.

BITW vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BITW Bitwise 10 Crypto Index Fund	-24.09%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%
GDLC Grayscale CoinDesk Crypto 5 ETF	-24.52%	0.45%	136.98%	353.26%	-84.21%	27.43%	9.37%

Returns By Period

The year-to-date returns for both stocks are quite close, with BITW having a -24.09% return and GDLC slightly lower at -24.52%.

BITW

• 1D: 2.22%
• 1M: 3.64%
• YTD: -24.09%
• 6M: -43.36%
• 1Y: -10.64%
• 3Y*: 59.71%
• 5Y*: -11.61%
• 10Y*: —

GDLC

• 1D: 2.20%
• 1M: 3.93%
• YTD: -24.52%
• 6M: -44.20%
• 1Y: -10.19%
• 3Y*: 65.34%
• 5Y*: -3.20%
• 10Y*: —

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

Return for Risk

BITW vs. GDLC — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 33
BITW Sharpe Ratio Rank: 33
BITW Sortino Ratio Rank: 32
BITW Omega Ratio Rank: 32
BITW Calmar Ratio Rank: 35
BITW Martin Ratio Rank: 35

GDLC

GDLC Risk / Return Rank: 10
GDLC Sharpe Ratio Rank: 8
GDLC Sortino Ratio Rank: 11
GDLC Omega Ratio Rank: 11
GDLC Calmar Ratio Rank: 9
GDLC Martin Ratio Rank: 9

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.

BITW vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) and Grayscale CoinDesk Crypto 5 ETF (GDLC). 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.

	BITW	GDLC	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.20	0.00
Sortino ratio Return per unit of downside risk	0.06	0.06	0.00
Omega ratio Gain probability vs. loss probability	1.01	1.01	0.00
Calmar ratio Return relative to maximum drawdown	-0.22	-0.19	-0.03
Martin ratio Return relative to average drawdown	-0.48	-0.41	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITW vs. GDLC - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.21, which is comparable to the GDLC Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of BITW and GDLC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITW	GDLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.20	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.04	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.31	-0.07

Correlation

The correlation between BITW and GDLC is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BITW vs. GDLC - Dividend Comparison

Neither BITW nor GDLC has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BITW vs. GDLC - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, roughly equal to the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for BITW and GDLC.

Drawdown Indicators

	BITW	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-94.14%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-52.91%	+0.81%
Max Drawdown (5Y) Largest decline over 5 years	-94.79%	-94.14%	-0.65%
Current Drawdown Current decline from peak	-67.91%	-51.45%	-16.46%
Average Drawdown Average peak-to-trough decline	-69.75%	-52.90%	-16.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.33%	24.86%	-0.53%

Volatility

BITW vs. GDLC - Volatility Comparison

Bitwise 10 Crypto Index Fund (BITW) and Grayscale CoinDesk Crypto 5 ETF (GDLC) have volatilities of 13.93% and 13.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	13.67%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	41.70%	40.43%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	51.74%	50.42%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.66%	77.87%	-10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.32%	95.02%	+15.30%